NEW YORK – June 11, 2020 – Socure, the leader in Day Zero digital identity verification technology, today announced the launch of “Intelligent KYC,” unlocking scale and speed in customer acquisition, industry-leading auto-approval rates, and fewer manual reviews. The new solution is a central pillar of a holistic identity strategy. It incorporates a wealth of data sources along with advanced graph analytics and unsupervised ML to produce more expansive, and actionable insights. Businesses leveraging Intelligent KYC from Socure can achieve greater than 20% higher auto-approvals vs. legacy IDV systems.
“In the digital-first world, compliance teams need hyper-accuracy in their use of KYC tools without introducing more friction for customers or costly reviews for their operations teams,” said Socure CEO Tom Thimot. “Intelligent KYC is the industry’s most sophisticated KYC solution and will push our clients far beyond check-box compliance.”
Traditionally, KYC has primarily relied on credit bureau data and out-dated analytical approaches, which falls short of verifying important segments of the population, such as thin-file millennials or new-to-country individuals. In contrast, Socure’s enhanced ML solution incorporates a massive number of data sources, tapping into more than 310 million entities and three billion records from credit header and inquiry, utility, telecom, and other authoritative sources.
“A strong KYC solution powered by advanced analytics can drive better results for a variety of institutions while removing friction for customers,” said Charles Subrt, Analyst, Aite. “With cybercriminals becoming increasingly sophisticated, firms must continue to elevate KYC through innovation to keep pace.”
Socure offers its KYC solution both individually and as part of an end-to-end integrated engine for identity fraud, AML and digital document verification. Combining ID+ KYC with fraud risk assessment can substantially increase accuracy, auto-acceptance, with a simultaneous reduction to fraud losses.