ComplyCube: Building Trust at Scale

Dr. Tarek Nechma


“Our mission is to build trust in the internet at scale and constantly innovate to protect businesses and customers”

As more businesses continue to shift their focus on digital and internet channels in the wake of the COVID-19 pandemic, the importance of online trust cannot be overstated. Meanwhile, businesses also need to meet high customer expectations for a slick and frictionless user experience while tackling the ever-increasing rates of online fraud. Moreover, companies face numerous fast-evolving and multi-faceted challenges in the Identity Verification (IDV) and Know Your Customer (KYC) space, especially as fraudsters quickly adapt their methods to bypass anti-fraud and anti-money laundering (AML)measures.

Realizing these challenges, ComplyCube built a holistic platform to provide a slick and versatile IDV solution. The platform leverages Artificial Intelligence, trusted data sources, and human experts to offer a robust KYC framework, fostering greater trust on the internet. The ComplyCube no- and low-code solutions enable businesses to easily integrate verification flows into existing onboarding processes. “This makes our platform a one-stop solution that flexibly adapts to any business’s unique risk-based approach, in line with the prevailing regulatory frameworks and best practices,” highlights Dr. Tarek Nechma, CEO, ComplyCube.

These strong offerings enable ComplyCube’s customers to implement “meaningful and friendly friction” to deter fraudsters without getting in the way of genuine users. Using its cutting-edge platform, companies can effectively decide what risk level they’re comfortable with and adjust the friction threshold based on the use case, fraud indicators, geography, and so forth.

In addition to its platform- agonistic API, ComplyCube provides a wide range of native Software Development Kits (SDKs) for the Web, iOS, iPadOS, and Android. “Our SDKs provide UX- optimized screens and tools to help our clients seamlessly integrate verification processes into their apps,” adds Dr. Nechma. The SDKs also offer several benefits, including ease and flexibility of integration, image quality validation, intuitive and accessible UX, and fraud deterrence. Most importantly, an extensive array of checks can be seamlessly conducted once data capture is complete. These checks may include a credit bureau check, sanctions & PEP screening, adverse media checks, document authenticity checks, and so much more. All in all, the process takes less than 30 seconds!

The Web SDK, in particular, offers a cross-device flow where desktop users are given the option to continue the journey on their mobile. At the end of the capture process, users are redirected back to their desktop to complete the SDK flow. The SDKs require users to take a live capture of their document—so they can’t just alter an image and upload it.

While many KYC vendors in the market claim to be one-stop solutions, they are merely gateways to multiple vendors. ComplyCube’s uniqueness is that not only does it plug into numerous trusted sources, but it has also amalgamated this data with proprietary sources to create a powerful knowledge graph that can expose hidden connections. The knowledge graph is at the heart of the ComplyCube multi-layered AML/KYC stack and uses Machine Learning (ML) and neural networks to offer an all-in-one user experience.

These powerful capabilities have enabled ComplyCube to establish itself as a leading platform with customers across the globe. It is one of a handful of KYC market players that truly offer a fully transparent solution. Unlike competitors, its API and sandbox are publicly accessible and feature-rich. “Our customers span 5 continents and over 28 industries, and they trust our platform to handle millions of checks,” adds Dr. Nechma. While explaining the company’s features and value proposition, Dr. Nechma recalls an instance when they assisted one of its fastest- growing customers—a highly innovative European scaleup that operates globally and allows clients to trade digital assets, stocks, and precious metals using bots (automated applications). The client needed a reliable and scalable KYC provider to revamp the onboarding process, removing unnecessary friction, thus enabling customers, no matter where they are in the world, to trade in a matter of minutes. The ComplyCube team worked closely with the customer’s compliance department to implement a robust and layered onboarding process which includes, but is not limited to, document checks, biometric verification, age verification, worldwide sanctions & PEP screening, as well as continuous real-time monitoring. This helped the client to cost-effectively keep fraud at bay, reduce false positives well below the market average and ensure their customers’ onboarding experience is first-class.

Today, ComplyCube offers one of the most innovative platforms in the market, and it is continuously disrupting the KYC solutions arena. Dr. Nechma explains, “Our mission is to build trust in the internet at scale. To that end, we’re challenging ourselves to craft innovative products to protect businesses and their customers from the fast-changing fraud and AML risks.” To stay ahead of fraudsters, the company will continue to invest in novel anti-fraud measures and plan to triple its Research and Development (R&D) activity across EMEA, APAC, and the Americas in 2022. “Our business grew more than 500 percent in 2021, and we expect this upward growth to continue in 2022. We’ve already lined up exciting partnerships in the Middle East and the United States, keeping us busy in H2 2022,” Dr. Nechma concludes.