AxionPay is a cross-border B2B payments platform serving over 8,000 SMEs in the UK and EU. Their value proposition revolves around fast onboarding, instant payouts, and no-hassle compliance for small businesses sending and receiving payments internationally.

They were scaling rapidly but needed a better way to automate KYB and ensure payout data accuracy without adding onboarding friction.

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The Problem

As AxionPay expanded into new markets, they faced:

• ⏳ Onboarding delays due to manual VAT number and IBAN checks
• ❌ Frequent payment failures due to invalid or mismatched bank account info
• ⚖️ Increasing compliance pressure under PSD2 and UK KYB regulations
• 💰 Growing support costs for rejected or misrouted payments

Their existing KYC vendor didn’t cover real-time account or VAT checks, which created gaps in risk coverage and operational headaches.

“We could verify identities but not bank accounts. That made us vulnerable.”

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The Solution

AxionPay embedded MonitorPay.ai’s unified API into their onboarding process.

Key features activated:

• 🏦 IBAN validation + payee name check at account registration
• 🧾 Instant EU and UK VAT validation, with legal name and address match
• ⚙️ Automated failure handling: flag mismatches, suggest corrections
• 📜 Log all verification attempts with timestamped audit trail

They also integrated MonitorPay’s webhook system to trigger alerts when previously verified account or VAT data changed.

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The Results

• 🕐 Reduced average onboarding time by 54%
• ✅ Increased verified business onboarding conversion by 31%
• 💸 Rejected payments dropped by 88%
• 🧑‍💻 Automated 90% of VAT and IBAN validations with no manual review
• ⚖️ Passed compliance audit with zero KYB process flags

“We scaled onboarding without sacrificing compliance or speed. MonitorPay just works.”

— VP Product, AxionPay