Socure unveils Buy Now, Pay Later-specific solution

According to the press release, the solution leverages the technology and data currently used by more than 100 BNPL providers, alternative payment providers, fintechs, banks, and credit card issuers. Socure developed the solution using deep identity and transaction data that enables multiple BNPL providers to attract new merchants, power their growth by converting more qualified shoppers in real time, and reduce loss rates.

At the core of Socure’s BNPL-specific solution are powerful identity verification capabilities combined with a fraud model fine-tuned with order and account specific data types that evaluate fraud signals at the point of transaction. The solution helps to identify and convert more new shoppers, including demographics with limited credit history and data during onboarding, while preventing fraud with unmatched accuracy. 

Besides, the product is built on the Socure ID+ platform, which achieves accuracy and breadth of coverage of good and bad identities and models continuously updated with performance feedback data from Socure’s vast network of customers.