Socure Introduces Single API Digital to Physical Identity Verification on its Next-Generation Beyond-Human Predictive Analytics Platform
NEW YORK, NY – September 11, 2017 – Socure, a leading provider of digital identity verification predictive analytics technology, today announced the next generation version of its beyond-human predictive analytics platform. Version 3.0 of the platform (codenamed Sapphire), features a modular design and includes a single API to handle digital to physical identity verification. Socure has partnered with AU10TIX, a subsidiary of ICTS International, and a pioneer in global passport and driver license processing solutions, to aid in document processing.
Socure’s ID+ solution on its Sapphire platform, includes a series of modular offerings via a single API to validate consumer’s PII (email, phone, address, date of birth, SSN, Passport, Driver License), correlate the identity across 300+ certified offline, online and social data sources as well as provide predictions on the authenticity (whether the identity is real or not) and fraud risk of the individual. Socure’s customers have realized over 10X ROI through improved acceptance of good customers, reduction in fraud losses, lowered costs of manual review and compliance, lowered total ownership costs from a single vendor offering and an improved frictionless experience for the end consumer. The news comes on the heels of Socure’s $14M Series B funding announcement and other exciting developments at the company, including several industry partnerships.
“Our technologies and capabilities are significantly ahead of other industry offerings and will continue to be as we focus on improving our current solutions while developing new capabilities in this space. We are creating the world's first dedicated identity verification robot to go beyond human powered rule-based and generalized machine learning identity verification techniques,” said Sunil Madhu, Socure CEO.
Socure ID+ offers the most comprehensive digital identity verification with the highest accuracy available on the market. When a transaction is identified as high-risk, customers will now have the option of invoking physical document verification as a secondary authentication factor. The combination of Socure’s digital identity verification with physical document verification provides the greatest level of assurance achievable that an identity is valid, belongs to the user being verified and is risk free.
“Both Socure and AU10TIX are on the cutting edge of technology in the identity authentication and verification space. We’re looking forward to continuing to work together and address market opportunities,” said Ron Atzmon, Managing Director of AU10TIX.
Financial services and ecommerce companies, including digital banking firms, online lending platforms, digital wealth management companies, payments and remittance companies as well as marketplaces are using Socure to streamline their digital identity verification processes. Socure’s ID+ Sapphire (version 3.0) will be generally available on October 1st 2017.
Socure will be at FinovateFall Monday, September 11 through Wednesday, September 13.
Socure will be hosting a demo showcasing its new platform and ID+ solution suite on Tuesday, September 12.
Socure is the leader in creating high-assurance digital identity verification technology. Its predictive analytics platform applies artificial intelligence and machine-learning techniques with trusted online/offline data intelligence from email, phone, address, IP, social media and the broader Internet to authenticate identities in real-time. Socure powers financial inclusion, increasing acceptance as much as 40 percent for millennials and other thin-file consumers. It also bolsters CIP/KYC programs and AML compliance for enterprises in the US, helping them to reduce fraud up to 80 percent and lower manual review costs as much as 90 percent. Socure was founded in 2012 and is based in New York City.
AU10TIX Limited, a fully owned subsidiary of ICTS International N.V, deals with the authentication and digitization of identifying documents including Passports, identity cards, driving licenses and other complementary identifying documents. The company specializes in implementing hardware & software based applications used for scanning, identifying, content retrieval, authentication and validation of identifying documents. AU10TIX is a pioneer of all-channel (front-end and online) ID authentication and processing solutions. The company’s products drastically reduce identifying document-based fraud, reducing the costs associated with client processing and enabling effective regulatory compliance, while making the sales and support operations speedier and considerably more efficient.
For more information, visit www.au10tix.com.
Topics: Press Release