Polybius, the creator of OSOM, was founded in June 2017 to reinvent the way people manage their finances. With the proliferation of fintech services and the emergence of virtual assets, managing assets is increasingly difficult. According to Mathieu Hardy, Chief Product Officer for OSOM, a cross-platform asset manager is the fintech solution people need.

“What we see in the last 10 years is the fintech revolution, is that fintechs just take one slice out of the traditional banking business model and radically improve the value prop for that narrow offering. What we want to do, rather, is to reinvent the way people manage finances in this new era of financial services.” 

The fintech revolution has resulted in hundreds of new products and services, meaning more options and more time spent managing all your assets. OSOM is a solution that would aggregate all exchanges, wallets, and accounts a user has for both virtual and non-virtual assets in just one app.

“With OSOM the idea is to give you one simple place that you manage and optimize all types of virtual assets and, in the future, non-virtual ones as well.”

The role of identity verification for fintech solutions like OSOM

Regulatory compliance laws for fintech solutions like OSOM are demanding. Mathieu and his team are required by law to meet the obligations of the 5th AML directive (AMLD5) as well as Know Your Customer (KYC) protocols. Identity verification and fraud prevention services are therefore integral to their success.

“A big part of avoiding money laundering and countering terrorism financing is knowing who your customers are. We also want to focus on Europe, and are looking for EU compliance solutions that are remote and where people do not need to come to an office.”

Anti-money laundering laws, particularly those under the AMLD5, are designed to increase transparency and broaden the criteria for assessing high-risk third countries. Another positive outcome of complying with these laws is more accurate data about your customers.  

“It is interesting to know who your customers are so you’re better equipped to serve them. Identity verification flow allows us to have certainty and better information as to who’s who, often much better than if we had the self-declarative form.”

Beyond compliance and learning more about their users, there are other reasons why OSOM uses Veriff for identity verification.

The Veriff features that help OSOM’s team focus on growth

When searching for identity verification services, OSOM’s requirements were high in terms of quality and the degree of cooperation they needed from a provider. They needed a partner to help with compliance in an entirely new venture. That was hard to find but Veriff rose up to the challenge and was able to give them the support they needed. 

“It’s a good collaborative relationship which we weren’t necessarily able to find elsewhere. That plays a big role in our choice, especially when launching like we are with high levels of uncertainty. If launching something new, this is incredibly important.”

It was this cooperative approach that led the team at OSOM  to entrust Veriff with part of their their identity verification and fraud prevention processes. This, among other key product features, helps them meet legal demands for fintech solutions intended to operate on a global scale across both web and native apps.

1. Fraud prevention layers and full legal support

When getting started, Mathieu and his team worked closely with Veriff and regulators to draft a partnership that worked for everyone. Adapting to client-specific needs is an important first step for our team, and something OSOM’s team appreciated. 

“The identity verification step is probably where you see the biggest drop-off rate, so try to find something that meets your legal requirements but is also relatively painless for your customers. Find a supplier that is willing to listen, adapt, and give you help along the way while you set it up.” 

Legal requirements and conversion rates often don’t compliment each other. To counter the inevitable drop-off, Veriff partners with clients to help them optimize every step of the process.

2. Device, network, and browser analytics

Compared to verifying users in a physical branch or on the phone, online identity verification is both more secure and less costly. However, as Mathieu explains, battling misconceptions about online identity verification can be tricky, particularly with regulatory bodies.

“We have seen that identity verification is a huge job and it’s much better done by someone who is specialized in it. This is because regulators in Estonia and Belgium see remote identification as riskier than on-site identification. We had to make a case  that remote identification is a better way to comply with requirements, which is what we believe”

According to Mathieu, the combination of device, network, and browser analytics makes Veriff a much more reliable method than relying on branch visits or mere teleconference calls. While an ID may look valid to the human eye, there is always a chance for human error.

“The ID presented may look valid but clues like incognito mode, VPN, or repeated tries can give more insights into whether the user is behaving suspiciously. When it comes to fraud, it is much better caught by a computer than it would be even by remote ID verification by agents via call.”

