Sumsub has announced the release of its non-doc verification in the US, with the aim of making onboarding verification quicker.
According to the company, this solution reduces fraud-related attacks by 75%, covering over 292 million active mobile users and can also apply to international clients looking to onboard US-based applicants, including those in the UK, Hong Kong, Singapore and the United Arab Emirates.
Non-doc verification provides frictionless customer onboarding that is six times faster when compared to document-based know-your-customer (KYC).
The solution eliminates the need for users to manually input their data, reducing errors and improving data quality, Sumsub reports.
Non-doc verification is safer and more secure for US applicants, as they don’t need to share their SSN (Social Security Number) or upload any ID scans.
Users simply insert their phone number and the solution covers 90% of active mobile number users in the US.
According to Sumsub, on average, businesses see 91.64% user pass rates with this compliant KYC solution.
“Non-doc verification stands as the flagship product of Sumsub, poised to set the future standard for digital verification, surpassing traditional document-based checks,” said Vyacheslav Zholudev, CTO and Co-Founder, Sumsub.
“Similar to how e-payments have revolutionized money transfers, non-doc erification is at the forefront of innovation in the digital verification landscape.
“This user-friendly and inclusive solution eliminates the need for users to share their documents, catering to applicants with poor-quality cameras or those possessing old or damaged documents typically rejected during KYC processes.
“By popularizing document-free onboarding practices, we are making digital services more accessible worldwide, aligning with Sumsub’s mission in the digital world.”
The company says non-doc verification provides a secure, trusted and user-friendly onboarding experience for the applicants while preventing fraud during key transactions: opening an account, depositing, transferring and withdrawing funds.
For digital payments providers, e-wallets and iGaming platforms, it diminishes promo and bonus abuse – as it prevents duplicate accounts, bot traffic or payouts to fake users.
For financial services, non-doc verification secures an improved credit card digital onboarding experience.