Consumer identity vendor Prove is teaming up with Visa. Specifically, Visa clients can now access Prove’s Pre-Fill identity verification solution.
This enables consumers to opt into pre-filling registration forms securely and with ease. According to Prove, leading fintechs, banks, and merchants leverage Prove Pre-Fill to reduce fraud, deter abandonment during the registration process, and increase revenue by pre-populating application forms with verified and authenticated information.
Prove Pre-Fill: 80% fewer fields to populate
Auto-filling enrollment forms with enhanced and enriched data is always undertaken with consumer consent. Prove says it supports fraud prevention while also enhancing the customer experience by simplifying and streamlining it.
Current Prove Pre-Fill adopters are reporting 80% fewer fields for potential customers to fill out. In addition, they report a 35% reduction in application abandonment. Additional KYC checks, such as sanctions screenings, are also included at no extra cost to further assist with lessening fraudulent account openings.
“Visa’s and Prove’s vision is to empower companies with differentiated solutions that will improve the customers’ full commerce experience and drive brand loyalty. Through Prove’s unique Pre-Fill technology, we can now help merchants and other brands grow their loyalty membership quickly and securely,” said Jack Funda, SVP at Visa.
Loyalty programmes are a vital part of many businesses. Prove claims that 77% of consumers say loyalty programmes make it more likely they will continue to do business with a brand.
Prove: working with 8 of the top 10 US banks
“Today’s consumers expect signing up for a new account to take just seconds. Any slower than that, and many abandon,” said Rodger Desai, Prove’s Chief Executive Officer. “
We’re delighted to be partnering with Visa. It puts powerful technology into the hands of more merchants and their customers. Our vision is to extend these capabilities into more consumer experiences to add trust to the digital economy. This is just the beginning.”