Hello Soda’s single API platform, Sodium, has experienced continued success since its launch earlier this year.
Global identity specialist, Hello Soda, launched the single API platform to simplify the delivery of its suite of Know Your Customer (KYC), Anti-money Laundering (AML) and fraud prevention solutions.
As a result of the year’s economic downturn, onboarding costs and false negatives are more expensive than ever to businesses looking to grow their customer base. Implementing Sodium helps raise pass-rates and onboard customers more quickly, lowering acquisition costs.
Hello Soda also identified that many stakeholders were having difficulty integrating multiple identity verification solutions independently. Its developers responded to this challenge and the lack of cross-solution data analysis to help perform enhanced checks with the launch of Sodium.
Since its launch, Sodium has enabled businesses worldwide to improve their user journeys and see uplifts in pass rates, despite the difficult economic landscape; Hello Soda’s identity verification solutions are now being used across a wide range of sectors in 91% of the globe.
Due to the continued success and enhancements to Sodium, Hello Soda has been able to extend its reach and continues to work with a number of high-profile clients, including Renault/Nissan, Klarna, PaySafe, BoyleSports, Virgin Bet and deVere Group.
Dimitris Litsikakis, Global Head of FinTech at deVere Group, said: “The main driver behind integrating Sodium was the speed of client onboarding which is key for digital banking solutions like Vault.
At deVere we have experienced a growth in our conversion rates and increase in customer satisfaction rates as the account opening is now done automatically in less than two minutes rather than one of our agents having to check all documents manually before reaching a decision. Moreover, we seamlessly increased our security with automated PEP and DarkWeb checks that ensure we keep fraudsters away.“
Sodium is enabling global organisations to efficiently and accurately onboard their customers in a matter of seconds with less false positives and negatives. The game-changing platform enables organisations to not only add multiple ID&V products seamlessly but it cross-references data to perform additional checks leading to a truly enhanced customer due diligence (EDD). From document ID data cross-referenced with the dark web to an individual’s social footprint compared to CRA data, Sodium certainly delivers a multi-pronged approach to identity verification.
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