Sumsub, a world KYC, KYB and AML compliance supplier, affords a brand new characteristic to make deal with verification quicker, safer and extra user-friendly.
Sumsub, a tech firm that helps companies keep compliant and combat digital fraud, has lately added GPS-based verification to its Proof of Address answer. This new characteristic is primarily aimed on the fintech market, the place firms are sometimes obliged to confirm person residence. By choosing GPS-based know-how, relatively than combing by bodily paperwork, firms can confirm addresses as shortly and conveniently as doable, protecting cross charges sky excessive.
Standard proof of deal with, or PoA, verification might be problematic. Traditionally, PoA is confirmed by submitting paperwork resembling financial institution statements, utility payments, voter registration, cell operator payments, and so forth. Some of those paperwork don’t have any safety marking or images, making them prime targets for forgery. Besides, many of those paperwork are non-standardized and will require further checks, which ends up in longer onboarding time and, consequently, decrease cross charges.
Still, regulators within the crypto and buying and selling sectors demand that companies verify person addresses. Failing to take action could lead to enormous regulatory fines or, worse but, cash laundering and different monetary crimes going undetected.
So, how can firms maintain person conversion excessive whereas staying absolutely compliant with rules? Sumsub’s GPS-based PoA is the reply. With this new characteristic, companies can create quick, easy, and safe deal with verification flows for world shoppers in accordance with all relevant regulatory necessities.
“First, the system asks the user for access to their geolocation to meet GDPR requirements. Then it detects the user’s location using GPS, Wi-Fi positioning, and Cell tower trilateration to provide the most accurate result,” – explains Peter Sever, Co-founder and Chief Strategy Officer at Sumsub. – “In case the user doesn’t want to share their location, or if their device doesn’t support GPS, it’s possible to continue on another device, or go through a traditional PoA verification process by uploading documents. Using geolocation for PoA verification dramatically increases conversion rates since this step can be passed in just a few clicks. It also speeds up the verification process as the solution automatically determines if the address falls within the excluded countries list.”
Importantly, IP-based geolocation is probably not sufficient for compliance functions. That’s why Sumsub prefers the device-based strategy, which makes use of GPS geolocation knowledge as an alternative.
All in all, GPS-based deal with verification lets Sumsub prospects carry out PoA checks immediately, whereas protecting the choice for document-based verification open. This creates an optimum person verification expertise whereas protecting cross charges excessive.
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