BLEND Helps Payoneer Reduce KYC Verification Times with Localization Services in 50 Languages
The Importance of KYC in Fintech
Know your customer (KYC) guidelines are mandated in financial services and fintech organizations for countless safety, security, and legal reasons. Digital commerce and financial services providers must be especially vigilant to maintain these standards, as the ease of use of their solutions may be exploited without stringent requirements. As a truly borderless financial services company, Payoneer maintains thorough KYC practices, and as their global user base continues to expand, their language needs have grown in parallel.
Payoneer is the world’s go-to partner for digital commerce, everywhere. From borderless payments to boundless growth, Payoneer promises any business, in any market, the technology, connections and confidence to participate and flourish in the new global economy.
Since 2005, Payoneer has been imagining and engineering a truly global ecosystem so the entire world can realize its potential. Powering growth for customers ranging from aspiring entrepreneurs in emerging markets to the world’s leading digital brands like Airbnb, Amazon, Google, Upwork, and Walmart, Payoneer offers a universe of opportunities, open to you. For more information, visit payoneer.com.
The Need – Scalable, Multilingual KYC for Rapid Growth
Account holders must be verified before using Payoneer services. These verifications are made by collecting and confirming various forms of government-issued identification—ID cards, passports, and driver’s licenses among them. To effectively serve its global, multilingual account base, the instructions for providing this documentation, the in-app functionality for uploading it, and the backend support for vetting and confirming it must be thoughtfully and expertly localized. Payoneer was already using BLEND’s online services for manual, self-managed translation, but as the sheer volume of users, data, and languages grew, it became clear that a more robust, enterprise localization solution was necessary to efficiently serve users and enable growth at scale.
The Solution – Language Access with Technology Integration
As is the case for so many of BLEND’s enterprise customers, the right solution was realized through a combination of language expertise, direct linguist support, and technology know-how.
First, BLEND integrated with Payoneer’s back-office KYC system, which provided the entire Payoneer KYC department a frictionless way to initiate document translations. No longer would Payoneer need to toggle between its platform and an online wizard, porting over translations manually.
Next, BLEND collaborated with Payoneer to develop templates to make it easier to identify common forms and ID fields required for confirmation.
Finally, the depth of available languages proved to be an essential and ongoing difference maker. As a global provider, Payoneer continues to expand and leverage BLEND’s 120-language capabilities, including many uncommon languages, which has distinguished Payoneer from other digital payment providers. BLEND’s linguists not only have native mastery of the target languages, but the context and knowledge to properly scrutinize all forms of KYC identification and documentation before official verification by Payoneer. Unique in the translation industry, BLEND also allows Payoneer direct contact with its language teams, and BLEND project managers are constantly engaged with current projects and the localization roadmap.
The Result – Sustainable Workflows, Established Teams
With seamless back-office integration, established workflows, and the comprehensive language offering to support ongoing growth, Payoneer is well equipped for compliant KYC and responsive customer verification and service.
Further, BLEND’s combined localization solution helped Payoneer realize numerous improvements in operational efficiency and user verification turnarounds. Even as the company has seen double-digit growth in global users, the KYC department has drastically reduced user confirmation times, which has led to faster account holder activations from first registration.
“Payoneer takes its KYC responsibilities seriously, and it’s essential that we fulfill our obligations during this period of rapid growth. BLEND has been an outstanding partner for us to move quickly and securely to build our user base and language capabilities. We appreciate their flexibility and responsiveness with both platform and translator support.”
Galyna Margolin, Localization Team Leader, Payoneer
About KYC Data Extraction Services from BLEND
Leveraging a global community of 25,000 linguists and a wealth of fintech localization experience, BLEND helps financial services companies meet KYC guidelines to ensure that customers and stakeholders in diverse language markets can fully experience a broad range of innovative features with minimal risk and maximum security. BLEND’s language experts extract and translate data for all types of customer documentation to ensure that the information submitted is reliable, including all the information required to fulfill legal obligations and enjoy peace of mind.