Excellent identity verification platform with comprehensive KYC coverage
February 27, 2023
Excellent identity verification platform with comprehensive KYC coverage
Score 10 out of 10
Vetted Review
Verified User
Overall Satisfaction with ComplyCube
We use ComplyCube as our primary identity verification and KYC platform to comply with regulatory requirements, streamline customer onboarding, and manage all of our verification needs in one place. It helps us reduce AML/CTF risk, improve efficiency, and deliver value to our customers across the banking sector. ComplyCube's platform provides us with comprehensive geographic coverage, enabling us to comply with a wide range of local and global regulations.
- ComplyCube's platform offers comprehensive coverage across different geographies and helps us comply with various local and global regulations.
- ComplyCube's verification engine is highly effective in quickly verifying the identities and risk profiles of our customers.
- ComplyCube's web portal has lots of features and is user-friendly.
- ComplyCube offers a single platform to manage all of our identity verification needs, eliminating the need for multiple solutions from different vendors and reducing complexity.
- We would appreciate more customization options, which already can be done via the API, to be also provided via the user interface. Our Customer Success Manager informed us they are on this year's roadmap.
- Large-scale customer onboarding
- Compliance with local and global regulations
- All-in-one identity verification solution
- Highly customized verification workflows
- Improved customer onboarding speed by 65% compared to our previous vendor
- Higher successful verification rates reduced operational load on our support staff
- Flexible tiered pricing reduced our committed expenditure
We selected ComplyCube as our identity verification solution because it offers comprehensive coverage, large-scale capacity, strong security and compliance capabilities (especially in the financial services industry), a user-friendly platform, and competitive pricing. We evaluated several solutions and found that ComplyCube was one platform that delivered strongly on all these criteria.
Do you think ComplyCube delivers good value for the price?
Yes
Are you happy with ComplyCube's feature set?
Yes
Did ComplyCube live up to sales and marketing promises?
Yes
Did implementation of ComplyCube go as expected?
Yes
Would you buy ComplyCube again?
Yes
Using ComplyCube
12 - Operations, Product Managers, Software Engineers, Compliance Officer
ComplyCube is a SaaS solution. So we do not need in-house support. Our support needs are met by the ComplyCube team.
- Speed up the account opening process
- Fraud detection and prevention
- Comply with AML regulations across a number of countries.
- We initially wanted to integrate ComplyCube into our back-office compliance CRM system. However, we also found that by integrating ComplyCube into our customer onboarding process, we were able to enhance the customer experience, reduce the time required for identity verification, and reduce the back-office workload.
- One area where we believe ComplyCube could be particularly useful is in compliance monitoring. By using ComplyCube to continuously monitor our customers' identities and activity, we could more quickly identify and mitigate compliance risks and ensure ongoing compliance with regulations.
Evaluating ComplyCube and Competitors
Yes - Prior to adopting ComplyCube, we were using a combination of in-house tools and third-party solutions for identity verification, AML Screening, PEP checks, etc. While these tools were effective to some extent, we found they had several limitations and drawbacks that made them less than ideal for our needs. The biggest issue was that these systems required us to create a complicated integration later, which was costly to build and maintain. Therefore, we decided to look for a platform that could do everything we need in one place.
- Price
- Product Features
- Product Usability
- Product Reputation
As mentioned earlier, we needed a verification platform that brings all features we need under one roof. We evaluated several third-party solutions, but we found that they were often too narrowly focused on specific use cases or geographies. This made it difficult to achieve a comprehensive and consistent risk profile across all our customers and jurisdictions. Additionally, many of these solutions were costly and difficult to integrate with our existing workflows and systems.
Can't really think of something, as I believe our evaluation process was pretty thorough and involved several PoCs/Pilots with many third-party vendors.
ComplyCube Implementation
- Implemented in-house
Change management was a small part of the implementation and was well-handled
- No issues
ComplyCube Training
Configuring ComplyCube
As AML regulations require a risk-based approach, organizations need to configure the tool as per their risk appetite. So your MLRO/Compliance officer should be able to easily configure the platform and ask for ComplyCube's support if you need assistance/advice.
Yes - we have customized the interface extensively - We customized mobile/web SDK to match the branding of our customers.
No - we have not done any custom code
Can't think of anything else
ComplyCube Support
| Pros | Cons |
|---|---|
Quick Resolution Good followup Knowledgeable team Problems get solved Kept well informed No escalation required Quick Initial Response | Need to explain problems multiple times |
As well as being customers, we're also integration/platform partners of ComplyCube, and the majority of customers are financial institutions who opt for premium/enterprise support with tier 1 SLAs
Yes, we've had several instances where ComplyCube provided us with exceptional support for their product. One example that comes to mind is when we were going through a regulatory audit and needed to demonstrate our compliance with the latest KYC regulations. We had some questions and concerns about how to properly configure ComplyCube to meet these requirements, so we reached out to their customer support team for assistance. The ComplyCube team, Katie in particular, was incredibly responsive and helpful, and they went above and beyond to make sure we had the information and guidance we needed. They worked closely with us to understand our specific use case and regulatory requirements, and they provided us with detailed documentation and step-by-step instructions on how to configure our ComplyCube integration to meet those requirements.
Using ComplyCube
| Pros | Cons |
|---|---|
Like to use Relatively simple Easy to use Technical support not required Well integrated Consistent Quick to learn Convenient Feel confident using Familiar | None |
- One of the most notable is their identity verification workflow, which is quick and straightforward to set up and use. Their platform integrates with a wide range of identity documents and data sources, making it easy to verify the identity of individuals from all around the world.
- Also, the user interface for the identity verification workflow is clean and intuitive, with clear instructions and helpful error messages to guide users through the process.
- Can't think of anything
Yes - Works brilliantly across mobile browsers and native iOS/Android Apps
ComplyCube Reliability
Integrating ComplyCube
- CRMs such as Hubspot and Salesforce
- CMS platform such as WordPress and Webflow
- Custom sites
- Mobile Apps (Android, iOS, Ipad)
Integration was easy, thanks to the plugins/SDKs ComplyCube providers. Deeper integration can be achieved through their API.
- Zappier
Yes, they do, but we don't currently have an urgent requirement for it
- File import/export
- API (e.g. SOAP or REST)
- Javascript widgets
- ETL tools
- AppExchange or similar marketplace
Mobile SDKs (iOS, Android, ReactNative, Flutter)
Follow the quick starter guide
Relationship with ComplyCube
Can't divulge; we're under NDA.
Be clear about your needs from day 1 so you get the best possible advice in terms of integration options, and settings. etc.
Upgrading ComplyCube
- New usability features which made the system easier to use
- New check types enhancing fraud detection capability
- Faster processing reducing onboarding friction
- Ability to conduct multi-bureau check through their hosted solution