Video recordings also add an extra layer of security, compared to in-person verification which leaves close to no data behind as soon as the individual leaves the branch.

While OSOM’s team focuses on European fintech services, making the OSOM platform accessible on a global scale is important. Veriff continuously adds new localizations to give clients the reach they need, and the result is not only wider reach but less strain on support teams.

Since adding Cyrillic-based languages to our verification flows, OSOM’s team saw a drop of 1,500 fewer support tickets in just a couple of weeks. As they continue to scale and grow, our team is open to adding more languages or features that would help them with their vision for OSOM.

“Veriff’s as a solution, technologically, is quite solid. We also found a very responsive team to address any of the challenges we face both pre-sale and after-sale as opposed to other services we were in contact with.”

Through Veriff, OSOM can identify if new users are politically exposed and have a higher risk of corruption. This helps them prevent fraud and add an extra layer of security without bringing in extra tools and services.

“We need access to PEP & sanctions lists because we did not create a system to help people evade taxes or finance terrorism. We are very happy to abide by these rules, and Veriff helps us do this relatively seamlessly.”

Launching a new product demands a lot of time and effort. OSOM and the team of 22 enthusiastic people behind it continue to gather feedback and make improvements while the app is in closed beta. Currently, there are thousands of active users, most of whom participated in the 2017 crowdfunding. 

Using Veriff to power the identity verification flow helps OSOM’s team focus on their core strategy while ensuring that a team of experts help with a robust compliance and fraud prevention process. Mathieu advises fintech companies and startups looking to launch new projects and products to do the same. 

“If you don’t want to do all of the heavy lifting for verification yourself, find someone who can help. If you want to do it all yourself, don’t. It makes sense to go with someone who knows all the quirks and the added smart fraud prevention that Veriff has is important to us. We’ve seen what a big job it is, and it’s best to leave it to people who know the ins and outs, while we focus on the part that is business-specific”

With a virtual asset and exchange license in Estonia and an application for a Payment Institution License in progress from the National Bank of Belgium, OSOM is well on its way to helping people manage all their assets in your pocket and on your desktop. Learn more about how OSOM works here, or visit Polybius' website for more information.

OSOM, a cross-platform asset manager, aggregate all exchanges, wallets, and accounts a user has for both virtual and non-virtual assets in just one app. Here's why OSOM's team chose Veriff to help with KYC and fraud prevention.

How Veriff Helps OSOM Slash Support Tickets and Stay Compliant

Launched in 2015, Mintos is one of the world's largest investment marketplaces for loans. It has more than 150,000 investors from 72 countries. Together, they invested €2.7 billion through the platform (read more about Mintos).

Before using Veriff, Mintos relied on manual uploads of document photos to onboard users. As KYC regulations tightened, the company sought to verify users’ actual identities, not just the validity of the documents they showed. 

It soon emerged that identity verification alone wouldn’t deliver sufficient protection. The partner search was expanded: it needed to deliver credible fraud prevention. 

Veriff provides multiple layers of fraud prevention. It combines face, document, device, and network diagnostics with video-based behavior analysis. All sessions are cross-linked, delivering quick, credible verdicts.

Among that unique combination of fraud-prevention features, one stood out for Mintos: background video. During the verification process, Veriff records users with their device camera, making it more difficult to provide fraudulent document data or fake live verification. Recording occurs with the user’s explicit permission.

“We needed a partner that would move fast on multiple fronts. Verification needs to be quick. Fixes need to be quick. And our partner needs to really care. Veriff delivers on all.”

Preventing fraud vs. turning off customers  

Initially, the number of vetted new users dropped. While signing up users had become much safer for Mintos, removing the risk of stolen identities and funds, tighter controls hurt conversion rates.

It quickly became clear that Mintos users were simply unfamiliar with online identity verification and needed encouragement. Mintos and Veriff began a joint effort to tackle this. 

They polished the onboarding flow and tested various methods to return conversion rates to normal. Mintos asked users for feedback and both companies dove deep into behavioral data.

A better process with guidance and content

Articles and guidelines were added to help users through verification. This bred the necessary confidence. At each step a customer takes with Veriff, Mintos explains the need for it, emphasizing trust and security, and explains the terms. 

