Veriff & Bancoli: Speeding Up Global Payments KYC

After a previous KYC provider changed the services they offered and no longer met Bancoli’s needs, they needed to find a replacement, and find one fast.

About Bancoli

Bancoli is a global payments platform with a mission to make managing finances as easy as possible. Founded in 2021 and headquartered in Austin, Texas, Bancoli now offers a comprehensive suite of products and services including smart invoicing, multi-currency global business bank accounts, funds security, and cash flow management features.

Romeo Ju, founder and CEO of Bancoli, explained more: “Bancoli came out of our own needs, actually – of how to pay our own suppliers and contractors throughout the years. And we thought there was a need for a platform where you can both unify the payments and the invoices processes, but also improve it as well with rewards and discounts for prompt payment.

“Predictable cashflow is such a problem for businesses, so we try to solve that by encouraging the sellers to give discounts or, if they don’t give any discount, then we actually help with a little bit of a reward on top of the payment so that the buyer is always happy and there’s some sort of an incentive to make sure that the payment actually happens on time.

“We really focus on international businesses and serve about 85 countries, but try to increase that year after year.”

It took us two weeks from making the decision to being fully up and running. And, to be honest, the two weeks was because of work on our side – Veriff could have done it in a day probably!

Romeo Ju Founder and CEO Bancoli

What business problem did Veriff solve for Bancoli?

Bancoli is a fintech company with a culture of excellence and moving at speed. That meant when their previous provider of know your customer (KYC) verification was acquired by another company and stopped providing the services Bancoli needed – they needed a replacement fast.

Their internal teams clicked into gear and began a discovery process with a looming deadline.

“Our previous provider pivoted their business model after they were acquired and left us with just a couple of months to find and implement an alternative,” Ju explained.

“My role was in the decision-making process of just actually picking Veriff, getting it over to the product team to implement.

“Speed was so critical to us, as without a KYC process we cannot do any business. But the whole process was easy. I remember that we talked about how little we have to change. It’s an API and we were able to get our branding into it and just get the whole Veriff flow to feel part of our existing flow. It was very easy as well.

“It took us two weeks from making the decision to being fully up and running. And, to be honest, the two weeks was because of work on our side – Veriff could have done it in a day probably!”

What made the difference to Valr when choosing Bancoli?

An ability to deliver KYC verification quickly and accurately was, of course, a pre-requisite, but the most valuable point to the team at Bancoli was a cultural alignment with a partner who understood their need,was able to work quickly, and was as forward-thinking and ambitious as they are.

“With every partner we work with, the most important thing is that we are aligned in how we work and that they have this efficiency-focused mindset,” Ju said.

“This is the way to build big products because if you don’t have that and you are constantly slowed down by partners that are not able to help you out, then there’s a problem and you’re not going to be able to move as fast as you need to.

“I would say that was the number one thing I noticed earlier on. And then later, as we just kept moving and things just kept getting better and the checkpoints kept getting answered, I knew we had made the right choice.”

Compared to our previous provider, the work we have to input to get the same outcomes has halved. Veriff’s screening and accuracy, plus the risk scores, gives our compliance team a super clear picture of what’s happening and allows them to do so much more.

Romeo Ju Founder and CEO Bancoli

What was the impact of implementing Veriff?

Bancoli’s deep focus on the user experience means that there has been constant improvement in onboarding rates and decreases in fraud rates, but the real benefit in using Veriff’s solutions has been seen in efficiency.

“It’s hard for us to point to, say, an increase in our fraud detection, because we have been doing this for a long time and any decrease would be marginal,” Ju said. “But one area I can definitely say has had a huge impact is the massive decrease in the work our team has to do.

“Compared to our previous provider, the work we have to input to get the same outcomes has halved. Veriff’s screening and accuracy, plus the risk scores, gives our compliance team a super clear picture of what’s happening and allows them to do so much more.

“Previously, our compliance team would waste time on cases where they should not have been spending time. If we are spending time on clients that are legitimate and should have been approved, then that’s a terrible use of resources.

“With Veriff, we are confident in what’s being approved and that means our teams can focus on the cases they should be focussing on. That’s a 50% drop at least in the manual work that we had to do and that is an absolutely huge outcome for us.”

About Veriff

Veriff is a global identity verification platform helping businesses build trust online. Our AI-native technology combines automation and human expertise to quickly and accurately verify users worldwide with minimal friction.

Trusted by leading companies like Blockchain, Bolt, Starship, Trustpilot, and Webull across finance, marketplaces, mobility, gaming, and other industries.

Our trust infrastructure helps businesses stay compliant, prevent fraud, protect users, and scale globally, enabling a safer, more transparent internet for everyone.