Prove Launches Game-Changing Onboarding Solution with KYC Included at No Additional Cost

Business Wire / October 26, 2021

LAS VEGAS–(BUSINESS WIRE)–Prove, the modern way for businesses to enable their customers to prove their identities with just a phone, announced today that its Prove Pre-Fill™ and other onboarding solutions now include Know Your Customer (KYC) and anti-money laundering (AML) checks, including sanctions, watchlists, and politically exposed persons (PEP) screening at no additional cost. The new offering redefines the KYC market with a game-changing one-stop-shop solution that helps businesses simplify the onboarding and identity verification process.

KYC is a critical step in the onboarding process for companies in the financial, payments, gaming, cryptocurrency, insurance, and investment industries to be compliant with the law. However, KYC processes can often be costly for businesses and cumbersome for new users attempting to sign up. Companies also cite the number of anti-fraud/AML vendors they need to use to comply with KYC regulations to be an issue, with many businesses requiring several different vendors to fulfill various types of requirements.

Prove’s onboarding solution with KYC addresses these pain points, driving a safer, faster onboarding process and increasing revenue when used in conjunction with Prove Pre-Fill, a unique solution that removes friction by adding more security. Prove Pre-Fill recently won the 2021 Aite-Novarica Fraud & AML Impact Innovation Award in the User Experience category.

“We’ve been hearing the need in the market for more robust KYC solutions that reduce cost and don’t add friction,” said Rodger Desai, Prove’s CEO. “We’re delighted to now not only offer KYC that has 95%+ match rates but to also offer it at no additional cost as an integral part of our onboarding solutions. That means a better onboarding experience for users that ultimately leads to more revenue while mitigating fraud and meeting compliance obligations.”

For businesses, the benefits of Prove’s onboarding solutions with KYC are:

  • Frictionless & passive, continuously maintained, fully KYC-compliant solution that enhances customer experience while reducing fraud, abandonment, and post-fact rejections
  • Identity proofing and compliance proofing decisions in one continuous flow
  • Speeds up time to “auto-approve” with more confidence in risk processes
  • Ensures the person presenting the identity is the person’s identity that is being presented in the application with compliance confidence
  • 95%+ Pre-Fill auto-approval (consumer information match rate) with the fewest KYC false positives in the industry
  • 70% average reduction in false positives
  • Robust set of data sources:
    • 1,000+ of official sanctions, regulator, and law enforcement watchlists
    • 15,000+ PEP sources
  • 200+ countries and territories covered
  • Sanctions, watchlists, and PEP levels are fully customizable
  • Continuous daily monitoring available

Interested in learning more about Prove Pre-Fill with included KYC? Click here for more information.

About Prove

Prove is the modern way for businesses to enable their customers to prove their identities with just a phone. We offer phone-centric solutions that enable our customers to acquire new consumers and engage with their existing consumers by removing friction while bolstering security and enhancing consumer privacy and consumer choice. Our solutions are used by more than 1,000 businesses across diversified industries, including banks, financial services, healthcare, insurance, and e-commerce. For the latest updates from Prove, follow us on LinkedIn.