Sumsub has launched its Non-Doc Identity Verification solution to Canada, designed to streamline client onboarding while also ensuring adequate compliance with FINTRAC’s AML/ATF regulations. Regtech firm Sumsub further noted that this solution aims to eliminate the need for document uploads, providing businesses in traditional finance, gaming, fintech a way to verify user identities.
Non-Doc Identity Verification in Canada enables businesses to onboard users effectively by leveraging the Credit file and Dual-process methods.
Verification of the customer identity reportedly includes accurately matching their name, address, date of birth against “recognized credit-reporting banking and telecommunication sources.”
With integration and compliance said to be at its core, the solution enables Canadian businesses to significantly lower operational costs, boost overall conversion rates, and address fraud risks.
Sumsub’s solution covers over 80% of Canada’s adult population and aligns with FINTRAC’s requirements, making it suitable for compliance officials, operations managers, and risk managers looking for more efficient onboarding processes.
By automating the verification and eliminating the need for document uploads, businesses can enhance their user experience while also “adhering to regulatory demands.”
Andrew Novoselsky, Chief Product Officer at Sumsub said that this launch reflects our ongoing commitment to providing solutions that not only drive efficiency but also “ensure the standards of compliance.”
With this, businesses serving Canadian users can “scale with confidence, stay ahead of regulations, and strengthen trust with users.”
Its automated workflow, the solution not only “speeds up onboarding but also reduces drop-offs and ensures compliance with minimal effort from compliance teams.”
Additional key benefits of document-free VS document-based verification reportedly include the following:
- Improved user onboarding: verification time is reduced from 30 seconds to 4.5 seconds on average;
- Enhanced productivity and simplified case management with automated user data extraction and immediate updates, resulting in 53% reduction in verification processing time. As a result, companies see +35% growth in customer pass rates (with as high as x2 increase in some cases);
- Opportunities for business growth and scaling to emerging markets thanks to over 95% population coverage in each country.
