Sonovate, a leading provider of embedded finance and payment solutions for the contingent workforce, is partnering with Alloy to enhance fraud protection as it expands globally.
The partnership was formed to address the increasing challenge of fraud in financial services. A report from UK Finance highlighted that £1.17bn was lost to financial crime in 2023 alone, driven partly by advancements in technologies like generative AI that enhance the capabilities of fraudsters.
Sonovate has been instrumental since 2014 in funding nearly £6bn ($8bn) of invoices, aiding over 3,300 businesses and 50,000 workers across 44 countries. It recently opened its first overseas office in Amsterdam and upgraded its funding technology to better support large, multinational recruitment firms. Alloy, on the other hand, offers an end-to-end identity risk management platform used by over 600 financial institutions globally to mitigate fraud and manage compliance risks efficiently.
Sonovate is committed to empowering businesses with tailored financial solutions, leveraging its platform and expert service for swift credit decisions, same-day funding, credit insurance, and collection services. This facilitates companies in focusing on growth, knowing their financial operations are secure.
Tom Wilson, global head of risk and compliance at Sonovate, said, “With its network of data sources, Alloy gives us the power to protect our business and customers from financial crime and the flexibility to make adjustments as needed as our business scales.”
James Baston-Pitt, head of UK and EMEA at Alloy, said, “We’re excited to support Sonovate in their mission to empower recruitment and consultancy businesses with tailored financial solutions.
“Risk management has always been a core part of Sonovate’s business, and with Alloy, the company will continue to evolve to address growing fraud threats.”
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