Alloy and Socure Partner to Automate Digital Identity Verification and Onboarding for Financial Institutions

NEW YORK--()--Socure and Alloy today officially announced a partnership that enables financial institutions to make real-time digital identity verification decisions with unprecedented speed and accuracy for onboarding new customers. Using the combination of Socure's AI-based identity risk scoring and Alloy’s workflow management has 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.

Traditional approaches for complying with Know Your Customer (KYC) and Anti Money Laundering (AML) regulations when used in digital account opening are manually intensive, expensive, and slow. Worse, customers often have to wait days, if not weeks, for decisions. As a result, most mobile and digital-first customers will abandon their applications.

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 Alloy-Socure offering significantly reduces fraud and manual reviews, while providing audit trails required for bank examinations and compliance.

“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.

“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.”

The Socure ID+ platform combines artificial intelligence, unsupervised machine learning and clustering algorithms to learn customer identity from their digital footprints. By calculating risk and correlation scores, Socure ID+ empowers businesses to dramatically increase online application acceptance rates, as well as reduce manual reviews and fraud.

Alloy solves identity and compliance problems for financial institutions and fintech companies by offering an API that aggregates multiple data sources and a rules engine for centralized management and analysis of customer onboarding and risk data. The Alloy platform improves customer conversion while meeting compliance requirements, reduces risk & fraud, and automates manual back-office processes.

About Alloy
Alloy enables financial services providers to make better identity and risk decisions about their customers, using a single API and software platform to manage identity verification from signup through the lifecycle of the customer. Alloy makes it easy for financial services companies to instantly and safely onboard more good customers, while fighting fraud and reducing manual reviews. Visit www.alloy.co to learn more and follow them on Twitter @UseAlloy.

Topics: Alloy, Identity verification, Fraud, Identity Proofing, Fintech

Socure

Socure

Socure is the leader in high-assurance digital identity verification. The company’s predictive analytics platform applies artificial intelligence and machine learning to trusted online/offline sources including email, phone, address, IP address, social media and traditional GLBA/DPPA data to authenticate identities in real-time. The Socure ID+ platform reduces fraud by up to 90 percent, lowers manual review/knowledge-based authentication (KBA) rates by as much as 80 percent, and automates Customer Identification Program (CIP), Know Your Customer (KYC) and anti-money laundering (AML) compliance initiatives.