<p><strong>INCLINE VILLAGE, NEVADA and SAN CARLOS, CALIFORNIA–February 29, 2024 – </strong><a href="https://www.socure.com/">Socure</a>, the leading provider of artificial intelligence for digital identity verification, sanction screening and fraud prevention, and <a href="https://us.trustly.com/">Trustly</a>, a leading global Open Banking payments provider, today announced an industry-first partnership to offer merchants and fintechs a streamlined onboarding and guaranteed Pay by Bank solution. This integration allows merchants, especially in industries that require robust KYC such as investing, <a href="https://www.socure.com/industries/online-gaming">gaming</a>, trading and <a href="https://www.socure.com/industries/financial-services">financial services</a>, to simplify their customer onboarding process while guaranteeing fast payments.</p>
<p>By combining Socure’s accurate and inclusive identity verification and fraud prevention <a href="https://www.socure.com/products/socure-id">ID+ platform</a> with Trustly’s guaranteed Pay by Bank offering, merchants can onboard users and process payments in one integrated flow. Socure’s AI-powered platform uses predictive analytics and a database of over two billion identities to provide industry-leading accuracy for <a href="https://www.socure.com/blog/what-is-a-customer-identification-program">KYC/CIP compliance</a>, fraud detection and <a href="https://www.socure.com/glossary/identity-verification">ID verification</a> through its fully integrated suite. Trustly, with direct banking integrations, provides instant Open Banking payments with transaction guarantees.</p>
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<h3>“This partnership enables Trustly to better serve our customers who can now provide a seamless onboarding and payment solution for their consumers and realize increased conversion,” said Craig McDonald, Chief Business Development Officer at Trustly.</h3>
<h3>“Combining Open Banking with KYC and screening, greatly enhances the robustness of user onboarding and incorporates a seamless payment solution, providing consumers the ultimate onboarding experience.”</h3>
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<p>Merchants are experiencing significant conversion <a href="https://www.socure.com/glossary/customer-abandonment">drop-offs</a> and subsequent revenue loss when acquiring new consumers who are required to complete KYC as part of their onboarding. Together, Socure and Trustly’s combined capabilities increase conversion rates and shorten user onboarding by up to 5x, according to Trustly’s research. The joint solution allows merchants and fintechs to accelerate time-to-revenue while ensuring regulatory compliance.</p>
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<h3>“We are very excited about our partnership with Trustly and its pay-by-bank business model. We think this diversity in payment types brought about by open banking is representative of a new era for consumer choice,” said Evan Rabinowitz, Vice President of Business Development at Socure.</h3>
<h3>“We have a shared belief that trusted identity is essential to the transformation of open and connected banking.”</h3>
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<p>The partnership addresses key needs as more commerce moves online and fraudsters find new and sophisticated ways to exploit legacy identity verification and fraud prevention approaches. Deepfakes, synthetic identities and <a href="https://www.socure.com/glossary/account-takeover">account takeover fraud</a> are growing threats that require advanced <a href="https://www.socure.com/glossary/identity-proofing">identity proofing</a> and risk assessment. Socure’s predictive machine learning models coupled with Trustly’s Open Banking authentication and data mitigate these emerging risks.</p>
<p>Trustly’s fast-growing merchant network includes major companies such as: AT&amp;T, Coinbase, Dell, Lyft, GoFundMe, T-Mobile, DraftKings, FanDuel, and Western Union to name a few.</p>
<h3 style="margin: 30px 0;">About Trustly</h3>
<p>Founded in 2008, Trustly is a global leader in Open Banking Payments. Our digital account-to-account platform redefines the speed, simplicity, and security of payments, linking some of the world&#8217;s most prominent merchants with consumers directly from their online banking accounts. Trustly can handle the entire payment journey, setting us apart from the competition and enabling us to offer an attractive alternative to traditional card networks at a lower cost. Today we serve 8,300 merchants, connecting them with 650 million consumers and 12,000 banks in over 30 countries. In 2022, we processed over $42 billion in transaction volume on our global network. Trustly is a multi-national payments and data solutions company, offering products across North America and Europe. In the United States, services are provided by Trustly, Inc., its local affiliates, and partners. Read more at <a href="http://www.trustly.com">www.trustly.com</a>.</p>
<h3 style="margin: 30px 0;">About Socure</h3>
<p>Socure is the leading provider of digital identity verification and fraud solutions. Its AI and predictive analytics platform applies artificial intelligence and machine learning techniques with trusted online and offline data intelligence to verify identities in real-time. Socure is the only vertically integrated identity verification and fraud prevention platform with both IAL-2 and <a href="https://www.socure.com/news-and-press/socure-achieves-fedramp-moderate-in-process-status">FedRAMP Moderate certifications</a>, delivering advanced levels of assurance and the highest standards for security and compliance. The company has more than 2,200 customers across the financial services, government, gaming, healthcare, telecom, and e-commerce industries, including four of the five top banks, the top credit bureau and more than 400 fintechs. Organizations including Chime, SoFi, Robinhood, Gusto, Public, Poshmark, Stash, DraftKings, and the State of California trust Socure for accurate and inclusive identity verification and fraud prevention. Learn more at <a href="https://www.socure.com/">socure.com</a>.</p>


Socure's Global Expansion Brings Instant Identity Verification

Socure and Trustly Partner to Offer Industry-First Streamlined Onboarding and Open Banking Payments Process for Merchants and Fintechs