Success Story | How TucanPay Enhances Regulatory Compliance with Didit and Cuts Operational Errors by 60%

About TucanPay:

TucanPay is a specialized money transfer platform operating between Europe and Latin America since 2024. They have processed over 1.2 million euros in international transfers while complying with all applicable financial regulations. What sets TucanPay apart is their transparency: they use Google's official exchange rate (easily verifiable), charge fixed and clearly established fees (1.5% or 2.5% depending on the service), and don't incur any hidden costs. They began operations in Colombia and are now expanding to Peru, maintaining the same standards of security, speed, and reliability in both markets.

The Challenge:

One of TucanPay's primary challenges is regulatory compliance in the countries where it operates, both in Europe and Latin America. This involves careful monitoring of a regulatory framework that can vary by jurisdiction, sometimes containing drastically different regulations. Therefore, the first step is to implement a robust KYC system that verifies user identities without compromising their digital experience. TucanPay needs technology that is robust, easy to integrate, and adaptable to different markets.

Our Solution:

Didit offers a free and unlimited KYC plan that includes advanced features like AML Screening. These tools not only ensure regulatory compliance but also reduce operational costs by up to 90% compared to other providers, facilitating simple and scalable integration. This makes Didit a fundamental ally in ensuring the initial steps of regulatory compliance. How do we do it?

• Document Verification: As TucanPay serves as an economic bridge between Europe and South American countries like Colombia and now Peru, they require solutions that validate user documentation and guarantee its legality. Thanks to Didit, they can remotely verify documentation from these countries and many others, covering over 220 territories. This helps combat potential fraud such as stolen documents, modified or falsified documentation, and other threats.
• Facial Recognition: Being an online platform, risks related to deepfakes and similar threats are very real. Thanks to Didit's facial recognition and liveness detection technology, TucanPay can guarantee the real, physical presence of individuals during verification without hindering the user experience.
• AML Screening: The company can perform more thorough due diligence on users by checking clients against various watchlists, sanctions lists, and PEPs databases, ensuring a much safer and regulation-compliant onboarding process.

Additionally, TucanPay can extract detailed reports on the status of verifications directly from Didit's Business Console. This facilitates continuous monitoring of regulatory compliance and allows for preventive decisions based on auditable data.

Why Didit?

"

We needed a solution that was agile, reliable, and scalable, capable of helping us meet compliance standards without compromising the user experience. Didit offered us exactly that: robust technology with a simple implementation that's adaptable to different markets. Their solution allows us to perform identity verification processes completely online, which is key to complying with KYC and AML regulations.

"

Fernando Pinto

CEO & Co-founder of TucanPay

The Results

TucanPay quickly improved its performance after integrating Didit's technology:

1. Near Real-time Verifications: The process typically takes less than 15-20 seconds, optimizing onboarding without sacrificing security or regulatory compliance.
2. Significant Error Reduction: Operational errors related to identity verification have decreased by up to 60%, improving internal efficiency.
3. Improved Conversion Rates: Offering a more streamlined user onboarding process has created a smoother experience.
4. Enhanced Compliance: Didit has enabled better user identification, income validation, and potential risk detection. This facilitates timely preventive actions while meeting regulatory requirements.

Want to Be Our Next Success Story?

Didit offers free and unlimited identity verification and KYC solutions, along with other premium features (such as White-Label KYC or AML Screening, among others) for all companies, regardless of sector or size. If you're looking for an alternative to reduce operational costs or comply with anti-money laundering regulations, contact us! We want to make you our next success story.