Socure and Alloy have partnered to enable financial institutions for real-time digital identity verification decisions for onboarding new customers.
The partnership will see Socure’s AI-based identity risk scoring combined with Alloy’s workflow management.
To enable real-time decisioning and onboarding for new account openings, the joint solution combines Socure’s predictive analytics platform and Alloy’s decisioning engine with multiple online, offline and other data sources, predictive fraud tools, and a powerful, flexible rules engine.
The companies claims the join offering significantly reduces fraud and manual reviews, while providing audit trails required for bank examinations and compliance. It has already helped Radius Bank, an innovative digital bank, cut fraud in half, virtually eliminate manual reviews, and achieve a major boost in its new account conversions.
“Given the extreme difficulty of fighting fraud while onboarding consumers digitally at scale, providing our customers with an end-to-end suite of predictive analytics, decisioning and case management capabilities means speed to market, unparalleled accuracy and technical flexibility that can’t be found when trying work with legacy ‘identity proofing’ platforms,” said Johnny Ayers, co-founder & SVP for Socure.
Socure’s ID+ platform combines artificial intelligence, machine learning and clustering algorithms to learn customer identity from their digital footprints. By calculating risk and correlation scores, the solution aims to help businesses to ‘dramatically increase’ online application acceptance rates, as well as reduce manual reviews and fraud.
Alloy’s platform improves customer conversion while meeting compliance requirements, reduces risk & fraud, and automates manual back-office processes. Alloy offers an API that aggregates multiple data sources and a rules engine for centralised management and analysis of customer onboarding and risk data.
“Balancing fraud risk and customer friction are the two leading challenges facing financial institutions when it comes to digital account opening,” said Tommy Nicholas, co-founder & CEO of Alloy. “The data and intelligence provided by Socure combined with Alloy’s decision engine and reporting tools make digital onboarding infinitely scalable for the first time.”
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