Deep dive: pricing
Given the variety of products from these vendors and the way that the information was provided, it’s hard to do a direct comparison -- but we can try by making a couple of assumptions and establishing some constants:
For the vendor with a set-up fee (Experian), the cost is amortized over 2 years and 10,000 claims per month.
For the vendors that provided approximate costs:
Sentilink said $0.25 / verification: we will create a moderate cost range of $0.15 - $0.45 / verification.
Socure said mid-to-high single digit cents / query: we will create this as a range of $0.04 - $0.09 / query.
Not all queries will result in a verified identity; we will stipulate that a best-case scenario for all vendors other than ID.me is 95%, and that the worst-case scenario is 80%.
*Because ID.me has a virtual in-person proofing step that none of the other vendors have, we will stipulate that their best-case scenario for achieving a verified identity is 99%, and that their worst case is 85%.
Below are the results of calculating average cost per query (i.e., cost per new UI claim) for the 6 vendors whose pricing information we have
Last updated