Case Studies 5 min

PSI-Pay: Take Zero Chances with Due Diligence

Identity Verification Helps a Fast-Growing Payments Provider Scale With Confidence

With a guiding vision to empower partners across sales, marketing, distribution, and the general management of its payment card programs, PSI-Pay is an organization with many moving parts.

The company specializes in managing activities involving MasterCard, such as reporting, settlement, approvals and any activities required by the FCA regulatory authority — including reporting, compliance, and Anti-Money Laundering (AML) mandates and audits. PSI-Pay adopts a tailored approach to every one of its customers, offering varying levels of support based on the regulatory level of the partner and providing sponsorship to corporate entities who cannot or are unwilling to issue their own credit cards.

“We’re a self-funded, privately held company with ambitious growth goals,” explains Phil Davies, CEO at PSI-Pay. “We’re a stable organization without reliance on venture capitalists or any other shareholder. Due diligence is a natural, organic part of our growth — we become experts in local law before going into any country, which makes sense because we cannot always operate in the same way that we do in Europe. We operate in Australia and are currently expanding into China and other parts of Asia.”

Accurate, smooth and secure identity verification is a core part of PSI-Pay’s strategy. As a self-sufficient entity, the company takes zero chances when developing partners and choosing technologies to help fulfill long-term growth goals, which made partnering with Trulioo for their identity verification an easy choice.

How Trulioo Helps PSI-Pay Comply With Global Regulatory Standards

Following an in-depth due diligence process with multiple vendors, Davies and his team chose the Trulioo RESTful (Representational State Transfer) API. Among PSI-Pay’s decision criteria were technical capabilities, operational stability, commercial advantages and geographic coverage. This new integration option enables automated electronic identity verification, at scale, with effortless integration.

“Everything we do is carefully planned,” says Davies. “One of the things we constantly assess is how we perform KYC/KYB and identity verification in various forms. It’s a process of constant review on the basis that we evaluate criteria with a risk-based decision making process. We evaluated multiple partners that operate in the jurisdictions in which we operate and where we intend to grow.”

As a company that operates across borders, PSI-Pay needs identity verification technology with flexible and ubiquitous compliance features. Needing to conduct cross-border checks on a regular basis, the company has high standards for accuracy without any wiggleroom for operational hiccups.

“The UK’s FCA and European Union regulations require our customers to prove who they are and where they live, in addition to other checks,” says Davies. “We need to be crystal clear to prove that what our customers are providing is real and authentic. We are also required to conduct checks on politically exposed persons and OFAC because of our relationship with MasterCard — an American company with a different set of standards. We have to make sure that we’re checking against these lists on an ongoing basis, so if a person’s status has changed for whatever reason, we can act accordingly.”

Thanks to Trulioo, we are expanding very rapidly — 40% growth year over year.
Phil Davies, CEO of PSI-Pay
Inspire your followers and tweet this.

Smooth and Secure Entry Into New Markets With a 75% Reduction in Acquisition Costs

With the Trulioo API, PSI-Pay has put its verification process on autopilot. Thanks to faster customer onboarding, a reduction in acquisition costs and increases in operational efficiency, PSI-Pay has augmented its overall customer experiences.

“Our verification process is now done in a slick and efficient way,” explains Davies. “Customers feel as though they are not being delayed unnecessarily. Good customer experiences enhance our expansion processes because we’re taking people on more quickly. Higher match rates improve the overall health of our business.”

This process change represented a dramatic shift from PSI-Pay’s previous two-step methodology.

“It started with basic verification, which involved applicants needing to submit a passport and official document such as a utility bill,” says Davies. “If that passed initial scrutiny, we would pass it on to a third-party agency such as a data broker or identity verification bureau. It was not as effective and efficient as it has been with Trulioo.”

Thanks to Trulioo, PSI-Pay has outsmarted some of its biggest barriers to growth. “For instance, we tried expanding into Canada several years ago, and it wasn’t particularly successful,” says Davies. “It’s not because the product wasn’t in demand; rather, it was due to their regulatory environment. But thanks to Trulioo, we now have a strong foothold in the Canadian market and are expanding very rapidly — 40% growth year over year.”

Reflecting on PSI-Pay’s growth and success, Davies points to the value of Trulioo as a strong strategic partner. “They bend over backwards to help us and answer queries,” says Davies. “It’s an exceptional working relationship.”

About PSI-Pay

PSI-Pay is a fast-growing, UK-based financial services company that provides payment solutions to individuals and businesses around the world. Taking pride in delivering transparent, efficient and clear solutions to its customers, the company specializes in global banking and alternative payments.