“Our goal was to make the Know Your Business (KYB) process as efficient as possible. We have achieved this with PXL Vision - our customers are delighted with the time they save, thanks to fully automated identity verification.”
Stefan Bechtloff,
CEO of SwiPay
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PXL Vision for SwiPay – The Payment Network
As a FinTech start-up, SwiPay had to design its processes to be both Anti-Money Laundering Act (GWG) and the Federal Financial Supervisory Authority ( BaFin ) compliant. The goal was to implement a legally compliant but also efficient Know Your Business (KYB) onboarding process, or to digitise an analogue verification process. At the same time, Salesforce was to be introduced as a new CRM system. As a Salesforce partner, PXL Vision was able to provide SwiPay not only with identity verification, but also with a pre-configured Salesforce interface.
About SwiPay
SwiPay is an innovative payment network that provides customised cashless payment solutions to business customers in collaboration with experienced payment partners. SwiPay's customers include Swiss SMEs and medium-sized merchants who require payment solutions for point of sale via terminal or e-commerce web shop. As part of the KYB process, merchants wishing to use SwiPay must be legally verified. SwiPay was founded in 2022 and has been growing ever since, with expansion into international markets already under consideration.
PXL Ident reduces Know Your Business onboarding time by 97%*
PXL Ident was implemented and the CRM system set up and configured by integration partner Techforce Development.
By combining PXL Ident and Salesforce, SwiPay wanted to ensure that the entire customer journey was consistent and efficient. Speed was particularly important to SwiPay. The KYB onboarding process in their industry is still extremely slow, with almost all process steps being carried out in an analogue manner. For example, one of SwiPay's competitors claims an onboarding time of 10-12 weeks.
SwiPay wanted to make this process faster and more customer friendly: the customer journey is now designed so that after contract negotiations, potential customer companies receive an offer with the terms and conditions saved and a link to start the fully automated onboarding process from within Salesforce. The integration of PXL Ident already reduces the amount of input required from the customer company, as it is taken from the data stored in Salesforce. This increases adoption from the start of onboarding and reduces errors caused by cross-checking.
After successful onboarding, SwiPay transfers the data to the payment partner for final validation. All data is then stored in SwiPay's CRM system and the customer company receives a digital contract to sign within less than 48 hours of onboarding. Once electronically signed, the company is authorised.
In the future, verification will also be carried out by PXL Vision in the form of video identification. KYB onboarding is therefore not 100% fully automated, as a manual check is required at the very end for compliance reasons. However, the process is further shortened thanks to all the automated preparatory work and data preparation.
Background on the Salesforce integration
The partnership between PXL Vision and Salesforce has great potential. Although the implementation of the KYB process for SwiPay took longer than originally planned, this time was used to ensure the highest security standards and to develop a robust solution. For example, data encryption and result package storage were outsourced to the Amazon cloud to overcome the technical limitations of Salesforce and enable seamless integration.
Techforce Development, which specialises in developing bespoke software solutions such as this, played a leading role in the set-up. Initially, there was a kick-off meeting with Salesforce, after which the integration was almost entirely in their hands, using the API documentation and technical description. As an integration partner, Techforce Development will support other customers with Salesforce integration in the future.
The CRM with integrated identity verification for SwiPay has been in use since June 2024. PXL Ident enables seamless pre-verification of a company's identity, while SwiPay's payment partner then performs a full KYB check. The integration will continue to be enhanced to continually improve processes.
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Why PXL Vision?
“After our first meeting with PXL Vision, we had a good feeling that we were on the same wavelength," says Stefan Bechtloff, CEO of SwiPay. The decision was made quickly and has not been regretted: “We are very satisfied and happy with our choice!”
PXL Vision was recommended to SwiPay by word of mouth. In addition to the sympathy, PXL Vision also convinced us with the white label option. According to Bechtloff, acceptance of fully automated onboarding with sensitive information can only be maintained if everything in the process is consistent and there are no irritations caused by unknown third-party logos. It was also important to SwiPay that the processes could be easily rolled out in different languages and countries to ensure scalability.
*97% is based on the standard KYB onboarding time of 10 weeks, taking into account SwiPay's current onboarding time of 48h.