The partnership aims to further enable credit unions, banks, and fintechs to enhance the account opening process, thus boosting the accuracy of identity verification and fraud detection.
Following the joint venture, MeridianLink’s customers will be able to leverage SocureID+, Socure’s identity verification and fraud detection platform and, consequently, verify and onboard their consumers in real time. The new process is expected to eliminate friction and deter fraudulent applicants.
This is facilitated by the fact that SocureID+ uses advanced machine learning as well as AI capabilities. As a result, the identity verification solutions provider can deliver identity verification and proofing, as well as Know Your Customer (KYC), document verification, and risk prediction solutions.
By integrating SocureID+ with its digital lending platform, MeridianLink aims to facilitate credit unions, banks, and fintechs to expedite consumer onboarding, especially for difficult-to-validate demographics.
The new service is expected to reduce abandonment and drop-off rates, as well as to authenticate all demographic groups registering for services for the first time, concurrently identifying instances of fraudulent, stolen, and synthetic identities, all within one second.
As per the official statement, a representative from MeridianLink pointed out that the new joint venture comes as a response to the financial institutions’ growing focus on digitalisation. The official also stressed that digital identity verification has become even more important in this scenario.
Socure’s KYC offering leverages AI and machine learning (ML) technology to provide automated data processing and cleansing. The identity verification solutions provider’s database covers cross-industry customer information from over 8 billion records affiliated with 1 billion known entities.
As per the official statement, the solution delivers pass rates reaching up to 98% for mainstream populations and up to 94% for challenging-to-identify groups like Gen Z, millennials, credit-invisible individuals, those with thin-file credit histories, and newcomers to the country.
What is more, its identity fraud product uses a single ML model to provide third-party identity fraud solutions. Among the details that it analyses are the customer’s name, email, phone, address, date of birth, SSN, IP, device, velocity, network, and behavioural intelligence.
Apart from this fraud-related solution, the company also extends a synthetic identity fraud detection product that can purportedly identify 53% of synthetic fraud by solely targeting the most high-risk 1% of users while maintaining a false positive rate of 1:1 or lower.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now