Latin America. Sumsub, the international platform expert in identity verification, has presented its range of Reusable Digital Identity products. This solution aims to reduce repeated checking and redundant checks that negatively impact the user experience. With this recent proposal, user onboarding time can be reduced by 50%, while conversion rates can be increased by up to 30% on average.
However, when users must confirm their identity across multiple services—primarily finance or transportation platforms—the process can lead to discomfort and frustration. This repetition of stages causes high dropout rates and decreases user motivation, impacting both their experience and the transformation of companies.
Despite this, it is essential that all verifications are carried out in accordance with the regulations.
An innovative solution to optimize KYC
Sumsub processes millions of identity verifications every week, and according to its data, one in three applicants has already completed a verification with the company. This demonstrates a common drawback in the KYC procedure.
A new standard in identity verification
Vyacheslav Zholudev, CTO and co-founder of Sumsub, highlights: "With a decade of experience in the market, our vision remains clear: to provide global companies with digital identity verifications with the speed and convenience of payments, without sacrificing compliance and security."
He further adds: "With Sumsub ID and Reusable KYC, we are redefining digital identity verification by helping businesses improve onboarding efficiency and also giving users full control over their documents and data, respectively. This marks an important milestone in our mission to make identity verification faster, more secure and more reliable for everyone."
How the solution works
Sumsub ID allows applicants to register on platforms within the Sumsub ecosystem, store their verified documents securely, and reuse them across more than 4,000 companies already using Sumsub.
Reusable KYC allows companies to share user information, always with their explicit consent, streamlining the verification process for both parties.
