Sumsub, a full-cycle verification platform, is launching its Reusable Digital Identity product suite. It will 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 set to reduce applicant onboarding times by 50% and boost conversion rates by 30%, on average.
Identity multiple services
All of the checks required for ensuring a compliant verification must still take place
KYC is essential for security, fraud prevention and compliance. However, when users need to verify their identity repeatedly across multiple services – especially when seeking critical access to financial or transportation apps – it creates friction and frustration.
This repetitive process often leads to high drop-off rates and less user interest, impacting both user experience and business conversion rates. At the same time, all of the checks required for ensuring a compliant verification must still take place.
Sumsub compliance and security
Sumsub is processing millions of identity checks weekly, and aggregated data analysis reveals that one in three applicants have verified previously with Sumsub, highlighting the recurring KYC issue.
To address this, Sumsub has launched a combined product to help both individuals and firms alike avoid repetitive verification steps while ensuring full compliance and security.
Reusable Digital Identity product
Reusable Digital Identity product suite includes two products, Sumsub ID and Reusable KYC
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.
Reusable Digital Identity
While each product has a unique approach to the same challenge, both of them further enhance customer experience while ensuring full compliance and adding an extra layer of security.
By offering faster and more efficient ways to verify identities, Reusable Digital Identity is designed to help users avoid unnecessary document uploads and repetitive data input procedures–while, at the same time, speeding up applicant onboarding and enhancing conversion rates for companies.
Redefining digital ID verification
Reusable Digital Identity is designed to help users avoid unnecessary document uploads
“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”, comments Vyacheslav Zholudev, CTO and co-founder of Sumsub.
“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.”
Key benefits of Sumsub Identity products
Key benefits of Sumsub Reusable Digital Identity products for businesses are:
- 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.
- Full Compliance & Security: Both Reusable KYC and Sumsub ID are GDPR-compliant and built to enhance fraud prevention.
Main benefits for users are:
- Seamless verification: individuals can breeze through KYC by re-using their documents from previous verifications with Sumsub.
- Full privacy and security of personal data stored or shared by third parties for verification purposes.
- Less time spent on getting access to the platforms and services people use, as both Sumsub ID and Reusable KYC make the onboarding process faster by eliminating redundant document uploads.
How Sumsub reusable digital identity product suite works
- 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;
- 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.
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