CredixPay is a rapidly growing Payment Service Provider (PSP) based in the UK, serving over 20,000 merchants and processing more than €1 billion in annual volume. The company was expanding into continental Europe and needed a way to scale merchant onboarding without sacrificing fraud controls or KYB compliance.

---

The Problem

CredixPay’s compliance team was overwhelmed.

• Onboarding required manual KYB checks: verifying IBANs, company names, and VAT numbers
• Each application took up to 48 hours, slowing go-live time and conversion rates
• The company flagged multiple fraud attempts, including shell merchants using closed accounts

With increased regulatory scrutiny, they needed automated KYB that didn’t delay growth.

---

The Solution

CredixPay implemented MonitorPay.ai‘s unified KYB verification stack through a single API:

• IBAN verification: Ensuring correct structure and open status
• Payee name match: Matching merchant name to registered account holder
• Account ownership: Confirming actual entity owns the account
• VAT check: Validating EU and UK VAT registration in real time

They embedded the verification steps directly into their onboarding form, allowing merchants to self-verify during signup.

---

The Results

• ⏱ Onboarding time dropped from 48 hours to <2 minutes
• 📈 Enabled onboarding scale from 300 → 550+ merchants/month
• ✅ 98.7% of KYB checks completed without manual review
• 📜 Compliant audit logs for every verification step
• 🔒 Reduced merchant fraud by 90%+ in the first quarter

“MonitorPay let us automate KYB without losing control. It’s reliable, scalable, and compliant from day one.”

— Chief Compliance Officer, CredixPay