Sumsub launches reusable KYC gateway

This news introduces a way to speed up customer onboarding by reducing the friction of identity verification. Sumsub has launched a 'Reusable KYC Gateway.' This allows customers to verify their identity once and then reuse that verified status across different platforms within a network. For retailers and service providers, this addresses one of the biggest hurdles in consumer financing: the 'drop-off' that happens when an application is too tedious. Currently, every time a customer applies for a new financing program or digital wallet, they usually have to upload photos of their ID and take a selfie. This new technology lets them bypass those steps if they have already been verified by another partner in the network. While the initial rollout is focused on digital wallets and fintech, the implications for consumer financing are significant. It suggests a future where your customers don't need to re-scan their driver's license every time they want to apply for a new line of credit or lease-to-own agreement. Faster approvals lead to higher conversion rates at the point of sale. If you can make the 'Know Your Customer' (KYC) process invisible for returning users, you remove a major psychological barrier to financing big-ticket items.

Source: Finextra — Lending

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