How Ping Payments reduced costs by 56% with Pliance

56% lower supervision costs

Information acquisition and ongoing costs for supervision are today 56% lower.

18 min less on onboarding

Saving an average of 18 minutes per onboarding of new customers.

Close to 0% unprocessable data

Reduced the amount of unprocessable data to close to 0%.

The challenge

A complex and costly workflow

Before implementing the Pliance API, large parts of Ping's information acquisition for customer knowledge meant manual work, looking up several different registers. Recurring updates and monitoring of individuals and companies took up a lot of unnecessary hours. Especially as the registers used weren’t updated often enough and were therefore quite unreliable.

The Ping Payments team also experienced major shortcomings in how local Swedish KYC and sanction information was defined, which made the systematic work both complex and costly.

Pliance helps us add value to our customers' services, making it easy for them to choose Ping as a supplier. Now, we have onboarded over 1,500 organizations to our business, a huge difference from 12 months ago, when we only served around a hundred customers.
Petter Sehlin CEO @ Ping Payments

The results

Consolidated process with rich data

With the Pliance API, Ping's costs for information acquisition and ongoing supervision are 56% lower than with their previous processes and tools.

Today, they can quickly acquire, monitor and act on changes in customer information in a systematic and very time-efficient manner. In turn, the Ping Payments team experience positive effects across the organization because of it. Their development team has even been inspired by Pliance solutions in the development of the transaction services.

 

Rich data

for individuals and companies

Efficient workflow

for the onboarding, risk & compliance teams

Faster onboarding

of new customers

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