Following this announcement, the acquisition will combine Socure’s digital identity verification and fraud solutions with a developer-friendly AI orchestration and decision platform. This combination of technology is aimed at optimising the manner in which the market combats fraud and verifies identities across the entire customer journey.
In addition, the companies will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
According to the official press release, the entire Effectiv team is set to join Socure, as well as spearheading its platform products, engineering and data science development, and contributing to its enterprise go-to-market strategy.
At the same time, this acquisition will enable Socure to deepen existing enterprise partnerships, as well as expand in order to serve the midmarket in an optimised manner. With the Effectiv platform, Socure will be able to orchestrate and write combinational rules on its own services, along with those from third parties that leverage the 360-degree view of identity. The approach of identity certainty will automate risk and trust decisions beyond onboarding at login, authentication, payments, account changes, account recovery, or regulatory filling from a single platform. This will take place with an adaptive, stateful view of the same identity at every touchpoint across the enterprise.
Effectiv will also introduce transaction-level solutions to Socure’s portfolio, including real-time payments fraud and AML transaction monitoring, which both require a platform built for speed, scale, and flexibility in analytics. Furthermore, the platform is set to provide the ability to develop and import an enterprise’s own machine-learning models in order to support unlimited solution configurations inclusive of ingesting custom data. In addition, it also delivers the flexibility necessary to tackle fast-changing fraud attack patterns, and optimised customer risk profiling across any industry.
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