October 19, 2023
By Melanie Tuazon

The Future of Finance: One-Click KYC

Convert costs into profits: With a trusted experience 17 million users know and love, CLEAR’s KYC solution enables a digital fast lane with enhanced trust and reduced friction.

The Battle of Fraud vs Friction

Financial institutions face a common challenge: the balance between minimizing friction for an improved consumer experience and mitigating the risk of fraud. Historically, addressing one aspect often came at the expense of the other, leading to an inherent trade-off. This dilemma stemmed from an outdated identity verification model that relied heavily on data rather than establishing a foundation of trusted identity.

And in a crowded market, 40% of potential customers are dropping off due to friction.

The answer: CLEAR's One-Click KYC solution lets users verify once and securely share their identity across various touchpoints. By acquiring Sora ID, CLEAR expanded its identity capabilities with a KYC-compliant solution, offering a reusable identity that simplifies onboarding. With over 17 million pre-verified users, CLEAR reduces repetitive steps and friction, while allowing businesses to tailor KYC experiences to enable compliance.

How It Works

This innovation centers around a secure selfie login that's stored on the user’s device, making it easier for them to quickly verify their identity. A user’s account is initiated at their first interaction with CLEAR, and any financial services partner can request additional data or refresh existing information as needed, ensuring both fraud prevention and a seamless, reusable user experience.

KYC Configuration and Fraud Prevention

The platform is highly customizable to meet compliance and fraud prevention needs, allowing businesses to integrate one-click verification without overhauling their entire KYC solution. Businesses configure their KYC logic in the workflow builder, decide their escalation logic, and can create multiple KYC flows for different use cases. CLEAR also offers robust fraud checks, including adverse media screening, device fraud signals, document verification, and email risk scoring.

The goal is simple: minimize friction, attract more users, and maintain strict security and compliance standards.

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