The collaboration with GBG has not only solved our immediate KYC challenges, but we are also now well positioned to achieve our growth targets.
Angus Preston
Product Lead, Onboarding, myPOS
The customer
myPOS is a fast-growing European fintech launched in 2014, providing small and medium-sized businesses with in-store, online and mobile payment solutions.
Operating across 35+ European countries with over 300 000 clients, myPOS offers free merchant accounts, smart devices and instant transaction settlements.
The challenge
When Angus Preston joined myPOS as the Product Lead for Onboarding, the KYC checks had become a major challenge for this rapidly growing regulated business.
“The majority of applications were manually reviewed, resulting in lower conversion rates and higher wait times for our customers,” Angus told us,
"Limited international data coverage and data quality together with inflexible matching algorithms – especially around address data – were causing verification issues and impacting both our customer satisfaction and business scalability"
The solution
After evaluating several identity verification providers, the myPOS team chose to partner with us.
“GBG were the most impressive and most proactive,” says Angus, “Their team worked closely with us, pointing out opportunities to improve the identity data we were submitting to the GBG platform and offering actionable recommendations to enhance our pass rates.”
During concept proofing, we refined identity data quality, identified accurate, verified address data sources using GBG Loqate, our location intelligence solution, and suggested adjustments to matching criteria – significantly improving myPOS match rates and KYC results.
The outcome
Angus tells us that the improvement in international KYC results for myPOS has been marked.
“In our top four markets – France, UK, Germany, and Italy – customer match rates increased by 25 percentage points.
“That’s one in four applications no longer going through our fallback manual verification flow. So as a business, we’re saving time, money and delivering a better customer experience.”
The myPOS auto-approval rate has more than doubled while we have retained strong KYC, CDD and risk controls.
Better pass rates have translated into faster onboarding and freed up resource in the myPOS Onboarding team, reducing the time it takes the team to deliver enhanced customer due diligence, with more same-day decisions.
“The partnership with GBG has enhanced our KYC capabilities and supported progress toward our growth objectives,” Angus told us, “I’m pleased to say that our collaboration has extended beyond technical integration, with GBG’s ongoing support and updates highlighting the strength of our partnership.”
