Sumsub Hits Faster User Conversion With a Reusable KYC Feature

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Sumsub, an identity verification platform that provides an all-in-one technical and legal toolkit to cover KYC/KYB/AML needs, is today introducing a new reusable KYC feature — a user verification option that that could potentially increase pass rates by up to 75%, when compared with a regular identity check.

“According to our data, the overlap in users between our business clients ranges from 15% to 75%. We have recently launched the RKYC feature, and now it has become clear that this figure really does scrape the upper limits of our estimations. Focusing on simplicity and the maximization of pass-rates

Reusable KYC (RKYC) is an add-on feature that enables the instant verification of those clients who have already passed the check using Sumsub’s system. Users who have previously registered and uploaded their documents via Sumsub can skip these steps, when attempting to get verified for other services. It gives any service provider a clear advantage; by simplifying the verification process for users, businesses are able to reduce the risk of missed conversion opportunities. The RKYC feature creates a better user experience overall — it's far less time-consuming.

This label 'reusable' exists, because once customers get verified, the system is able to use their data time and time again for future verification processes. From the initiation of the verification process, it only takes a few clicks to register for a new service. Such verification is possible when companies draw an agreement to share client data with the approval of these clients. This feature is especially beneficial for acquirers and other financial companies because people tend to have a couple of e-wallets and merchant accounts in different systems.

This feature has already been tested with several service providers and is ready to enter the market and start meeting users’ needs. The RKYC integration is free, and takes no more than a single click. Moreover, such identity checks cost less without a compromise in quality, since service providers just reuse existing data for secondary verification purposes.

“According to our data, the overlap in users between our business clients ranges from 15% to 75%. We have recently launched the RKYC feature, and now it has become clear that this figure really does scrape the upper limits of our estimations. Focusing on simplicity and the maximization of pass-rates for businesses, we have created a much more attractive flow for new clients, while at the same time boosting the number of conversions for service providers that use Sumsub”, says Jacob Sever, Co-founder & Chief Strategy Officer of Sumsub.

Sumsub’s platform provides companies with a fast, accurate, and secure identity verification process that is fully compliant with AML requirements. We also comply with changing data protection standards and privacy protocols under GDPR. Sumsub's team, behind the curtain, is constantly working to provide new opportunities and features for businesses. This is in effort to reduce their compliance costs while at the same time staying compliant with local and international guidelines. To find out more visit https://sumsub.com/.

About Sumsub

Sumsub is an identity verification platform that offers clients an all-in-one technical and legal toolkit to enable fast and accurate KYC, AML and KYB procedures. Clients operate in fintech, trading and transportation industries, in addition to many others. The platform adopts the latest technology and trends in the digital market while complying with companies’ global standards and regulatory requirements. Companies such as BlaBlaCar, Gett, ESL Gaming, JobToday, Wheely, etc. rely on Sumsub's expertise to provide customers with simple access to their services.

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Olya Laktyushina
Sumsub
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