Alloy, Socure team up to automate digital identity verification

Friday 19 October 2018 09:33 CET | News

Socure and Alloy have partnered to enable financial institutions to make real-time digital identity verification decisions for onboarding new customers.

The joint solution combines Socure’s predictive analytics platform and Alloy’s decisioning engine with multiple online, offline and other data sources, predictive fraud tools, and a flexible rules engine, in order to enable real-time decisioning and onboarding for new account openings. The Alloy-Socure offering reduces fraud and manual reviews, while providing audit trails required for bank examinations and compliance.

The Socure ID+ platform combines artificial intelligence, unsupervised machine learning and clustering algorithms to learn customer identity from their digital footprints. Socure ID+ calculates risk and correlation scores, facilitating companies to increase online application acceptance rates, as well as to reduce manual reviews and fraud.

Alloy solves identity and compliance problems for financial institutions and fintech companies by offering an API that aggregates multiple data sources and a rules engine for centralised management, and analysis of customer onboarding and risk data. The Alloy platform reduces risk and fraud, and automates manual back-office processes.

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Keywords: Alloy, Socure, digital identity, analytics, fraud, AI, machine learning, fintech
Countries: World