Swiss Fintech Telexoo partners with GetID to speed up the KYC process
Industry: Fintech, Payments
Reducing the complete onboarding procedure to 2 minutes
Michael Desforges
CEO of Telexoo
This is a service that gives us absolutely what we need. The integration is fantastically fast. GetID is just a great find for companies in our industry.
Case and History
Swiss fintech company Telexoo specialises in currency exchange through international bank transfers. The company was established in 2013 and its main goal is to reduce the cost to customers of transferring and paying bills in different currencies around the world. It should be noted that exchange fees for customers of Swiss banks constitute a significant part of the transfer.
Swiss bank customers worldwide
Active customers
Financial regulatory
Using in-depth knowledge of banking processes and high technology, Telexoo is now a unique financial intermediary that offers the best exchange rates for international payments. For example, a customer works for a multinational corporation, his Swiss bank salary is in Swiss francs and he needs to pay his children’s education in the UK in Sterling or his mortgage in the US in Dollars. In addition to international corporations, translation issues are also relevant for many professionals coming to work from neighbouring countries or living at the border.
The team also has a solution for businesses that import and export goods from Switzerland. These companies can save significantly on international invoices for goods and services.
Telexoo takes the security of the payment process very seriously. The company is regulated by FINMA and follows all established procedures carefully. At the same time, it is important to the Telexoo team that the entire transfer procedure is not only cost-effective and secure but also fast for the client. Modern clients are not happy with slow onboardings full of friction.
The main challenge is to offer fast and cost-effective exchange transfers for a multitude of people with different needs.
Challenges
Fast and cost-effective exchanges for many people with different needs
Process and Results
The successful growth of the company required improvements in the identity verification process. Previously, information had to be gathered on each client, then given to a KYC officer to verify. This could take hours or even days. The team began searching for an automated identity verification solution.
The following service requirements played a key role in the research. Firstly, the set of KYC checks must comply with the requirement of the regulator, and the service must provide screening by AML-watchlists. The second requirement is the ease of integration into the existing Telexoo system. This was a matter of principle. The third selection criterion was the service’s flexible pricing policy. All points matched GetID, part of Checkin.com Group, perfectly.
Integration, testing, and launch took less than 3 days. As a result, the identification process time was reduced from 20 to 2 minutes. And the maximum time is only for the rare cases where special attention and detailed analysis of the customer’s profile is required. The lion’s share of the work is now left to the GetID service, and the Telexoo team has freed up its time to tackle more complex tasks of developing their service.
Results
Reduces customer identification and account opening time to 2 minutes
Features
ID documents verification
Document validity and authenticity
Face Match
Liveness check
AML watchlists
While even more important we have been able to open up new countries as a result of our ability to successfully verify clients from countries where previously we…
Head of Global Compliance at Admirals
