The integration of Data Zoo’s global data assets into Alloy’s orchestration platform allows financial organisations to incorporate both conventional and alternative data sources into their onboarding processes through a single API.
The collaboration allows clients to use Data Zoo’s data either as a primary or supplementary tool for identity verification. This approach aims to mitigate synthetic identity fraud and streamline customer onboarding. Through the integration, Alloy’s clients can onboard users across multiple jurisdictions while maintaining compliance with regulatory standards, reducing operational costs, and improving market entry efficiency.
According to officials from Data Zoo, the company’s objective is to provide businesses with access to identity data on a global scale to facilitate financial inclusion while preventing fraudulent activity. They noted that the partnership with Alloy brings Data Zoo’s extensive data resources to a platform widely used by financial institutions and fintech firms, helping them manage identity risks while expanding their customer base.
In turn, Alloy representatives stated that the platform is designed to combat fraud while supporting business expansion. They highlighted that the inclusion of Data Zoo’s data coverage provides clients with the capability to onboard customers in new regions while adhering to compliance obligations.
Financial institutions face increasing pressure to balance effective onboarding with regulatory compliance, particularly regarding Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements. The integration of Data Zoo’s global data coverage into Alloy’s platform allows organisations to verify customer identities across multiple markets with greater accuracy.
Data Zoo supplies identity verification data to financial institutions, payment platforms, and fintech companies, enabling them to verify customer and business identities in over 170 jurisdictions. The company uses a diverse range of authoritative data sources to support KYC and Know Your Business (KYB) compliance.
Alloy provides an identity and fraud prevention platform that helps financial institutions and fintech firms manage identity risks. The company offers a platform that integrates multiple data sources to address fraud, credit, and compliance risks.
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