Homelike and Signzy have announced that they joined forces to incorporate a One Touch KYC solution, ensuring swift and accurate user onboarding. This partnership is important for Homelike because even now, ecommerce platforms are still facing challenges, particularly in the realm of merchant onboarding.

Some of the obstacles that most merchants encounter are: The speed: it typically takes 3-5 days to onboard merchants for traditional marketplaces, but for those that have automated their onboarding process, it takes as little as 5 minutes. Risk management: they need to maintain their data integrity and accuracy. Non-compliance with AML, KYC, and other regulations may lead to significant fines, while inaccurately assessing a merchant's creditworthiness raises the risk of financial losses. Regulatory compliance: rules can shift suddenly, and conventional market platforms may struggle to stay updated with such changes. Signzy's One Touch KYC solution simplifies the onboarding process for Homelike, providing a quicker and more accurate verification experience.

Through this collaboration, Homelike seeks to boost user satisfaction and increase customer conversion rates. The One Touch KYC solution features a liveness check for customers during onboarding, guaranteeing security and adherence to regulatory standards. This liveness check takes only seconds, cutting down verification time and ensuring a simplified and effective onboarding process.

Even though Know Your Customer (KYC) solutions help financial institutions and other high-risk organisations when bringing new customers on board, traditional KYC doesn’t guarantee the safety of customers and organisations. To make it more secure, the KYC onboarding process involves a series of steps that banks, financial institutions, and other high-risk organisations need to follow to verify the identity of new customers and ensure their services are being used correctly. These procedures also monitor customers' risk levels and watch for any signs of fraud, money laundering, or suspicious activities.

The KYC procedures are progressing every day to help companies in adding efficiency and boosting security, while also meeting and surpassing evolving customer requirements. Signzy’s improved KYC solutions In February 2024, Signzy revealed a new product feature called One-Touch Know Your Customer. This addition aims to streamline the KYC process for both users and companies.

Moreover, business teams can customise their KYC flow, select user interface options, and onboard users from over 180 countries. This offers individuals a simplified way to verify their identity while complying with regulations. Signzy’s officials stated that the KYC market is experiencing a surge in demand due to the global increase in identity fraud.

By introducing a new feature for current and prospective clients, the company aims to offer faster processing times and a streamlined identity verification process. The One-Touch KYC solution is tailored for various growing sectors such as the gig economy, online gaming, financial services, rental apps, and retail businesses. Additionally, these features help improve the user experience by offering an intuitive user interface and real-time feedback, making the entire KYC process more user-friendly for clients.

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