Sumsub releases guide for businesses on streamlining identity verification in emerging markets
MIAMI–(BUSINESS WIRE)–#KYC–Sumsub, an all-in-one verification platform, today published its guide, Streamlining identity verification in emerging markets. This new resource will help businesses in the fintech, crypto, gambling and trading industries onboard more users from developing countries, specifically Argentina, Brazil, India, Indonesia and Nigeria.
Here are the top 5 highlights from the guide:
These countries are embracing key digitalization trends. This is particularly the case for identity verification, where large-scale digital ID initiatives have been replacing paper documents. This means that local users are getting accustomed to database verification, rather than physically scanning and uploading their IDs. Therefore, government databases may well replace document-based verification in the near future, allowing businesses to drastically simplify user onboarding in these regions.
In the guide, Sumsubs experts cover how document-free verification can streamline user onboarding in developing countries, enabling companies to onboard 2B+ people without asking them to upload their IDs. This methodwhich Sumsub calls 1click verificationuses government databases to speed up onboarding from 50 seconds to just 4.5 seconds on average, helping improve pass rates by 35% on average. All this can be done without compromising data quality, security and user experience.
Businesses in the fintech, crypto, gambling and trading sectors can use our guide to learn more about document-free verification, as well as the specifics of national documents, local user habits, fraud trends and AML regulations in developing countries, and more. All this will help navigate the verification landscape in Argentina, Brazil, India, Indonesia and Nigeria, with the right insights to seize market opportunity and deal with local KYC and AML challenges, said Andrew Sever, co-founder and CEO of Sumsub.
To download the Streamlining identity verification in emerging markets guide for free, please visit: https://sumsub.com/guides-reports/streamlining-verification-in-emerging-markets/
About Sumsub
Sumsub is an all-in-one verification platform that secures every step of the user lifecycle with customizable KYC, KYB, AML and transaction monitoring solutions.
Contacts
Victoria Gutkovich
victoria.gutkovich@sumsub.com
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