Volume Launches One-Click Verification for Merchants

Published about 2 months ago

Volume has unveiled a new innovation called One-Click Verification, aimed at revolutionising the merchant landscape. This solution echoes Volume’s previous groundbreaking One-Click checkout feature and is designed to address the urgent need for merchants, such as those in iGaming, Money Remittance, Crypto, Fintech, and other industries, to streamline age verification and affirm the genuineness of user data in line with regulatory standards.

Addressing the Challenge of User Verification

Merchants face increasing regulatory scrutiny in verifying user age and the authenticity of personal and financial data. Traditional methods often lead to a tedious sign-up process and increased abandonment rates, not to mention an elevated risk of fraud. According to YouGov UK, 40% of individuals starting the online account creation process on a UK financial services or iGaming website fail to complete their registration.

Transformative Solution for User Onboarding

One-Click Verification provides a robust framework for merchants to navigate the intricacies of user onboarding. By smoothly accessing the wealth of user data available through their bank app, this innovative technology reshapes the verification process. It offers multifarious benefits for businesses and their users, utilizing real-time account to account (A2A) network combined with third-party identity API and public registers.

Key Benefits of Volume’s One-Click Verification

One-Click Verification significantly reduces the risk of fraud while facilitating the sign-up process for users. It ensures compliance with Know Your Customer (KYC) requirements, thus adhering to local regulatory standards. Also, it accelerates the signup process, reducing abandonment rates, and offering a superior onboarding experience. Furthermore, it provides additional visibility into user spending patterns and account balances.

The Volume team commented, “Our solution leverages the data available in users’ bank apps, allowing for a one-click verification process. Reusable credentials and Self-Sovereign Identity (SSI) ensure a secure and privacy-focused method of identity verification.”

Transforming Volume into a Multi-Product Company

With the introduction of One-Click Verification, Volume is evolving into a multi-product company. “One-Click Verification is a game-changer, providing a secure, efficient, and compliant solution,” said Krzysztof Tarnawski, CTO at Volume.

Main Features of One-Click Verification

The primary capabilities of Volume’s One-Click Verification include unrivalled security, instant onboarding, compliance assurance, seamless integration for developers, and trusted real-time verification. Simone Martinelli, CEO of Volume, expressed his excitement about the launch of the One-Click Verification feature. He believes that this solution will enable merchants to offer a more seamless and convenient verification option for users, while easily complying with regulatory requirements.

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