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💰 FintechTransfergo Enabled Cross-Border Money Transfers For Users
In a quest to use accurate IP Geolocation for their money transfer service, TransferGo examined the ability to pinpoint their customer's country of origin automatically for each money transfer without requiring documented proof.
About TransferGo
Founded in 2012, TransferGo continues to climb the ranks as one of the fastest international money transfer services on the market. They offer a range of affordable transferring services without the frustrating bank fees and hidden costs. Serving both personal and commercial bank transfers on a digital account-to-account model, TransferGo delivers high-quality money transfers with speed, ease, and unparalleled value. With users primarily made up of migrants sending money back home, they looked to provide international "cross-network" transfers that could reach their destination in as little as 30 minutes.
- Client
Olegas Murasko
- Customer Since
2020
- Company
TransferGo
- APIs used
PrivacyDetection, Geolocation
The Roadblock
One thing Transfergo knows well are the stressors their immigrant customer base can face. When they arrive in a new country, in a challenging economic environment, money is often the first component to logistically figure out. Their goal was to remove the stress and allow them to feel secure and supported when needing to quickly send money to family back home. In order to do that, Transfergo needed to correctly identify the country of origin for every transaction due to country licensing restrictions. This is traditionally done by requesting users to upload documents proving their residence in that country. Their customer support team would have to request and verify proofs of residence manually, adding time, energy, and extra overhead costs. It's oftentimes difficult at the start for the immigrant user to provide this documentation in the country they're transferring money from, leading to low levels of onboarding conversion.
Trust in IPinfo's Data Accuracy
When comparing partners to work with, IPinfo was up against other high-end IP data suppliers. What Transfergo were after in comparing options was:
Concrete functionality- Fast, effortless service for a better customer experience- Reliable support- Access to a team they could depend on
- Affordable price point- Assurance of needs being met and investment leading to a worthy ROI
- The most up to date quality data with precision to guarantee fast results
When comparing partners to work with, IPinfo was up against other high-end IP data suppliers. What Transfergo were after in comparing options was:
“IPinfo's VPN detection proved to be 100% accurate in their tests. The other competitors, at any level, proved to be wildly inaccurate. That's how we knew their geolocation capabilities would meet our needs.”
Olegas Murasko
VP Engineering at TransferGoSolution
The goal was to integrate the historical IP geolocation data for multiple transactions and create a prognostic model that could generate a probability factor. If the probability of the user being a resident of a specific country was low, a manual verification layer was then utilized.
Business objectives:
- Improve onboarding conversion rate
- Decrease support staff overheads by eliminating most of the manual verification for proof of residence documents
- Utilize a privacy tool to filter out any users that obscure their IP address via Proxies of VPNs, which also feed into the anti-fraud risk scores
“Our objective is to always create a seamless process for our client and provide the best quality data. For TransferGo, we wanted to ensure they had the most accurate and concise data, as well as alleviate the extra work for both their customers and internal team.”
IPinfo
Results
Using IPinfo's Geolocation API, TransferGo now offers an experience that's fully automated with an ease of use like never before. The results from removing the hurdle in those first steps of a transfer led to improved conversions and less roadblocks for their customers.
- Customer location verification time was significantly decreased by automating location checks
- Support staff workload was streamlined by eliminating most of the manual verification for proof of residence documents
- Customer onboarding conversion rates were improved by removing the need to manually upload proof of residence
“IPinfo's API was fundamental in being able to offer a stress-free transaction service. Their accuracy and provisions to ensure our needs were constantly met, allowed us to provide the customer experience we were searching for.”
Olegas Murasko
VP Engineering at TransferGoRelated Customer Stories
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