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Sumsub Launches Non-Doc Verification in the US for 6x Faster User Onboarding
Thursday, February 29, 2024
Sumsub's document-free customer verification solution is now available in the US, yielding 91.64% user pass rates for fintech, crypto and gaming industries
MIAMI, Feb. 21, 2024 /PRNewswire/ -- Sumsub, leading global verification provider securing the whole user journey, today announced the release of its Non-Doc Verification in the US. This solution reduces fraud-related attacks by 75%, covering over 292M active mobile users and can also apply to international clients looking to onboard US-based applicants, including those in the United Kingdom, Hong Kong, Singapore, and the United Arab Emirates.
Non-Doc Verification provides frictionless customer onboarding that is six times faster when compared to document-based KYC. It eliminates the need for users to manually input their data, reducing errors and improving data quality. Non-Doc verification is safer and more secure for US applicants, as they don't need to share their SSN (Social Security Number) or upload any ID scans. Users simply insert their phone number, and the solution covers 90% of active mobile number users in the United States. On average, businesses see 91.64% user pass rates with this compliant KYC solution.
"Non-Doc Verification stands as the flagship product of Sumsub, poised to set the future standard for digital verification, surpassing traditional document-based checks. Similar to how e-payments have revolutionized money transfers, Non-Doc Verification is at the forefront of innovation in the digital verification landscape," comments Vyacheslav Zholudev, CTO and co-founder of Sumsub. "This user-friendly and inclusive solution eliminates the need for users to share their documents, catering to applicants with poor-quality cameras or those possessing old or damaged documents typically rejected during KYC processes. By popularizing document-free onboarding practices, we are making digital services more accessible worldwide, aligning with Sumsub's mission in the digital world."
Document-free verification helps businesses guarantee the authenticity of user identification with the same level of security as traditional KYC. It also ensures a fast, smooth onboarding process in just a few clicks. Here's how it works:
1. The applicant initiates their onboarding process by providing a phone
number and date of birth
2. The user runs a quick mobile authentication with One-Time Passcode (OTP)
check
3. Sumsub extracts pre-verified user information using mobile phone data
from Telecom providers in the U.S.
4. The applicant sees the verification confirmation on their screen
5. The customer company can check if the user's data is authentic and up to
date and determine the users' trustworthiness
Non-Doc Verification provides a secure, trusted and user-friendly onboarding experience for the applicants while successfully preventing fraud during key transactions: Opening an account, depositing, transferring and withdrawing funds. For digital payments providers, e-wallets and iGaming platforms, it diminishes promo and bonus abuse - as it prevents duplicate accounts, bot traffic, or payouts to fake users. For financial services, Non-Doc Verification secures an improved credit card digital onboarding experience.
Sumsub's Non-Doc Verification solution is already available for onboarding over 2 Billion users in the world including countries like the UK, the Netherlands, India, Brazil, Indonesia, South Africa, Nigeria, and more. To learn more about Sumsub's Non-Doc Verification for the US and other regions, please visit https://sumsub.com/non-doc-verification/
About Sumsub
Sumsub is a full-cycle verification platform that secures the whole user journey. With Sumsub's customizable KYC, KYB, Transaction Monitoring, Fraud Prevention and Travel Rule solutions, you can orchestrate your verification process, welcome more customers worldwide, meet compliance requirements, reduce costs, and protect your business.
Sumsub has over 2,000 clients across the fintech, crypto, transportation, trading, e-commerce and gaming industries including Binance, Wirex, Avis, Bybit, Huobi, Unlimit, Flutter, Kaizen Gaming, and TransferGo.
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SOURCE Sumsub
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