One-touch KYC solution brings together a
seamless onboarding experience and CLEAR's embedded 17 million
person user base
CLEAR's new, reusable KYC solution will help
financial services companies successfully convert prospects into
customers – combatting traditional over 40 percent drop
off at onboarding due to friction
NEW
YORK, Oct. 4, 2023 /PRNewswire/ -- Today, CLEAR
(NYSE: YOU), the secure identity company, announced its first
product in financial services – continuing its push into new
industries – with one of the only reusable Know Your Customer
(KYC) solutions. CLEAR's one-click KYC solution sets itself apart
by delivering a frictionless consumer experience aimed at helping
financial services companies combat the traditional drop off in
signups when customers are required to complete cumbersome KYC
checks. CLEAR brings its trusted consumer brand, embedded 17
million person user base, and experience working in other highly
regulated industries such as airline security and healthcare, to
financial services.
"Identity verification and secure authentication is fundamental
to modern financial services, and CLEAR's reusable KYC solution
delivers something new: a frictionless consumer-focused signup that
will help partners successfully enroll customers," said CLEAR
CEO, Caryn Seidman Becker.
"While this is new to financial services, it will feel familiar to
our 17 million members who have benefitted from how we have
leveraged technology to save them time."
This expansion of CLEAR's identity platform comes from its
acquisition of Sora ID who developed the technology that is KYC
compliant, and is transferable across financial institutions
– creating a unique, reusable product. Delivering a
differentiated user experience will benefit financial services and
banking – helping convert more potential customers into active
consumers while securely verifying identity.
Despite the proliferation of similar KYC offerings, over 40% of
potential customers abandon the sign up process due to friction,
including KYC verification. This reusable KYC product allows a
customer to quickly complete the process once, and not have to
repeat the same steps when signing up with another financial
services company. Sora ID's KYC technology is utilized by customers
such as Zero Hash.
This expansion into KYC is the latest example of CLEAR's
identity platform enhancing security and the customer experience.
In compliance with KYC regulations, CLEAR's one-click KYC
technology will ensure that the end consumer is who they say they
are – confirming their identity through a series of
verifications. New users will be able to enroll once, unlocking the
ability to verify with CLEAR across its growing network of partners
across healthcare, hospitality, sports, entertainment and other
industries.
About CLEAR
CLEAR's mission is to create frictionless
experiences. With more than 17 million members and a growing
network of partners across the world, CLEAR's identity platform is
transforming the way people live, work, and travel. Whether you are
traveling, at the stadium, or on your phone, CLEAR connects you to
the things that make you, you – making everyday experiences easier,
more secure, and friction-free. CLEAR is committed to privacy done
right. Members are always in control of their own information, and
we never sell member data. For more information,
visit clearme.com.
Forward-Looking Statements
This release may contain
statements that constitute forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Investors are cautioned that any and such forward-looking
statements are not guarantees of future performance or results and
involve risks and uncertainties, and that actual results,
developments and events may differ materially from those in the
forward-looking statements as a result of various factors,
including those described in the Company's filings within the
Securities and Exchange Commission, including the sections titled
"Risk Factors" in our Annual Report on Form 10- K and Quarterly
Report on Form 10-Q. The Company disclaims any obligation to update
any forward-looking statements contained herein.
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SOURCE CLEAR