Traditional solutions aren’t always the greatest when someone needs some additional cash until their next payday. Borrowing money from friends can be unpleasant, and taking out a bank loan can be costly. Our client, a cash advance business, overcomes this problem by assisting users in obtaining funds quickly and without hassle.
At the same time, our client must keep in mind that the cash advance industry is full of fraudsters using fake identities to”borrow” money and never pay it back. With Surepass’s technology, our client could ensure both the speed and security of their customer verification.
Traditional money lending services are inconvenient; they require users to physically visit offices, wait in long queues, and fill out multiple application forms. As a result, consumers have to wait days, if not weeks, to borrow a tiny amount of money. Our client set out to demonstrate that money lending can be a pleasurable process free of excessive paperwork and downtime. However, establishing a quick onboarding process was not the only challenge. According to our client, hundreds of scammers would attempt to pass their verification using forged identification documents and steal borrowed funds. As a result, the platform wanted to ensure that the money was going to genuine individuals with existing bank accounts.
Our client required a cutting-edge KYC system that could assess client risk in seconds while maintaining absolute security.
Our client reached out to various vendors and sought demos to pursue a KYC solution. He next put each answer to the test by attempting to upload forged documents. Surepass’s fraud detection technology quickly spotted the counterfeits. Surepass’ verification API speeds also impressed the client’s staff. They maintained high conversion rates by providing quick, user-friendly onboarding. Because Surepass and the customers are growing, innovative businesses were also an advantage.
Our clients can onboard new clients and get money in their pockets in two minutes with Surepass’s quick user verification and risk assessment. Surepass also provides a high level of security mandated by AML regulations, so our client can rest well. This involves ensuring that users don’t appear in any negative media and that documents don’t have any digital or physical alteration signs. Furthermore, Surepass liveness recognizes the presence of the genuine user during verification.
Shubhendu is a seasoned API developer with years of experience. Get expert advice, best practices, and real-world examples on API development, testing, deployment, and more. Take your API development skills to the next level with Shubhendu's in-depth articles and tutorials.
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