Today, CLEAR, 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.