• Case Study
Identity Verification Helps
a Fast-Growing Payments
Provider Scale With
Confidence
Take Zero
Chances With
Due Diligence
Trulioo — Case Study
The
Challenge
75%
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.
PSI-Pay has put its verification
process on autopilot, with a 75%
reduction in acquisition costs.
Trulioo — Case Study
The
Solution
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 wiggle-
room 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.”
• Phil Davies CEO of PSI-Pay
“
Thanks to
Trulioo, we are
expanding very
rapidly — 40%
growth year
over year.”
The world’s
identity
platform.
Contact Us
Trulioo is a registered trademark of Trulioo Information Services Inc. in the United States, the European Union,
Canada and other countries.
Trulioo is the world’s identity platform, trusted
by leading companies for their verification
needs. The Trulioo integrated, automated
platform provides unparalleled global coverage
for business and person verification and a
comprehensive suite of in-house capabilities.
Combining its state-of-the-art technology with expert verification
knowledge across diverse markets, Trulioo enables the highest
verification assurance levels, optimizing onboarding costs and
fostering trust and security in the global digital economy.
The Results
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.”
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.
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.”