MoonPay uses Berbix to onboard customers faster and more reliably, protecting their users in the fast-paced cryptocurrency industry.
Running a cryptocurrency trading platform can bring some degree of risk to users. MoonPay was in search of ways to make its operations even more secure. Valued at $3.4 billion–and with 10 million customers–MoonPay’s entire business model is predicated upon quickly allowing users to buy and sell crypto using their own fiat currency and preferred payment methods.
MoonPay needed an identity verification solution that prioritized speed alongside accuracy. Berbix’s instant and automated ID verification process, alongside Alloy, was just what they were looking for.
MoonPay enables people around the world to buy and sell cryptocurrency. From their inception, MoonPay has prioritized the customer experience and safety– giving their customers a better, faster experience while keeping their money and personal information secure.
“Berbix’s partnership will help MoonPay connect to customers faster and more reliably handle downstream issues, such as credit card history checks and verification," says Alejandro Rodriguez, a business analyst at MoonPay.
Leaders at MoonPay wanted to be able to onboard customers faster and more reliably. They prioritized finding the right tech tools that would more accurately identify whether those who come to its website are truly their customers. They sought out a tech solution that would get legitimate customers buying and selling crypto as fast as possible, while laying the groundwork for speedy and trustworthy credit card checks that would allow crypto buyers to confidently select from payment options.
Berbix’s instant and automated ID check solution gives MoonPay customers the ability to quickly verify their identity and start trading immediately, giving MoonPay the competitive edge it needs to win customers.
Quick ID Verification
In many crypto applications, customers need to wait up to 24 hours to verify their identities. With Berbix and Alloy, MoonPay gets their customers registered and trading within 15 minutes.
Great Customer Experience
Berbix’s high customer conversion rates and low dropoff levels were particularly enticing for MoonPay. MoonPay wanted a solution that would provide just enough friction to guarantee security without being so difficult legitimate customers didn’t use their service. While evaluating identity verification solutions, MoonPay found Berbix to be “reliable, compliant, and faster” than their previous identity verification contractor.
“We’ll end up with more higher-quality customers,” says Rodriguez. “That means we’ll have less fraud and issues with charges coming back to us than we currently have.”
At a time when fraudsters mimic account holders in order to steal their assets and identities, Berbix demonstrated during testing that it will do more to weed out bad actors and reduce fraud than MoonPay’s previous IDV solution. This keeps MoonPay users safe and their personal information more secure.
“Berbix is reliable and compliant,” says Rodriguez. “And the speed is definitely faster than MoonPay’s previous IDV contractor."
As MoonPay looks to continue its growth, Berbix will play a key role. Berbix includes a likeness-scanning capability that can determine whether an ID photo taken months or years earlier still matches a selfie taken that day–meaning that MoonPay can continue to grow with a high degree of confidence.
Berbix’s ID verification is a tool that can help fintech companies grow while minimizing risk. The features built in Berbix give MoonPay the confidence to continue to expand without fear that customers will be compromised.
“Features like these show that Berbix has done things exactly right,” says Rodriguez.