ChallengeRevolut enables users to spend and send money globally and to hold/exchange 150 currencies using the interbank exchange rate. They needed a secure method to verify the identities of people registering for their services around the globe.
SolutionNexmo's SMS API with two-factor authentication
ResultsNexmo’s scalability and reliability, coupled with its broad international SMS capabilities, is helping Revolut ensure their users are genuine and enabling the company to support millions of new international users.
Implementing the Vonage SMS API for Secure Global Transactions
Implementing Nexmo for Secure Global Transactions
A fintech company is only as good as the security it provides its customers. London-based Revolut is a 3-year-old fintech start-up that offers an app-based banking alternative. The rapidly growing company allows its 4+ million users to send money worldwide in 150 currencies at a real-time exchange rate, with no fees, through a debit card.
With a goal of achieving 100 million customers in the next five years and plans to break into North American and Pacific markets, Revolut is disrupting the financial services industry with a broad range of innovative, money-saving options.
For Revolut, security starts from the moment a user registers for the Revolut app. Before gaining access to Revolut services, a registrant is asked to provide his or her phone number. That’s the point where two-factor authentication powered by the Vonage SMS API kicks in.
According to Neil Shah, product manager at Revolut, “We needed Vonage to provide an extra layer of security to know that the customers who are using the app are real. When a user creates a new Revolut account, a code is sent to their phone to make sure that they are a genuine user.
“We also use SMS to send reminders to customers who may have failed or forgotten to complete the second stage of our registration. Vonage provides us with these capabilities.”
Supporting Revolut’s Plans for Global Expansion
During the next year, as Revolut expands into additional regions such as the U.S., Canada, Australia, Singapore, and Japan, Vonage's proven scalability and reliability coupled with its broad international SMS capabilities, will help the company support millions of new users in every area of the globe.
“What Vonage provides is a fundamental element that is critical to Revolut’s business. Vonage gets the job done well. Their SMS API is easy to integrate and the documentation is very clear. Equally important is that our Vonage account manager is extremely responsive and willing to go the extra mile to support us." Neil Shah, Product Owner - Expansion, Revolut