FINTECH STRATEGIES
A
s financial institutions grow and expand internationally, they face the challenge of delivering compliant identity verification without forcing customers to repeat onboarding for every service. This difficult problem is addressed through the identity verification platform and reusable digital identity solution – Sumsub ID.
Sumsub supports more than 4,000 businesses globally with identity verification, biometric authentication, AML screening and fraud prevention. The platform verifies identity documents, performs facial biometrics and allows organisations to configure verification workflows according to their own regulatory and risk requirements.
Users can store verified identity credentials in a secure digital wallet and reuse them with participating organisations after completing a fresh liveness check and providing explicit consent. This opens the path for each organisation to continue its own compliance and risk assessments, while reducing onboarding friction for the customer without bypassing KYC requirements.
Sumsub says that reusable verification can reduce verification times by up to 50 % and increase pass rates by 30 %. This, combined with encrypted credential storage and user-controlled data sharing, improves customer experience while maintaining strong identity assurance and regulatory compliance.
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