With tool tips, easily-accessible support and an optional reminder to start verification later, users are gently guided from start to finish. This creates a pleasant journey of simplicity, reliability, and care. 

“Signing up was quick and transparent. As a result, I trust Mintos and they trust me. There are a lot of shady characters on the internet, so it’s good to be in a fraud-free zone.”

Veriff reduced the number of fields Mintos users fill manually. However, users’ unfamiliarity with camera-enabled identity verification initially cut the conversion rate to 57 percent. 

After both technical and user-oriented improvements, the numbers rebounded. Mintos' conversion rate remains steady above 90 percent, and the majority of Mintos investors get verified at first attempt. 

“My hat’s off to Mintos for aiming far above KYC compliance to bring more trust within their global marketplace for loans. Their honesty, collaborative spirit and high expectations also set an example for how partnerships work.”

Investing in loans used to be a banker’s privilege. No private investors -- ordinary citizens, really -- were allowed in the walled garden. Mintos changes that, opening this asset class to private investors of all sizes. 

The initial loan to the borrower is processed and granted by an outside company. That’s when the barrier-breaking innovation comes in. The loan is listed on the Mintos marketplace, allowing investors to select loans to invest in. They buy loan shares, diversify their portfolio based on their strategy and risk profile, and earn competitive returns in the form of monthly payments and interest.

It takes two minutes to verify an identity, and only five minutes to become an investor.

Prospective users reach Veriff’s verification process when they sign up to become a Mintos investor. When creating their account, they go through the usual Veriff flow of taking photos of themselves and their ID. Verification itself takes about two minutes and the accept/decline decision is then delivered in less than five minutes. After successful verification, the investor’s Mintos account is set up and they can start investing.

“Whenever money changes hands online, extra care is always warranted. But proving trust is tricky. On Mintos, it was quick, easy, and every step made sense.” 

Veriff makes it easy to connect with honest customers, which is why our clients choose us for online identity verification. Here are some of their stories:

Veriff and Trafi Ignite a Pan-Baltic Startup Collaboration

P2P Marketplace Estateguru Uses Veriff to Back Aggressive Expansion

Vienna-Based Remote Scooter Sharing Platform goUrban Goes Veriff

Mintos is a P2P lending startup that provides retail investors with an easy and transparent way to invest in loans from lending companies around the world.

Global P2P Loan Marketplace Mintos Chooses Veriff

When Trafi's tech gurus called from our Baltic neighbor Lithuania, we jumped on the opportunity. 

“There’s a special power in two startups growing together and helping people with great technology. Veriff’s mission is to make real people’s life easier, and the same applies to Trafi. It was a natural match from day one.” said Triin Uustalu, Veriff’s Marketing Manager.

As a kick-ass mobility platform, Trafi helps the world’s leading mobility providers bring all types of different transportation services to the masses. Trafi cuts the time spent on urban traffic to an absolute minimum by providing users with a list of different routes and opportunities to travel in the city both online and offline.

The problem with rental cars, scooters, bicycles, or any type of ride-sharing is the identity verification requirement to use them. Here's when Veriff comes into play.

“For us in Trafi, identity security and personal data protection are of the utmost importance. Hence, we looked for a trustworthy ID verification provider. Veriff got our attention due to their agile approach, honest openness to feedback, and their great technological solution for identity verification,” said Justas Petronis, Trafi's Product Manager.

After a quick but thorough onboarding process, Trafi added Veriff to their service. The result is multiple layers of security that make it easier, not harder, for their users to get from point A to point B. “Now you have no need to go to a car rental service in person. Instead, 4 you can rent a car right off the street, digitally,” said Petronis.

But this partnership was about more than putting two great companies and products together. Petronis has a vision of a brighter future for the Baltic tech scene, and it involves increased collaboration between tech innovators in the region.

“We all are after strategic partnerships in larger markets, and leave tech innovators living next door alone in the field. At Trafi we believe that cooperating with an Estonian startup would actually be a great push forward towards such Baltic partnerships, and we expect many others to follow suit. 

