PassFort was selected by BitPay to automate its customer onboarding journeys and carry out ongoing risk monitoring. We have now worked together closely for 2 years.
BitPay has a high volume of new customers applying for its products each day across the world. The number of approved applications more than doubled from 12k in Q1 2020 to +30k in Q2 2020.
PassFort digitised BitPay's workflow of KYC checks, maximising Straight Through Processing (STP), which means high numbers of applications can be handled with no manual intervention.
BitPay achieves an average STP rate of 89%.
It was also hugely important for BitPay to reduce abandonment rates during due diligence. This was about PassFort helping to make the KYC process as fast and frictionless as possible.
PassFort has been able to reduce the average Time To Decision (TTD) to 3mins on new applications. And, working with our data provider partners, BitPay's approval rates increased by 9% from Q1 2020 to Q2 2020.
PassFort has ensured high volumes of applications can be processed automatically; delivered faster Time To Decision on applications; helped increase approval rates; and ensured BitPay sets a standard for compliance.