Johannesburg, 24 Jan 2023
SprintHive Identity Verification offers automated solutions to verify the identity of a person (usually a customer) digitally and automatically in both face-to-face and non face-to-face scenarios to ensure compliance with risk-based KYC regulatory requirements in a cost-effective and customer-friendly way, while preventing fraud.
Fraud prevention is a service that safeguards your business from fraud-related risk during customer onboarding. A combination of machine learning and hardcoded checks enable reliable real-time fraud prevention on identity documents by checking for impersonation and document tampering. The customer’s identity is also reinforced using third-party sources such as Home Affairs National Identification System (HANIS) in South Africa.
We are constantly working to find ways to provide the most reliable service to our customers, which has resulted in significant growth to our customer base and volumes. We negotiate economies of scale and share the benefits with our customers through cost reductions. Late in 2022, SprintHive reduced the standard price for our Identity Verification Service by 6% through the reduction of the HANIS feature cost by 35%, said Thuso Segopolo, SprintHive’s Chief Growth Strategist.
Our customers can further take advantage of our volume price discount, which provides further discounts. The more you consume, the less you pay, which will result in an additional discount of up to 13.89%. One of the differentiators to our pricing model is that we only charge on success, so you only pay when we have added value to your business.
The commitment to share in the benefits of our growth has resulted in our business growing by more than 90% from 2021 to 2022. We thank our customers and employees for their commitment to working, growing and benefiting together.
We wish our customers, employees and the rest of the industries the best for 2023.
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SprintHive
SprintHive is a fast growing South African fintech that enables seamless and innovative end-to-end customer onboarding services that drive conversion rates, prevent fraud, reduce risk and costs. It provides automated and easy to implement solutions that fully onboard a new customer in under two minutes. We work with enterprises such as Woolworths, FinChoice, RCS, Marquis Finance, Direct Axis, and WesBank. SprintHive has recently expanded their service consumption to Namibia and Botswana.
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