Verifying users: Process duration and success rate

Hello,

In our case, we are going to put in place a system that user1 (verified customer) transfers to user2 (unverified customer).
In order to verify user1, we’ll send their CIP information to Dwolla. My questions are:

  1. How long does the verification process usually takes? Less than an hour? Less than a day?
  2. What percentage of users are usually verified on the first try (with CIP info)? What are the main reasons for users to fail it?
  3. Does it speed up the verification process if our users can only transfer up to USD 2.000 a month (accumulated)?

Thank you,

1 Like

Hi @Rodolfo_Cuadros

Below are the answers to your questions:

This is relative to the end user and end user data. If they are not successfully verified upon creation, they can fall into statuses like retry, kba, or document.

If they fall into document status, and a document is uploaded via our API, then it’ll be placed in a queue for our Account Management team to review manually. Access API partners receive a priority queue and the review process should be performed with a few hours, however it can take up to 1 business day.

The other statuses in regards to time to verification are often dependent on the customer.

We do not currently calculate an average percentage, but some of the common reasons for verification failure are:

  1. Miskeyed SSNs
  2. Miskeyed name
  3. Name mismatch (primarily with end users mistakenly inputing maiden names instead of their newly married name)

It does not

Attaching a FAQ for Personal Verified Customers as well for other Q’s

2 Likes

Thank you @kmoreira