- Monneo offers accessible and flexible solutions that are ideal for eCommerce merchants and affiliate networks of all sizes.
- The company noticed the need for key operational changes during the global pandemic. As most transactions were transferred online, the client demands pushed businesses to search for a new identity verification solution.
Monneo is a complete end-to-end payment ecosystem provider, taking care of virtual IBANs, corporate accounts, merchant accounts, and card-acquiring services to eCommerce merchants. Monneo’s solutions are designed to meet the needs of online merchants, giving them access to bank accounts and merchant accounts from trusted leading banks.
Monneo offers accessible and flexible solutions that are ideal for eCommerce merchants and affiliate networks of all sizes.
The company’s infrastructure is based on the Open Banking concept. However, the platform itself represents a superior market alternative that is breaking new ground. Intending to make the global platform accessible for those who seek a swift and easily accessed mobile-first experience, Monneo seeks to provide swift and secure services.
The company is an authorized payment institution licensed by the Financial Conduct Authority (FCA). As part of the onboarding process, Monneo is required to verify the identities of the customers that are signing up for the platform. Traditionally, to confirm a person’s identity, documents such as a passport and utility bills must be presented to and verified by a notary, lawyer, or accountant.
Monneo noticed the need for key operational changes during the global pandemic. Customers refused to meet in person because they were required to sign papers during COVID-19.
The enterprise could not obtain the required documents for customers who wanted to open new accounts.
According to Monneo, previous client authentication methods caused delays and interrupted business for online merchants. The company aimed to strengthen its security system and solve this issue by changing its existing in-person customer onboarding procedure to a seamless remote process.
“When you’re an online merchant, you need to receive settlement funds quickly, pay your suppliers or affiliate marketing companies, and all the participants in your eCommerce ecosystem,” says the managing director of Monneo, Lili Metodieva.
“Once the in-person meetings were no longer an option, we were challenged by the delayed application process. As a result, our clients could not be onboarded. We decided to switch to a remote KYC solution.”
Additionally, as demand for Monneo’s services was growing, the company needed to ensure complete regulatory compliance, and a secure identity verification process was followed.
According to Monneo, the company initially expected that the global pandemic would soon be over. Despite the positive attitude, the reality was different, impacting the whole world and deeply affecting the business. Having the goal to overcome the challenges that emerged during the global pandemic, Monneo partnered with iDenfy.
- Monneo had the ambition to adapt to the increasing needs of its clients and improve the customer experience.
- At the same time, the company wanted to add another layer of security to its current network by carrying out digital identity verification.
Monneo chose iDenfy’s AI-powered biometric identity verification to welcome new clients to its platform faster without compromising on security. The ability to complete the ID verification by simply using a smartphone device in any location solved the issue for clients who couldn’t participate in in-person meetings.
iDenfy guarantees protection from fraud through its full-stack ID verification service. The company’s solution detects fake identities and forged documents, helping Monneo ensure security while providing a fast service.
The ID verification company eradicates fraud and guarantees full compliance with the ever-changing regulatory landscape. iDenfy’s solution delivers accurate results and supports the growing base of Monneo clients.
For clients that are new to remote ID verification services, reputation and first impressions matter. As the company explains, iDenfy ticked all boxes. iDenfy’s solution decreased the KYC verification time for Monneo and made the ID verification process significantly faster. It takes less than three minutes to verify a Monneo customer.
With iDenfy, customers complete the full ID verification process without hassle. All it takes for Monneo’s clients is to take a photo of their identity document and upload a quick selfie. As Monneo is responsible for onboarding an increasing worldwide community, they rely on iDenfy’s end-to-end solution.
Currently, Monneo concentrates on other business aspects while putting full trust in iDenfy’s results. The company measures the success of iDenfy based on the ID verification speed and the number of onboarded clients.
“With iDenfy’s AI-powered remote identity verification, we’ve managed to simplify the process for our clients. Even though the global pandemic is over, many of our customers prefer to use iDenfy because it’s more convenient and efficient.”
Lili Metoieva, MD at Monneo