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INCLINE VILLAGE, NV– March 5, 2022 – Socure, the leading provider of digital identity verification and fraud solutions, announced today an integration with ServiceNow’s Financial Service Operations product. Financial institutions that leverage the integration between ServiceNow Financial Services Operations and Socure’s identity verification platform will quickly onboard more accounts, deliver differentiated customer onboarding experiences, reduce risk, and lower client acquisition costs.

Socure’s integrated digital identity verification technology will provide key decision inputs for customer onboarding workflows, built with ServiceNow Financial Services Operations. Socure’s graph-defined identity verification and fraud platform combines advanced machine learning and artificial intelligence with all elements of a consumer’s identity to deliver the most accurate and robust identity verification and proofing, Know Your Customer (KYC), and fraud risk prediction solutions in the market. Banks, credit unions, wealth managers, asset managers, neobanks and FinTechs, can now deliver more immediate and convenient client onboarding experiences with digital identity verification embedded into Financial Services Operations.

Financial Institutions can substantially increase auto-acceptance rates, reduce false positives, and reduce friction. They can optimize the digital customer experience at application, account update, password reset, high-value transaction, and across the customer lifecycle. ServiceNow’s pre-built integration with Socure enables financial institutions to easily embed Socure APIs into workflows developed with Financial Services Operations.

“Frictionless account onboarding and fraud prevention are mission critical for Socure,” said Evan Rabinowitz, vice president of business development, Socure. “Our newly launched integration with ServiceNow Financial Services Operations provides best-in-class identity verification technology and revolutionizes the way that our mutual customers can safely add new consumers into their ecosystem.”

“In today’s digital first landscape, new account openings at financial institutions are exploding. Consumers and businesses now expect an effortless onboarding experience from their financial institution, or they’ll find an alternative,” said Tammi Shapiro, vice president and head of financial services product, ServiceNow. “With Financial Services Operations, our objective is to create those effortless, streamlined experiences that extend from how a customer engages with their financial institution to how they are serviced and fulfilled on the back end, starting with onboarding. We chose to integrate with Socure’s identity verification and fraud platform because of its industry-leading accuracy. This embedded capability enables delivery of frictionless onboarding experiences and reduces fraud for new accounts, all while meeting regulatory compliance.”

Product Highlights from the Socure ID+ Platform Include:

Graph-Defined Identity Verification Platform
Socure has built the most comprehensive identity graph in the industry that analyzes and correlates every facet of a digital identity, utilizing more than 17,000 features, eight billion rows of data, and a continuous feedback loop of decision outcomes from more than 1,800+ customers across industries to deliver the highest-assurance assessments of new users in the market.

Inclusive KYC
Socure’s patented inclusive KYC solution automates customer identity verification, enabling organizations to auto-approve up to 98% of customers while satisfying compliance requirements. It uses advanced ML and search analytics to achieve the highest match accuracy in the industry including up to 94% for hard-to-identify populations such as Gen Z, millennial, credit invisible, thin-file, and new-to-country.

Accurate and Robust Fraud Risk Protection
The Socure Sigma Fraud Suite provides machine learning models that are trained and refined through an automated process that adapts to emerging fraud trends and utilizes the most predictive features possible, leveraging both good and fraudulent performance feedback from a network of the company’s clients across a variety of industries. It is continuously optimized to ensure the highest levels of accuracy possible while receiving customer data inputs that improve model performance on an ongoing basis and is designed to capture multiple third-party and synthetic ID fraud types. Socure captures up to 90% of fraud in the top 3% of riskiest users and reduces false positives by more than 13x compared to legacy solutions.

Predictive Identity Document Verification
Socure’s Predictive DocV delivers an automated, hyper-accurate, holistic decision in seconds by applying hundreds of predictive signals on top of ID verification, liveness detection, and biometric facial matching, to reduce manual processes and user drop-off while identifying more good customers and eliminating fraudsters in real time. Cited as the best-in-class ID verification solution in the market by Aite-Novarica Group, DocV verifies thousands of global ID documents from 195 countries.

Socure Global Watchlist
Screening with Monitoring
Socure’s sophisticated matching algorithms, proprietary data, and true continuous monitoring deliver industry-leading accuracy and uninterrupted compliance with AML and KYC regulations. Customizable date of birth thresholds, unique HIDTA and HIFCA lists, and the ability to resolve to an individual by pairing with other Socure KYC datasets deliver best-in-class results.

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