Suma México Has Skyrocketed Its KYC Business With Regula Document Reader SDK

Suma México provides a wide range of services for KYC (know your customer), KYB (know your business), AML (anti-money laundering) checks, and digital signature creation. With their own solution for document and biometric verification, VeriDocID, the company proves the authenticity of identities in real time for digital and remote customer enrollment. The main market for Suma México is Mexico, but the company is rapidly growing and expanding its presence in other countries in Latin America.

We are happy to have chosen Regula Document Reader SDK as our foundation for ID verification. With this solution, we are sure of the depth of document checks and can guarantee ultimate quality for our clients. And we especially value Regula’s most extensive document template database; we really haven’t found anything close to it. Having such a vast library at our service helps us address any case without delays or quality loss. Plus, with Regula we enjoy a flexible pricing model that easily adapts to our growing business.

—JUAN PABLO ROMERO, CEO AT SUMA MÉXICO

Challenge

The proprietary solution of Suma México for identity verification came along as the world started moving rapidly to digitalize everything, including onboarding and authentication. The company aspired to create a fully digital and seamless experience for its clients––businesses that needed to properly verify their customers regardless of their location.

At that point, Suma México realized that this task required more robust and trustworthy ID verification technology than the one they had been using from a third-party provider. It was crucial to enable the most comprehensive document checks in order to detect fraud and eliminate the risk of illegal users getting access to various products and services. And the existing solution couldn’t fulfill these requirements.

At the same time, Suma México was starting to expand its client base dramatically, so they required a truly flexible ID verification solution at the core of their product: one that would help them scale their business, both in technological and financial terms.

Solution

VeriDocID is a complex solution for document and biometric verification, which means Suma México requires several technologies to make it work properly. For the identity document authentication component, the company chose the powerful Regula Document Reader SDK.
By embedding the Regula solution into their own product, Suma México managed to address two major challenges:

• Data entry automation
  
  Regula's technology automatically recognizes the document type, no matter what ID is provided. And thanks to the intelligent OCR engine in Regula Document Reader SDK, all types of ID data are captured in a snap, and, even more importantly, are parsed correctly into corresponding fields, so there is no need for manual checks and processing, and no room for human error. All these actions are done in no time with ultimate precision, because the Regula solution relies on the world's largest document template database-containing over 12,000 templates-which Regula owns and maintains, and which provides the most profound knowledge on nearly all the documents in the world.
• Fraud prevention
  
  The Regula solution allows for the most comprehensive verification of any type of ID, including the rarest ones, and those that do not correspond to common standards (like ICAO or ISO). Not only does Regula Document Reader SDK check every document zone and security element for validity and authenticity, it also cross-compares data from all the zones for possible inconsistencies that could indicate forgery. So, if at least one check fails (among the entire range of document checks that the Regula solution performs), the system will flag it and thus help spot fraud at early stages.

Result

Since Suma México implemented Regula Document Reader SDK, it started to gain new clients rapidly, including big names in Mexico and Latin America. Consequently, the company has grown fast, both in revenue and in the number of verification transactions. As for the revenue, in a two-year period Suma México has reached 200% growth. And regarding the increase in document check operations, in 2022 alone, the company provided over one million verification transactions for its clients and is very likely to double that number this year.