The company now offers reliable and compliant
Non-Doc Identity Verification, fostering an inclusive digital
future and speeding up user onboarding globally
LONDON, May 16, 2024
/PRNewswire/ -- Sumsub, a global full-cycle verification provider,
today announced its Non-Doc Identity Verification solution is
available in Norway and
Denmark, making it now accessible
to over 2.9 billion people across four continents – Africa, Eurasia, North and South America. Sumsub is currently the global
document-free verification provider offering the widest coverage on
the market while also maintaining the highest standards of safety,
compliance, and user-friendliness.
Non-Doc Verification allows companies to onboard users in as
little as 4.5 seconds on average, while efficiently keeping
fraudsters out and staying fully compliant with local and
international regulations.
Sumsub's Non-Doc Identity Verification solution is designed to
serve businesses operating online in a range of industries,
including fintech, crypto, trading, traditional
finance, gaming, EdTech, mobility, and marketplaces. By leveraging
authoritative sources such as government databases and credit
account information provided by banks, the solution ensures safe
and compliant onboarding in various jurisdictions, including
developing economies where some individuals used to have no access
to digital services due to the absence or poor quality of their
paper documents.
Key highlights of the upgraded solution include:
- No Documents Needed: The solution enables user
verification without requiring applicants to upload or show
physical documents like ID cards or driver's licenses, offering a
faster and more user-friendly experience for customers with minimum
authentication steps.
- Speed and Conversion: The solution's ability to perform
instant data enrichment with minimum input from the user allows for
speedy and user-friendly verification which ultimately benefits
businesses. With an average reduction in user onboarding time by
53% and an increase in applicant conversion rates by 35%, firms can
quickly scale and access new market segments.
- Global Coverage: Sumsub's Non-Doc solution currently
supports 13 countries including the US, Argentina, Bangladesh, Brazil, India, Indonesia, Kenya, Nigeria, South
Africa, the Netherlands,
Norway, Denmark, and the UK. Upcoming additions
include Hong Kong and Ivory Coast. Direct connections with
government databases let Sumsub Non-Doc encompass over 95% of the
population in these countries.
- Digital Inclusion: The Non-Doc solution provides
legitimate users from developing economies who historically have
low-quality paper documents access to a wide range of digital
products and services they would not have otherwise, within the
standard verification. This revolutionary KYC method contributes to
lowering social and economic inequality in a world where 850
million individuals do not possess IDs.
- Regulatory Compliance and Security: The solution meets
legal requirements, including AML (Anti-Money Laundering) and CDD
(Customer Due Diligence) regulations, in regions such as
Australia, Canada, Cyprus, Hong
Kong, Malta, Seychelles, South
Africa, the British Virgin
Islands, the UK, and the US. Reliable data sources
(government databases, eID, open banking) guarantee the secureness
of Non-Doc Verification.
The process of document-free onboarding is simple and
quick:
- First, the user provides relevant identity data like their CPF
number in Brazil;
- Second, Sumsub extracts a pre-verified user records and
confirms it via biometric or device authentication;
- Last, the applicant swiftly passes through the verification
process, while the client company receives an enriched user
profile.
Ultimately, in under five seconds, businesses get a complete
applicant profile enriched with trustworthy data. The solution can
be implemented at various points along the user journey, from
standard onboarding to post-KYC screening and continuous
monitoring.
In addition, the new solution encompasses Non-Doc Address
Verification for applicants in 37 countries. This feature extracts
and verifies users' address data, meaning their officially
confirmed residence, from secure databases in seconds.
"Non-Doc is the future of global identity verification simply
because it allows businesses to securely onboard legitimate users,
no matter their country of origin–making lightning-fast
verification with no hurdles a reality,"
comments Vyacheslav Zholudev, co-founder and CTO at
Sumsub. "By constantly upgrading our Non-Doc Verification
solution and expanding the list of countries where it's available,
Sumsub is leading the way in creating a more digitally inclusive
future for all where users from any corner of the world have access
to the same services and products our clients provide."
Sumsub's Non-Doc Verification solution offers a country-based
approach to document-free identity verification, and customers can
also combine it with regular KYC checks. The company also offers
Database Validation in over 50 countries as part of traditional
document-based verification, which allows for additional validation
of input data from applicants for enhanced fraud
prevention.
To learn more about compliant Non-Doc verification and explore
the map of countries where the solution works, 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 and Fraud Prevention 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 Bitpanda, Wirex, Avis, Bybit, Huobi, Kaizen
Gaming, and TransferGo.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/sumsub-expands-its-non-doc-verification-solution-to-more-countries-reaching-widest-coverage-on-the-market-302147263.html
SOURCE Sumsub