Veriff and Trafi have the power and charisma to possibly initiate a Baltic tech company community. We could align Baltic tech companies towards the same goal - to empower people with modern technology. This would help to sort out many issues that startups struggle with when left alone."

Bringing the best of identity verification to the mobility sector

Great partnerships are just as much about giving as they are about taking. While Trafi benefited from insights into their identity verification process Veriff learned the ins and outs of the booming mobility industry.  

“Thanks to working with Veriff, we have a better understanding of what identity fraud prevention processes look like. In return, it is amazing to see how Veriff has learned more about the future of urban transportation and why identity security is such a crucial topic for mobility going forward," said Petronis.

The opportunities to connect mobility companies with honest customers is huge, and something that, according to Uustalu, Veriff aims to target in the future. 

“MaaS (Mobility as a Service) is a fast-growing new sector where Veriff sees a vital need for identification services. Collaboration with Trafi opened up a new sector for us, giving important insights of fraud cases specific to the mobility sector and learning from these cases about how to stop fraudsters.” 

While our verification tools and know-how continue to spread across Europe, few events make us happier than collaborating with ambitious companies near home.

While our verification tools and know-how continue to spread across Europe, few events make us happier than collaborating with ambitious companies near home; the digital wonderland of Estonia. 

To use the company’s scooters, goUrban's customers need a valid driver’s license, a credit or debit card, and the goUrban app on iOS or Android.

And, of course, a team or service to verify that all these documents.

In addition to scooter sharing, goUrban  licenses its software, telematics, and app as a white label solution to other sharing operators. This also includes fleet managers for carpool vehicles, and goUrban also specializes in the development of artificial intelligence to increase fleet utilization.

How Veriff helps goUrban reach their verification targets

By 2020, goUrban aims for over 20,000 verifications. In order to do this, they realized that they would need the help of industry-leading identity verification service to get them there.

After a long search for a reliable partner, Veriff was chosen to verify goUrban users and documents quickly, securely, and smoothly. Veriff is compatible for all mobile devices and operating systems, and is also available in the key languages of their market.

But the biggest reason behind their decision to choose Veriff was the team's extensive background with the financial and government sectors.  “The main argument for us was Veriff’s experience with banks and governmental institutions. They have to deliver a high security standard,” said Bojan Jukic, goUrban’s co-founder and CTO. 

Jukic also praised Veriff’s quick and responsive communication, “After integration everything was fast and easy.”  Our team is excited to support them as they continue to scale their business. 

Austrian scooter-sharing platform goUrban chooses Veriff to scale their user verifications.

goUrban is a scooter-sharing platform in the Austrian capital, a city of two million residents and counting. 

Estateguru onboards new investors every day, and each person needs to be verified before the process can begin. Kristjan Toop, Digital Marketing Manager at EstateGuru, said that the company uses Veriff to gain full confidence in verification quality. 

“The human eye makes mistakes, and Veriff provides us with confidence. Trust is key in the financial sector.” 

Estateguru still processes about 30% of user documents manually, simple because some investors don’t have webcams. However, the company projects a steady decrease in manual verifications as mobile devices without an integrated camera are a dying breed. 

The key reason why Estateguru chose Veriff over other identity verification provides was its customer-focused approach and the fact that it was easy to integrate.

“They were super-friendly and cooperative from the start, and onboarding was easy! Integrating Veriff to a platform can be done in a few days. Our business is scaling P2P investments, and we can expand aggressively while having a full confidence that we know who our customers are.”

Veriff makes it easy to connect with honest customers, which is why our clients choose us for online identity verification. Here are some of their stories.

EstateGuru is a leading European marketplace that connects investors with entrepreneurs who need short-term loans for real estate projects. It's networks includes 15,000+ investors from 45 countries.

The companies we protect

How Veriff Helps OSOM Slash Support Tickets and Stay Compliant

Global P2P Loan Marketplace Mintos Chooses Veriff

Veriff and Trafi Ignite a Pan-Baltic Startup Collaboration

Vienna-Based Remote Scooter Sharing Platform goUrban Goes Veriff

P2P Marketplace Estateguru Uses Veriff to Back Aggressive Expansion