FINTRAIL is a global consultancy that specialises in financial crime risk management and regulatory compliance. The company is currently operating in 13 countries, with a strong presence in the APAC region, particularly in India and Indonesia. Sumsub plans to expand the coverage of its Non-Doc Verification solution to include ten additional markets, such as Australia, Canada, Hong Kong, and the UAE.
Non-Doc, allows for the verification of customer identities without the need for ID submission, presenting an alternative to conventional document verification methods. Instead, users supply essential personal information, like an identification number, which the verification provider securely cross-references with trusted government databases. Although this innovative approach is rapidly gaining traction among client firms and verification providers, Non-Doc has already demonstrated its compliance as a KYC method in numerous jurisdictions.
Benefits of document-free versus document-based verification include:
quicker and more convenient user onboarding: verification time decreases from an average of 30 seconds to just 4.5 seconds.
consequently, companies experience a growth of over 35% in customer pass rates, with some instances showing up to a twofold increase.
expanded opportunities for business growth and entry into emerging markets, given that there is over 95% population coverage in each country.
improved productivity and simpler case management through automated user data extraction and real-time updates, leading to a 53% reduction in verification processing time.
The solution has undergone testing by FINTRAIL, focusing on two primary criteria: regulatory compliance across various jurisdictions (including AML/CTF legislation, cryptocurrency and trading regulations, as well as other industry standards) and technical efficiency (evaluating whether processes such as identity data authentication and bank credential verification align with local regulatory requirements). Sumsub's product demonstrates regulatory compliance in 18 countries, achieving top scores where the Non-Doc solution is implemented.
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