Sumsub’s onboarding service claims 37% increase in pass rates for non-regulated and regulated firms
“By eliminating time- and resource-consuming verification steps such as multiple document uploads, Sumsub’s regulated customers will be able to streamline their KYC processes, resulting in a smoother onboarding journey and a significant pass rate increase.”
Sumsub has recently announced significant enhancements to its Global Database Verification solution, tailored for both regulated and non-regulated industries.
Providing reliable, efficient, and cost-effective user verification, the Global Database Verification service focuses on ensuring the legitimacy and accuracy of user data on a global scale.
One of the key achievements of this advancement is the reduction of average onboarding time to just 4.5 seconds, along with an expected increase in pass rates for companies utilizing the service by approximately 37%.
Identity, age, address
The full-cycle verification platform distinguishes itself in the market by streamlining identity verification and eliminating the need for manual document review. It achieves this through three core features:
Identity Verification: This feature verifies the authenticity of user ID documents and personal data by matching them with recognized and secure sources.
Age Verification: Age Verification ensures that users meet specific requirements related to age-restricted content and services by verifying their date of birth and other personal information.
Address Verification: This component ensures the legitimacy of customer residence information by cross-referencing it with trusted global sources.
These features are combined in the Global Database Verification solution to eliminate the reliance on document-based processes while upholding the highest standards of onboarding security on a global scale.
The solution can function both as a standalone verification method and in conjunction with other Sumsub products, offering a comprehensive user onboarding experience.
Furthermore, the Global Database Verification service aids businesses in ensuring the accuracy and currency of customer data, thereby preventing errors and synthetic identity fraud, and enhancing operational business risk management.
A smoother onboarding journey and a significant pass rate increase
According to Vyacheslav Zholudev, co-founder and CTO of Sumsub, this advancement will streamline KYC processes for regulated customers, leading to a smoother onboarding journey and a significant increase in pass rates.
“Businesses are constantly seeking more efficient ways to onboard users. By eliminating time- and resource-consuming verification steps such as multiple document uploads, Sumsub’s regulated customers will be able to streamline their KYC processes, resulting in a smoother onboarding journey and a significant pass rate increase.
“For non-regulated businesses, Global Database Verification will boost security by checking personal data through reliable sources without disturbing users. In terms of business development, this will help both regulated and non-regulated companies expand their global reach with confidence, efficiently scaling operations into new markets backed by reliable, diverse databases spanning 45+ countries.”