Verifica vs Passthrough
One is a subscription document platform with KYC built in. The other is a KYC/AML platform with no sub docs. Which one you need depends on where your onboarding actually stalls.
The short answer
Passthrough is a subscription document platform that also runs KYC/AML. Verifica is a KYC/AML platform that does not touch subscription documents. If your main problem is sub docs that come back incomplete, Passthrough solves that. If your main problem is a KYC file a regulator, LP or auditor will accept, and you need it for more than fund subscriptions, Verifica is built for that.
Plenty of firms will end up using both, with Passthrough for the sub doc and Verifica for the compliance file.
Side by side
| Verifica | Passthrough | |
|---|---|---|
| Built around | The KYC/AML file: identity, documents, screening, ownership | The subscription document: distribution, execution, investor data |
| Subscription documents | Not included. Use your existing sub doc process | Core product |
| Identity document and liveness check | Included in every verification | Not described in detail in public materials. Ask on a demo |
| Sanctions screening | LSEG Risk Intelligence: sanctions, PEP and adverse media | Sanctions screening across jurisdictions. Data source not stated publicly |
| Beneficial ownership | Collected and screened in the same pass | Collected down to the beneficial owner |
| Managed compliance service | No. Your team reviews and signs off | Offered as an option |
| Use outside fund subscriptions | Yes: real estate closings, law firm intake, counterparties, co-investors | Focused on fund investor onboarding |
| Output | One timestamped compliance file per client, exportable | Investor data and KYC results inside the onboarding record |
Competitor details are taken from their public materials as of October 2026. Products change. Confirm current features and pricing with each vendor before you decide.
Where Passthrough is the better fit
- You are raising a fund and the bottleneck is subscription documents: investors filling them out wrong, chasing signatures, re-sending pages.
- You want one vendor for sub docs and basic KYC collection, and your screening needs are covered by sanctions checks.
- You want a managed service where an outside team runs compliance operations for you. Passthrough offers one. Verifica does not.
Where Verifica is the better fit
- You need identity document checks, biometric liveness and PEP and adverse-media screening in the same file as sanctions, not only a sanctions list check.
- You verify people who are not fund subscribers: co-investors, sellers and buyers in a property deal, a law firm's new client, a counterparty on a side letter.
- Your sub doc process already works, through counsel, your administrator or another tool, and you do not want to move it.
- You want your own team to make the risk call. Verifica flags a potential match for a human reviewer and records the decision. It does not take the decision away from you.
Using both
The two products overlap at KYC collection and diverge everywhere else. A common split is Passthrough for the subscription agreement and investor questionnaire, and Verifica for the verification and screening record that goes into the compliance file. If you do this, decide which system is the record of truth for KYC so your audit trail is not split across two places.
Questions to ask either vendor
- Which screening database do you use, and does it cover PEP and adverse media or sanctions only?
- Is identity document verification and liveness included, or is KYC information self-reported by the investor?
- When a screening hit comes back, who reviews it and where is that decision recorded?
- Can I export the full file for one investor in a single document for an exam?
- Is ongoing re-screening included, and how is it priced?
Frequently asked questions
Is Verifica a Passthrough alternative?
Only for the KYC/AML part. Verifica does not handle subscription documents, so it does not replace Passthrough for a fund that relies on it for sub docs.
Does Passthrough do KYC and AML?
Yes. Passthrough describes a KYC/AML product that collects information down to the beneficial owner and screens against sanctions lists, plus a managed compliance service for investment advisers.
What does Verifica screen against?
LSEG Risk Intelligence, covering sanctions, politically exposed persons and adverse media. See LSEG Risk Intelligence screening in Verifica.
Next step
Run the KYC efficiency assessment for a two-minute read on where your process loses time, or contact the team to see a full file run on a real investor.