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Veriff and Transpaygo: digitising the world’s hardest remittance corridors
Tough corridors. Lean team. Zero room for failed verifications.
Learn how remittance provider Transpaygo partnered with Veriff to solve Latin American document checks, satisfy strict regulators, and jump from a 60% to a 91.9% verification approval rate.
How a 14-person team sending money into some of the most tightly regulated markets on earth lifted its verification approval rate to 91.9% — and started catching repeat fraudsters before they reached the platform.
About Transpaygo
Transpaygo is a remittance business built around a deliberate choice: to serve the corridors everyone else finds too difficult.
Founded in 2012 by Mirko Kinigadner and Matthias Wurmböck, the group operates the consumer brand Fonmoney and spans four entities — Transpaygo Ltd in London, the technical and non-licensed products entity in Vienna, a licensed payment institution in Spain passporting remittance services across the EEA, and a subsidiary in Chile serving the Chilean market. Licences from the Banco de España, the FCA and local regulators in Mexico and Chile cover more than 60 countries and territories.
Its focus is Europe to Latin America, and its flagship corridor is one of the most regulated in the world: Cuba. Sanctions and layered regulation mean customers on that route are routinely treated as high-risk by regulators, particularly in the US. Transpaygo offers transfers to Cuban bank accounts, mobile top-ups and cash home delivery, and is among the leading European brands sending money to the island.
All of this runs on a team of roughly 14 people, including contractors — a small operation that depends heavily on the quality of its partners.
It was working, but it was not efficient, and they were bought by someone else. Since we switched to Veriff, we’ve become much more efficient at onboarding customers, and when we need feedback or have questions, we get an answer quickly.
What business problem did Veriff solve for Transpaygo?
Transpaygo had worked with two identity verification vendors before Veriff. The most recent one functioned, but it was not efficient. After the provider was acquired, the support relationship deteriorated.
Underneath the service problem was a harder technical one. Transpaygo’s customers present Latin American documents, and the previous provider could not reliably read them. Rejections piled up at the point of onboarding – the single most expensive place in the funnel to lose someone.
The third gap was regulatory. The Spanish regulator requires adverse media screening, and Transpaygo’s previous providers could not deliver it in a way that fitted the rest of the onboarding flow.
What made the difference for Transpaygo when choosing Veriff?
Two things: document coverage that matched the markets Transpaygo actually serves, and a partner that answered the phone.
On coverage, the difference showed up directly in the approval rate. On support, Transpaygo is a 14-person team – it does not have the capacity to absorb a vendor relationship that requires chasing. Veriff’s account team provides monthly metrics reviews alongside an open working session to surface improvements, which is how several of the changes described below came about.
That combination also meant identity verification and adverse media screening could sit on a single integration rather than being stitched together from separate vendors.
We have fraud so seldom, and then suddenly something like this comes up. Now we know how to handle it and how to detect it. These features and this additional information will really improve our detection.
What was the impact of implementing Veriff?
Transpaygo’s verification approval rate now stands at 91.9% – up from roughly 60% with the previous provider, on the same difficult document mix.
For a remittance business, that number is not an operational nicety. Customer acquisition is the dominant cost, and an applicant rejected at onboarding represents marketing spend that has already been committed and will never be recovered.
The second impact was on fraud – and it looks different from corridor to corridor. Cuba sees very little, for structural reasons specific to that market. Where Transpaygo has seen it is in other Latin American corridors, notably Peru and Argentina, and it tends to arrive as organised, repeat activity rather than one-off attempts.
Two Veriff capabilities proved decisive. The first is facial recognition across sessions: once a fraudster has been identified, the same face is caught on every subsequent attempt, regardless of which documents or names are presented.
The second was less expected. Veriff captures video during the verification session, and in Peru that video kept showing the same handful of people moving around in the background of the same room.
More recently, Transpaygo re-examined the Veriff API and found a considerably richer set of fraud signals than it had been consuming — duplicated IDs, injection attacks, known fraud, screen replays, repeat attempts, use of multiple devices, and access from multiple countries. One case carried a name mismatch count of 371: a single individual who had attempted verification under hundreds of different names across multiple providers.
What does the future hold for Transpaygo?
Transpaygo is preparing a second attempt at the US market. The first was halted when a banking partner judged the corridor too risky, leaving the company to absorb the cost, so this time the team is building volume more cautiously – with partners already in place across several corridors, and with existing customer bases to convert.
That expansion covers more than Cuba. Mexico is part of the plan, and higher volumes across more corridors will mean a proportionally larger verification workload.
Two pieces of work sit alongside it. Transpaygo will begin testing Veriff’s Fraud Intelligence, building on the additional API signals it has started consuming. And the teams are working together on adverse media screening precision. This is a real pain point, since common Spanish surnames generate a high volume of irrelevant matches that compliance analysts have to clear manually. Recent Veriff product updates allow customers to select which list types are included and to set the match threshold, which should cut that review burden substantially.
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