Case Studies 4 min

Consensys Captures Global Verification Efficiency

Blockchain and Web3 Software Company Accelerates Person and Business Onboarding With Trulioo

Consensys, a pioneering force in blockchain and web3 software technology, provides a diverse suite of products to a wide range of customers. The company sought a verification solution that could be tailored to each product while ensuring consistent application across its services.

Until that point, Consensys had relied on a manual Know Your Business (KYB) process to verify companies and their ultimate beneficial owners (UBOs). Faced with revolutionary enhancements in blockchain technology, the company recognized the need for an automated, cost-effective process that could scale as Consensys operations expanded. 

The organization sought an integrated identity verification platform that could optimize KYB and Know Your Customer (KYC) checks, eliminate redundancies and ensure onboarding operations could adjust to changing conditions.

“We had other tools that we were using, but they were not all integrated,” said Steven Szaroleta, Consensys compliance and operational risk manager. “Trulioo was a way to centralize all those efforts and create efficiency.”

Consensys integrated Trulioo into its platform, implementing Business Verification, Person Match and Watchlist Screening capabilities through Workflow Studio, the Trulioo no-code workflow builder.

The Trulioo team was really helpful at navigating all the requirements for verifying businesses.”

Steven Szaroleta, Consensys compliance and operational risk manager

Accelerate Growth Through Greater Global Reach

Business verification can be complex, especially for a global company such as Consensys, which operates across multiple countries with a broad range of KYB and KYC requirements. 

The partnership with Trulioo, though, allowed Consensys to tap into a global network of more than 400 business data sources, more than 450 sources for individuals’ data and more than 6,000 watchlists. That fast access to data around the world enabled the organization to quickly onboard businesses and verify UBOs and people with significant control.

“Some of the other vendors we had looked at were tailored more toward U.S.-only companies, and Trulioo was the one that had more of a global presence,” Szaroleta said. “That was one of the main reasons why we picked Trulioo.”

Trulioo proved invaluable in complying with complex regulatory requirements across different regions, including Japan, Mozambique, the U.S., the British Virgin Islands and the Netherlands.

“The Trulioo team was really helpful at navigating through all the requirements for verifying businesses,” Szaroleta said.

Finding the Path to Success

Smooth onboarding is critical to Consensys’ success. 

But before the partnership with Trulioo, the Consensys verification process would take up to an hour per customer. With Trulioo as a partner, the company reduced customer onboarding to just minutes.

“If you don’t have a seamless onboarding process, customers are going to get frustrated and go to a different provider,” Szaroleta said. “It’s really important in our world.”

With the Trulioo integrated identity platform, Consensys can perform KYB and KYC checks through one agile verification workflow and limit time-consuming reverification, secondary authentication and manual checks. That holistic platform experience enables the company to strike the right balance between onboarding friction and user experience to create safe environments and build customer loyalty.

Maximize ROI Through a Flexible Suite of Services

As companies expand, it’s important that verification processes keep pace to maintain organizational efficiency. 

“When you start, you have a handful of verification tools, and you’re working through what works and what doesn’t,” Szaroleta said. “But as the volume increases, you realize that approach isn’t sustainable unless you go with a vendor that can make it more efficient.”

Consensys teamed up with Trulioo to enable vendor consolidation, scale globally and free up resources to drive strategic growth.

“What we were looking to use Trulioo for was new and immediate, and Trulioo was able to work with us to get what we needed quickly,” Szaroleta said. “Some of the other vendors we had talked with weren’t able to be as flexible or easy to work with.”

Consensys recognized the importance of establishing a robust due diligence infrastructure that can adapt to regulatory and market changes. 

With Trulioo as its verification partner, Consensys is fully equipped to tackle any new challenges and maintain its industry leadership.

The verification process used to take 30 minutes to an hour per customer. Trulioo reduced that labor time to a few minutes.”

Steven Szaroleta, Consensys compliance and operational risk manager

As a leading blockchain and web3 software company, Consensys has been at the forefront of innovation, pioneering technological developments within the web3 ecosystem. Through its product suite, including the MetaMask platform, Infura, Linea, Diligence and the NFT platform, Consensys has become a trusted collaborator for users, creators and developers. The company’s mission is to inspire and empower the builder in everyone by making web3 universally easy to use and develop on.