Johnny Ayers: Let’s start with the big news. Today I’m thrilled to announce that Socure has formally acquired Berbix, one of the most high performing, fully automated and user-friendly online document verification products in the market today.
Berbix’s technology supercharges Socure’s identity verification capabilities enabling us to continue to smoke the competition where it counts most in accuracy, precision, speed, and user experience.
Eric Levine: So at Berbix, we were hyper-focused on building the best document verification point solution on the market with a big emphasis on having the best forensic technology in our backend. And that includes, of course, the extraction of information from a government issued photo ID, but also validating that it is a legitimate ID and that the person going through the document verification process is in fact the person depicted on that ID that complimented extremely well with the investments that Socure had made across both their machine learning systems to detect different types of fraud attacks in addition to the best-in-class capture technology that they had built.
Johnny Ayers: There are four main reasons I’m so excited about the Berbix acquisition by Socure.
The first is, best-in-class accuracy. Socure sets the standard now with the highest rate of true accepts and true rejects of any solution in the market today by a long shot.
The second is best-in-class speed. Our response time within our document verification solution is now less than four seconds versus an industry average of between 6 and 75 seconds or longer for those using webhooks.
The third is in best-in-class fraud prediction. By combining our image alert list OCR, MRZ, and barcode scanning with Socure’s best-in-class fraud modeling capabilities, we are now able to capture more fake identities than any other solution in the market.
And the fourth is best-in-class user experience with first time successful conclusive results of over 94% versus an industry average of less than 80.
This acquisition accelerates us into new international markets. In looking at global coverage of ICAO compliant travel documents and national identity cards. Socure is now able to onboard a new document in less than five days because of extremely accurate natural language processing capabilities to actually train and learn on documents in a much, much, much faster pace.
Eric Levine: I’ve dedicated my career to making the internet a safer place, and by being able to bring the technology that we built at Berbix into Socure allows us to immediately multiply our impact across the entire Socure customer base.
Johnny Ayers: Socure’s customers today depend on us to continuously innovate and deliver on our mission, to be the first to verify a hundred percent of good identities and completely eliminate identity verification fraud on the internet.
This acquisition is first and foremost about accelerating our innovation roadmap so that we can take even greater strides toward achieving this mission for our customers.