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Sumsub has launched its Reusable Digital Identity product suite to effectively mitigate repetitive verification and redundant Know Your Customer (KYC) checks that negatively impact user experience and conversion rates for businesses.
The new offerings are expected to reduce applicant onboarding times by 50% and boost conversion rates by 30%, on average.
Sumsub states that Sumsub Reusable Digital Identity products ensure higher pass rates (businesses see up to 30% improvement in successful user verifications), faster KYC processes (Sumsub ID reduces onboarding time by 50%, improving conversion rates), while being fully compliant as both Reusable KYC and Sumsub ID are GDPR-compliant.
As to the main benefits for users, individuals can breeze through KYC by reusing their documents from previous verifications with Sumsub. The service ensures full privacy and security of personal data stored or shared by third parties for verification purposes. Users pend less time on getting access to the platforms and services people use.
How Sumsub Reusable Digital Identity product suite works:
1. Sumsub ID allows applicants to onboard onto a platform within the Sumsub ecosystem, securely store their verified documents, and reuse them for future verifications across 4000+ companies which also use Sumsub;
2. Reusable KYC enables companies to share users’ personal data with their explicit consent, ensuring quicker onboarding which benefits companies and individuals alike.
Sumsub ID is now available for anyone to sign up and benefit from seamless verification and onboarding across crypto, fintech, banking, e-commerce, traditional finance, security, regtech, and fraud prevention industries.
The Reusable Digital Identity product suite includes two products, Sumsub ID and Reusable KYC. Both of them enable end-users to skip cumbersome verification steps such as document uploads, while at the same time ensuring that all checks required for regulatory adherence for businesses still take place.
Sumsub ID enables end-users to securely store and re-use their verified documents for multiple verifications across Sumsub client platforms, whereas Reusable KYC allows companies in the Sumsub ecosystem to agree to share applicants’ data upon receiving their consent.
Vyacheslav Zholudev, CTO and co-founder of Sumsub, said: “With a decade of experience in the market, our vision remains clear – to provide global businesses digital identity checks with the speed and convenience of payments, without sacrificing on compliance and security. With Sumsub ID and Reusable KYC, we are redefining digital ID verification by helping businesses improve onboarding efficiency and also giving users full control over their documents and data, respectively. This marks a significant milestone in our mission to make identity verification faster, safer, and more reliable for everyone.”
