Sumsub launches document-free KYC for users in India, Brazil, Nigeria and Indonesia
Sumsub has launched one click-KYC for users in India, Brazil, Nigeria and Indonesia in a move that allows businesses to instantly onboard over 2 billion users without requesting their ID documents.
The launch of document-free KYC for emerging markets is made possible by Sumsub’s direct access to government databases in the listed countries containing full names, dates of birth, addresses, photos, and other details.
Businesses in the fintech, crypto, trading, marketplace and transportation industries, as well as for global online businesses that onboard customers in emerging markets, will now be able to access one-click verification.
Sumsub can also verify and cross-check user documents for an extra layer of security. This includes proof of identity, proof of address, background checks, watchlist screening, SSNs, as well as custom requests.
Sumsub targets fintech, crypto, trading firms operating in emerging markets
Andrew Sever, Co-founder and CEO of Sumsub, said: “With one-click user verification, Sumsub has become the first KYC provider empowering companies to verify over 2 billion people from Brazil, Nigeria, India and Indonesia without scanning their documents. This way, Sumsub is realizing its mission of becoming a multilocal KYC provider—helping businesses onboard local users the way they’re used to, while empowering companies to enter new markets at the same time. Soon, more databases and countries will be included into Sumsub’s one-click solution, improving access to products and services for more people around the world”.
The onboarding process works like this: 1) the user provides their ID number and passes a quick liveness check; 2) the solution automatically pulls all required data from government databases and cross-checks it with the provided ID number and the user’s facial biometrics.
Citizens of Brazil, Indonesia, India and Nigeria are already used to providing their ID number for verification (for instance, every Brazilian citizen knows their CPF number by heart).
Match-Trade enhanced Forex CRM with Sumsub’s KYC
Sumsub has recently onboarded Match-Trade Technologies, who selected the KYC solution to enhance its proprietary Forex CRM designed for FX brokers who wish to run automatic KYC, including the verification of identity documents, addresses, telephone numbers, and emails.
Sumsub has expertise in more than 220 countries and territories and achieves some of the highest conversion rates in the industry—91.64% in the US, 95.86% in the UK, and 90.98% in Brazil—while verifying users in less than 50 seconds on average.
The KYC solution is used by over 2,000 clients across the fintech, crypto, transportation, trading and gaming industries, including Binance, Mercuryo, Bybit, Huobi, and Moonpay.
The company’s methodology follows FATF recommendations, the international standard for AML/CTF rules and local regulatory requirements (FINMA, FCA, CySEC, MAS).