Based in the Netherlands, Mollie offers a platform for customers to integrate a payment system into their site or app. By offering a simple but powerful API, the fintech company strives to make online payments easier for merchants by taking away the complexity of numerous payment methods. It’s trusted by more than 130,000 businesses to take care of the payment details so its customers can focus on delivering a great customer experience.
Mollie has merchants, both big and small, coming to them to integrate payment systems into their own products and services. Because of this, Mollie is required to verify the identities of customers in order to meet compliance laws in the Netherlands. Additionally, some new laws require companies who are collecting identity information to block out the BSN number on documents as soon as they come into the system. A BSN number is a personal identity number found on ID documents.
Zaheer Jassat, Head of Product at Mollie, explains that they tried other identity verification vendors but would still have to manually block out the BSN on documents in order to stay compliant. This was time consuming and impacted their onboarding conversion rates, customer onboarding experience and overall operational efficiency. He knew that they needed to find a new solution in order to properly scale their business while staying compliant.
Solution and Results
Ultimately, Jassat partnered with Onfido to scale their identity verification process. Mollie uses Onfido’s document verification product to onboard new merchants to their platform. To help with operational efficiency and compliance regulations, Onfido built a custom tool for Mollie that automatically blocks the BSN when documents are submitted. This helped meet local compliance needs and streamline the onboarding process by reducing manual checks.
Mollie has seen improvements within their customer onboarding experience, customer acceptance rate, operational efficiency, and regulatory compliance all by partnering with Onfido for identity verification.
Moving forward, Mollie is looking to expand throughout Europe. With this in mind, Jassat is looking at other Onfido products such as biometric verification to further increase pass rates and minimizing error margins. They’re also looking to partner with Onfido on regulatory compliance for additional countries and territories to support new market expansion.
Zaheer Jassat, Head of Product at Mollie