How Xiomex Slashed Identity Verification Costs by Over 50% with Didit
About Xiomex
Xiomex is a trader incubator designed to empower emerging talent in the investment world, boasting over 40,000 registered users from around the globe. The platform provides access to real capital through free funding assessments, eliminating financial barriers for traders. Traders can demonstrate their skills without risking their own funds and, once they pass the evaluations, manage portfolios worth up to two million dollars, advancing their professional careers.
The Challenge
Xiomex has been one of the fastest-growing trading platforms in recent months. The main driver: their innovative approach, which has attracted the attention of over 40,000 traders worldwide. With this explosive growth came clear requirements: they needed an identity verification solution that was scalable and could grow alongside them without holding them back, while offering global coverage. All of this, naturally, had to deliver on usability, speed, and agility without compromising security in the slightest.
Our Solution
Didit's free and unlimited identity verification plan covers all of Xiomex's KYC needs. However, the company adds even more security to their onboarding processes through three premium features: Active Liveness, AML Screening, and Ongoing AML Monitoring. Thanks to these technologies and Didit's modular approach, users can verify their identity virtually in real-time, while the company performs document, biometric, and sanctions list checks quickly and securely.
How Didit Helps Xiomex
- Document Verification (ID Verification). In recent years, document fraud has seen a significant spike, driven by digitization and the ease with which these types of documents can be forged using Artificial Intelligence. Against these threats, Didit responds with custom AI models, trained to detect inconsistencies and fake documentation from over 220 countries and territories.
- Face Match 1:1 and Active Liveness. Deepfakes have become a major threat to financial institutions like Xiomex. Over the past three years, this type of fraud has surged by more than 2000%, forcing companies to strengthen their defenses. Through Face Match 1:1 and Active Liveness biometric testing, the organization can guarantee the real presence of people attempting to verify themselves. All of this happens in seconds.
- AML Screening & Ongoing AML Monitoring. Regulatory compliance is non-negotiable for an organization like Xiomex. That's why they run automatic checks against various watchlist, sanctions, and PEP databases during onboarding, allowing them to secure their users' risk profiles; these checks are repeated daily to ensure those profiles remain consistent.
Thanks to this technology, Xiomex can verify users globally and remotely with complete confidence, complying with local regulations. All while delivering an exceptional user experience that happens virtually in real-time.
Why Didit?
Didit delivers an excellent user experience for both the business and the end customer. We were initially drawn to the tool's cost-effectiveness and modularity, but we stayed for the seamless integration and outstanding support they provide.
The Results
Xiomex has started reaping the benefits of integrating our technology. The company has been able to streamline their onboarding processes, improve the quality of risk profile analysis, and reduce costs associated with user identity verification. By the numbers, according to the fintech company's own reports, the review rate has dropped from an average of 30 daily cases to 10, representing a decrease of nearly 66%. Onboarding abandonment has also been reduced by 25%, significantly boosting their customer acquisition cost efficiency.
As for user verification costs, Xiomex has cut them by more than 50% compared to their previous provider. Now they only pay for the features they actually need and when they use them, nothing more. All thanks to Didit's unique approach of creating an open, flexible, modular, and cost-effective identity verification platform.
Ready to Be Our Next Success Story?
Didit offers free and unlimited identity verification and KYC solutions, along with premium features (like White-Label KYC or AML Screening, among others) for all businesses, regardless of industry 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.
