Case Study: Payset

Find out how Payset integrated iDenfy’s AI-powered identity verification solution and transitioned from a manual KYC process to a fully automated onboarding system, tailoring user interface with their brand.

Results we achieved in our partnership


reduction in onboarding time with automated document ownership and liveness checks

< 2 minutes

for each customer to access services with maximum security

The Challenges

For Payset, identity verification is an important process that ensures there is a real person behind an interaction and proves that they are who they claim to be. According to Payset, it’s also a pivotal aspect of keeping the company free from fraud and preventing nefarious individuals from using its services to launder money or conceal the true nature of their activities.

Since Payset is an EMI regulated in the UK and specializes in diverse solutions, such as multi-currency accounts and currency exchange services, the company needed a reliable Know Your Customer (KYC) vendor that could transform its mostly manual authentication process into a seamless, fully automated identity verification flow for a frictionless user experience. 

“We looked for an automated verification that could help us effectively verify the identities of our customers,” explained Perry Asforis, the CEO of Payset. “With our growing customer base, manual data entry wasn’t an option anymore since we noticed errors in the process, which also made it more cumbersome for the end user.”

Before adopting iDenfy, Payset relied on a mostly manual approach to authenticating client identities. However, this type of system proved costly due to its lack of efficiency and automation. The absence of streamlined identity verification systems not only incurred higher operational expenses for Payset but also led to slower verification times, which didn’t appeal to another vital aspect — user experience. 

Payset’s internal compliance team found themselves dedicating excessive time to oversee various aspects of the KYC process. It affected productivity within the onboarding process, increasing the time taken to approve new customer accounts.

Having manual verification processes is a laborious task and not scalable for a business like ours, where time is critical, and customer service is our top priority. So, we needed to streamline our KYC approval process while providing stronger security and an improved user experience,” added Perry Asforis.

The Solution

Payset’s goal is to bring financial services up to speed with modern business by eliminating the expenses, delays, and red tape associated with moving money between currencies or across borders. This is why the company used the same approach for tasking its KYC service provider. 

Seeking a versatile solution, Payset looked for a comprehensive option to address current and future verification needs, a crucial consideration during its scaling stage. “We’ve seen a great increase in our client base, specifically fast-moving startups and ambitious entrepreneurs. We aim to keep reaching new businesses while always providing them with the best payment service possible,” said Perry Asforis, the CEO of Payset. 

Currently, Payset is using several key features from iDenfy, including:

  1. Document verification with automated document data extraction.
  2. Selfie verification backed by built-in liveness technology.
  3. Address verification through IP address and location data collection.

After finding out that iDenfy provides a diverse range of ID verification options and enables the customization of flows based on users’ specific use cases, Payset recognized its true potential for its platform. “We like that iDenfy offered white-labeling options. So we customized the actual identity verification pages, making everything Payset-branded,” explained Perry Asforis.

Payset’s team tailored the user interface of iDenfy’s verification flow and implemented iDenfy’s webhooks to create verification links. Additionally, the company used this flexible approach to set both the link expiration time and session duration to their maximum values, which positively impacted the decision to partner with iDenfy. 

Why iDenfy?

Following a thorough evaluation of various vendors, Payset chose iDenfy as their preferred identity verification service provider due to their user-friendly developer experience, customizable KYC flow options, great end-user experience, and advanced fraud detection capabilities. 

Other factors that impacted the decision to partner with iDenfy were:

  • A simple, easy-to-use interface 
  • A fully automated KYC software
  • High accuracy and speed of ID verification
  • Compliance with KYC and GDPR regulations
  • Technical sophistication and a responsive team

Additionally, while other software providers rely on data comparison, such as MRZ matching, Payset found iDenfy’s hybrid approach to be beneficial, which combines AI technology with human expertise to scrutinize documents at the highest accuracy rate, detecting even the most sophisticated attempts to bypass the ID verification process fraudulently.

The Results

Payset’s success can be attributed to its seamless onboarding process and instant access to its financial services. However, this wasn’t always the case without the AI-powered software that iDenfy provided. 

During their main goal of switching from manual to fully automated onboarding procedures, Payset focused on two key goals, which included the following steps:

  • To optimize their internal compliance tasks, including the KYC onboarding process. 
  • To adopt technology and AI-powered software to ensure higher efficiency for each client verification.

“We aimed to streamline the onboarding process by automating KYC. This approach ensured swift and accurate client verification, avoiding delays that are typically linked with manual reviews”, added Perry Asforis, the CEO of Payset. 

By integrating iDenfy’s automated identity verification solution, Payset can now confidently verify customers’ identities in real time, confirming document ownership and liveness without the need to manually onboard each customer. Consequently, without compromising on fraud prevention, Payset successfully cut down its average user verification time to less than 2 minutes, marking an impressive 82% reduction in onboarding time.

The switch to a fully automated KYC approach enables Payset to provide its clients with both a seamless and secure experience. Customers can appreciate the increased control they have while navigating the simple four steps that it now takes to complete the whole ID verification process. At the same time, this helps Payset efficiently scale without the need to hire and train additional compliance specialists for the KYC process.

“We’ve noticed a steady increase in the number of customers joining us each month, thanks to the improvements in automation and customization we’ve made by incorporating iDenfy into our KYC process.”

Perry Asforis, the CEO of Payset

About Payset

  • Payset is a global financial service provider and a leading online payment platform based in London, England, both authorized and regulated by the FCA in the UK.
  • It is best known for its diverse suite of payment solutions for both individuals and companies, including multi-currency accounts and currency exchange services. 
  • The elite financial service provider helps businesses hold, exchange, and move money around the world quickly, effortlessly, and affordably.


About company

Payset is a UK-based financial service provider that brings modern businesses up to speed by eliminating the expenses, delays, and red tape associated with moving money between currencies or across borders.

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