Find out how the cooperative trading platform WeTrading has automated its KYC and  Identity Verification process and greatly reduced the customer onboarding time.

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Industry: Co-operative Trading platform

Countries: Operates globally

95%

of customers verified automatically without manual review

11 min

average time to onboard a customer (including KYC process)

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Jose Carlos Carrascosa
CEO of WeTrading

left quote 1 1  I really recommend GetID to any company that has to verify its clients during the online onboarding. It is a great solution to implement in your business as it is cost-efficient. GetID’s customer service makes sure you have everything you need to be up and running in no time. GetID SDK is easy to integrate into any kind of platform.  left quote 1 1 1

Background and Use Case

WeTrading is a fast-growing cooperative trading platform from Spain, powered by the cryptocurrency Bitcoin and self-created bots.

The platform operates on the Forex market using artificial intelligence technologies, unique trading strategies and accumulated expertise.

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It uses bitcoin as collateral. All clients deposit and withdraw funds using this cryptocurrency. The company has significant growth and expansion plans.

Its mission is to create a dedicated community of users, opening up new horizons for crypto projects. WeTrading has to ensure that users with malicious intentions are prevented from accessing its platform as a financial institution. Failure to perform important checks entails reputational and financial risks. This is why the company has started looking for a suitable KYC solution.

Process and Results

To help prevent money laundering and related crimes, and create a quality and easy flow of registrations on the platform, WeTrading turned to GetID. Convenience and reliability of the KYC process for clients, secure data storage, and flexible pricing were the main requirements for the service.

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Challenges

Еasy and friendly automated verification process complying with all regulatory requirements

“It’s been very satisfying working with GetID because of the simple integration process and the great support we’ve received during it while setting up the system” – WeTrading said.

The company said that the integration process was fairly straightforward and took 14 days. GetID integration team was able to provide WeTrading with a detailed response regarding all technical questions.

The dashboard with user verification results was highly praised. “We really like the dashboard because it is very intuitive and user-friendly”, WeTrading said.

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Result

Easy, secure and efficient customer onboarding with meeting the compliance requirements.

The company tested various KYC solutions, but it was GetID that presented the fastest and clearest verification process for a WeTrading platform user. As a result, the number of faulty verifications and fraud attempts has decreased significantly. And 95% of customers are verified automatically. Importantly, the compliance team’s workload has been reduced significantly.

Partnering with GetID has helped WeTrading to strengthen its user-centric approach. Moreover, with provided onboarding automation WeTrading received new opportunities for global scaling and providing services in new regions.

Integrations:

language
Web SDK

Integration time:

14 days

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