The repetition of identity verification processes across different services, like financial or transportation apps, it is one of the factors that lead users to lose interest and even give up completing an access. To address this issue, a Sumsub, global end-to-end verification platform, announced the launch of its package ofReusable Digital Identity, developed for companies and users. The solution optimizes the Know Your Customer (KYC) phase, that helps in the prevention of fraud and illegal activities, when retrieving documents already verified by the platform, thus reducing the repetition of the same uploads.
The Reusable Digital Identity package includes two main features. THESumsub IDallows users to store and reuse their verification documents for new accesses within the Sumsub ecosystem, that has more than 4.000 companies. Already theReusable KYCenables corporations to share user verification information among themselves with consent. According to data from Sumsub, one in three people undergoing a verification process had previously been authenticated by the company.
This ease can reduce the average onboarding time by 50%, improving the user experience. For companies, the adherence to resources increases conversion rates by 30% in new accesses, while performing all necessary compliance checks. Furthermore, the personal data stored or shared with third parties for verification is fully protected, being in compliance with LGPD regulations
The adoption of technologies for a more integrated and secure identification is gaining momentum in Brazil, as demonstrated by the wide issuance of the new National Identity Card (CIN). Until now, more than have already been issued21,5 million documentsof this type, that modernize the identification process by integrating facial biometrics and fingerprints, in addition to a QR Code for instant validation viagov.br.
A study by Serasa Experian also revealed that CIN has a percentage of only 0,08% to be used in scams, rate almost 98% lower compared to the old ID card and the driver's license. With the new cross-referenced documentation to the Sumsub database, Brazilian users ensure even more security, reduction of fraud and improvement in user experience
"With a decade of experience in the market", our vision remains clear: to provide digital identity verification for global companies with the same speed and convenience as payments, without compromising compliance and safety, affirms Vyacheslav Zholudev, CTO and co-founder of Sumsub. "With Sumsub ID and the Reusable KYC", we are redefining digital identity verification, helping companies make their onboarding more efficient and, at the same time, giving users total control over their documents and data. This is an important milestone in our mission to make identity verification faster, safe and reliable for everyone.”
