- HollaEx specializes in software development tailored for white-label crypto trading exchanges.
- It provides a seamless solution that helps businesses launch their own online crypto exchanges.
With the option to create tailored markets and assets on the company’s domain, HollaEx features a wide range of crypto assets like Bitcoin and Ethereum. It also offers the flexibility to undergo a complete rebranding process tailored to the unique requirements of any business.
Using HollaEx’s comprehensive toolkit, businesses are easily empowered to create their own global digital assets exchange platforms.
Additionally, HollaEx focuses on developing solutions that effortlessly integrate with any business operating in the blockchain ecosystem. Its goal is to reduce the complexity around blockchain development and provide the necessary tools to capitalize on blockchain business applications.
HollaEx’s main focus is to develop user-friendly crypto tools with the belief that such tools can promote blockchain adoption among businesses of various scales. To support their growth goals, the HollaEx team also wanted to establish a strong fraud prevention strategy. However, the pivotal challenges the company encountered revolved around user identity verification, both for HollaEx’s users and their customers.
It’s no secret that HollaEx’s presence is driven by the stringent regulatory demands governing financial and crypto services. In this industry, it’s imperative to have a deep understanding of each and every customer using HollaEx’s fintech white-label exchange solution.
Consequently, this challenge was driven by the sensitive nature of the documentation required and the necessity for manual verification processes, which proved to be time-consuming and costly for HollaEx.
Before integrating iDenfy, HollaEx used manual verification processes, which resulted in time-consuming issues, increased operational expenses, and a greater susceptibility to fraud. “These challenges had a substantial impact, not just on HollaEx operationally but also on our primary customers — the exchange business operators utilizing HollaEx,” says Adrian Pollard, the Co-Founder of HollaEx.
“They grappled with the financial burden of managing user IDs and verification processes.”
To elaborate, HollaEx had to navigate compliance with various regulatory standards, contend with rising expenses, and confront the ongoing issue of fraud. This posed a challenge for a business in the process of scaling.
To address these challenges, HollaEx implemented a variety of plugins to provide Know Your Customer (KYC) and Anti-Money Laundering (AML) functionality.
This partnership with iDenfy enabled HollaEx clients to seamlessly integrate into any HollaEx-powered exchange, automating the identity verification process. HollaEx customers leverage camera scanning technology and secure data storage for user information.
“Manually verifying documentation can be very tricky. Not only because of the time involved but also due to the complexity and security around storage and data recall. iDenfy covered this for us and simplified our operational complexity,” adds Adrian Pollard.
HollaEx used iDenfy’s identity verification solution and incorporated the custom-tailored KYC exchange plugin as a value-added feature to its selected exchange software packages:
- For example, exchange business operators receive the Auto KYC plugin, powered by iDenfy, as part of premium HollaEx exchange packages like the Enterprise plan.
- In collaboration with iDenfy, HollaEx efficiently handles the deduction of credits for each user verification.
Here’s a clear explanation of the identity verification process for HollaEx end-users.
Automated Document Data Extraction
When HollaEx users undergo ID verification, they are directed to a specialized KYC page. Here, users are prompted to choose their country and specify the type of document they wish to submit. They can then simply use their phone or computer camera to upload the document automatically.
Biometrics and Liveness Detection
After uploading the document, HollaEx users proceed to the next step, where they are prompted to show their face. Thanks to iDenfy’s integration, clear instructions guide users on how to position themselves correctly for the camera.
This quick step takes only 10 seconds. Afterwards, they are required to wait for a few minutes while their information is processed. From the user’s standpoint, once this process is completed, they can leave and return at a later time, knowing that their account will be fully verified.
HollaEx chose iDenfy due to its robust fraud prevention and customer onboarding capabilities, which consist of AI-powered identity verification, document verification, and AML screening. iDenfy’s KYC tools and wide document coverage were well-suited for HollaEx’s global client base. These features guaranteed reduced verification time and increased conversion rates.
“When integrating a solution for the first time, it’s always good to get responsive help from the team. iDenfy delivered on this and allowed us to offer the automated KYC system to other exchanges using HollaEx,” comments Adrian Pollard, the Co-Founder of HollaEx.
- By incorporating iDenfy, HollaEx experienced a significant boost in the customer onboarding time metric. Notably, all HollaEx platform users now go through a straightforward KYC process, which takes them less than 60 seconds on average.
- With iDenfy’s integration, HollaEx customers benefit from an improved verification experience that is five times faster and much less cumbersome than the previous manual solution.
Additionally, the Auto KYC plugin powered by iDenfy has emerged as one of the most used service offerings in HollaEx’s Exchange Store.
As Adrian puts it, this change has bolstered the company’s sales, with package upgrades increasing by approximately 10-15% after they’ve bundled the Auto KYC plugin with premium HollaEx exchange packages, such as the Enterprise and Boosts plans.
“We can now provide a straightforward automatic KYC and AML system in the form of our easy-to-use Plugin, which has lifted the burden of manual documentation review.”
Adrian Pollard, the Co-Founder of HollaEx