“Our costs per customer verification were reduced by an astronomical 90% compared to that of other verification systems.”
— Monika Van Zyl, Director of Waxex
With over 80 partners and counting, it’s time for us to dig in and better understand how Civic impacts their work. Our partners occupy such different verticals, each of which comes with its own unique set of circumstances, that to not bring these interesting stories to the fore would be a missed opportunity. Today, we’re proud to announce the launch of Partner Success Stories.
Kudos to Waxex for being the first to share their journey with us from decision to implementation. We deeply admire their commitment to providing Africa with access to the international token marketplace and appreciate their willingness to be our first story.
As a fiat gateway service, Waxex is required to interact with traditional financial services which are regulated by Anti-Money Laundering (AML) and Know Your Customer (KYC) laws. Waxex must verify and validate its customers’ data in order to maintain good standing with their banking partners and any possible future regulations.
Their primary concern with customer verification was the risk of data breaches and the costs involved with the attestation and verification. In their search for solutions, they discovered Civic. Civic became a compelling KYC solution for Waxex for several reasons: it’s decentralized and has no single point of failure; it’s a lower cost alternative to traditional KYC verification systems; and it can be rapidly implemented. Read about Waxex’s experience with Civic’s login and KYC solutions here.
Take a look at the Waxex gateway sign-up process using Civic:
Going forward, you can expect more stories from our partners on the Civic’s impact from both a financial and operational standpoint. We’ll see you back here soon with more updates.