Overview
Providing an ID verification system for an International payments company with over 100,000 active customers on their mobile platform where they buy, store, and use cryptocurrency (Bitcoin).
Challenge
Based on the volume of transactions carried out on the mobile app, security levels were installed on the platform with lower levels having less stringent measures.
For instance, for transactions lower than N200,000, the customer only has to confirm a mobile number and email address but has to provide proof of residence for transactions of more than N10 Million Naira on a monthly basis.
For each security level, a customer provides his/her identity details which were manually validated to verify the identity of a customer and rebut fraud.
This presents the challenge of manually validating identity documents provided by customers and also inhibits some of the customers without these documents.
The company needed a BVN service with the hope that accepting BVN numbers would greatly decrease the possibility of fraud, and account opening time and increase access to more genuine customers.
Solution
Verified.africa provided the BVN validity service as a web service which the company implemented on their mobile application.
This service enabled the company to verify the validity of the BVN provided by their clients.
Using the service, a customer can provide a BVN on the company’s mobile platform and the company would verify the Validity of the BVN against the ID details of the customer.
This enabled the company to authenticate every customer signing up on the platform, speed up account opening time, and automated regulatory know-your-customer requirements.
