AC2C enterprise encountered significant problems due to reliance on lengthy KYC procedures. The cumbersome KYC procedures led to a significant drop in user retention and onboarding of sellers. The C2C marketplace had an international presence. And as a marketplace, its success relied heavily on attracting sellers. The company needed to ensure its portfolio was robust enough to attract new buyers. Therefore, the need for a smooth onboarding experience with a renovated KYC strategy was significant. The firm was searching for a solution to enhance its time-to-market and improve user activation and retention rates. Besides, all these targets were to be achieved without compromising the safety of their marketplace. A detailed search for an effective solution led to Mangopay, a Luxembourg-based firm.
“We provided the marketplace with a cutting-edge and customizable onboarding workflow, giving them the option of deferred or KYC only at payout functionality. The marketplace opted for a deferred identity verification process, which meant sellers could be onboarded without going through heavy compliance procedures. This enabled them to upload their catalogs and start selling on the platform immediately and undergo verification processes at the time of payouts only. Then Mangopay provides controls results within a few seconds. The approach emphasized the importance of compliance adherence while allowing the sellers to get on board and generate revenue without any delays,” informs Romain Mazeries, CEO. Mangopay’s unique and comprehensive payment infrastructure supports the platform economy. Mangopay, founded in 2013, offers services to over 2,500 top platforms and marketplaces. Mangopay can tailor payment solutions specific to each platform’s unique needs by working closely with clients. This approach ensures clients receive the best solutions to support their operations and drive success.
Extending Flexible, Innovative, and Real-time KYC Solutions The KYC solutions industry faces a myriad of challenges. The most prominent is fraud prevention, scalability, ensuring high-end customer experience, and compliance. To address the widespread compliance problem, Mangopay offers a global KYC solution that supports compliance with regulations in multiple jurisdictions, providing a secure and reliable platform for international use cases. Fraud prevention is another challenge, as fraudsters constantly adapt their tactics to avoid detection. To tackle this, Mangopay offers a comprehensive compliance screening process that minimizes the risk of fraud and ensures that all transactions are legitimate.
Finally, scalability is a challenge as platforms need to be able to onboard and verify users quickly and efficiently as they grow. Mangopay’s seamless KYC/KYB processes and support for multiple ID verification providers ensure a reliable and comprehensive solution for every vertical and need, resulting in a faster and more streamlined verification process that can accommodate growth. “We also recently acquired fraud detection and prevention company Nethone, which provides advanced capabilities to detect and counter complex fraud activities during verification and onboarding. Customer experience is also a significant challenge, as lengthy and complex verification processes can result in high drop-off rates, especially for marketplaces. Mangopay addresses this by offering a a flexible and customizable user onboarding process that can be tailored to suit each platform’s unique needs, ensuring a seamless customizable user experience,” says Mazeries.
“Our value proposition is to provide platforms with the tools they need to onboard and easily verify their users, resulting in a faster time to market and increased user retention rates. Mangopay supports multiple ID realtime verification, ensuring a reliable and comprehensive solution across geographies for every vertical and need. In addition, our platform supports sole trader KYB and connects to admin sources to request fewer documents, resulting in a more streamlined and efficient process,” adds the CEO.
Mangopay verifies businesses spread across countries. Adapting to regional requirements or languages doesn’t arise in the process. Instead, the requisite information is automatically retrieved while instantly screening owners against sanctions lists. Mangopay’s infrastructure offers a fully white-labeled API with a KYC flow that makes tracking verification status easy through a dashboard or webhook. Further, the platform ensures compliance with PEP and sanction screening policies. Global KYC verification from Mangopay is available in over 100 countries. Clients receive status updates, alerts, error codes, and all the data needed for smooth background verification.