10x Banking partners with Alloy to improve customer onboarding

The main goal of the partnership is to create an advanced system for customer onboarding, continuous KYC and KYB monitoring, and credit decisioning. In essence, this collaboration aims to offer financial institutions worldwide a more efficient way to manage identity risk and compliance throughout the customer lifecycle. 

The integration combines 10x’s core banking platform with Alloy’s fraud and identity management solutions. 10x’s platform is used by global financial institutions such as Chase UK and Westpac, enabling banks to transition to cloud-native operations with greater speed and lower costs. Alloy serves more than 600 financial institutions and fintechs globally, with a data network that includes over 200 sources for fraud, compliance, and identity data, covering markets in 195 countries.

Streamlined credit decisioning and risk management

This partnership will integrate Alloy’s data network directly into 10x’s core banking platform, allowing financial institutions to make more informed lending and account opening decisions. The solution aims to provide improved decision-making capabilities, enabling faster, more accurate business choices that meet the demands of real-time market environments. The modular decisioning tool also enables institutions to originate, personalise, and manage loans directly within 10x’s platform. 

In the official press release, representatives from Alloy emphasised that the collaboration reflects the company’s ongoing commitment to helping financial institutions combat fraud. They noted that the partnership would provide institutions worldwide with the tools to more effectively manage identity risk, especially during account opening and ongoing risk management processes. 

In turn, officials from 10x Banking stated that the partnership marks an important advancement in risk decisioning. They pointed out that Alloy’s cloud-native identity risk management platform complements 10x’s core banking services, creating a versatile and modern solution for transforming loan origination processes for banks and fintechs.