NEW YORK, NY, May 10, 2023 – Prove Identity, Inc. (“Prove”), a leader in consumer identity, today announced a new partnership with Visa (NYSE: V), a world leader in digital payments, to empower brands to increase secure loyalty account enrollment by eliminating manual account registration and pre-filling application forms with verified information. Visa clients will now have access to Prove’s award-winning Prove Pre-Fill® identity verification solution, which enables consumers to opt into pre-filling registration forms securely and with ease. Brands benefit by driving loyalty accounts while also preventing identity and bot fraud.
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. Auto-filling enrollment forms with such enhanced and enriched data, and always with consumer consent, 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 and 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 programs are a vital part of many businesses, as 77% of consumers say loyalty programs make it more likely they will continue to do business with a brand. However, traditional onboarding experiences for loyalty accounts can be cumbersome and deter new enrollments because of the significant amount of data required to be manually entered by the consumer – a study revealed users are 76% more likely to join a loyalty program if it only takes a name and phone number. Advanced onboarding solutions like Prove Pre-Fill® that leverage mobile-centric identity verification provide that exact experience and have also been shown to reduce fraud by as much as 75% (relative to attack rate).
Prove’s digital identity solutions are powered by the world’s largest network of reusable identities and used by 1,000+ fintech, banking, healthcare, retail, gaming, and crypto companies. 8 of the top 10 banks in the United States use Prove’s solutions.
“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 to put 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.”
Visa and Prove are accepting merchants ready to improve their loyalty account onboarding experience today. To learn more, visit www.prove.com/solutions/pre-fill.
As the world moves to a mobile-first economy, businesses need to modernize how they acquire, engage with and enable consumers. Prove’s phone-centric identity tokenization and passive cryptographic authentication solutions reduce friction, enhance security and privacy across all digital channels, and accelerate revenues while reducing operating expenses and fraud losses. Over 1,000 enterprise customers use Prove’s platform to process 20 billion customer requests annually across industries, including banking, lending, healthcare, gaming, crypto, e-commerce, marketplaces, and payments. For the latest updates from Prove, follow us on LinkedIn.
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