Alloy, an identity and fraud prevention platform provider, has announced the launch of a perpetual Know Your Customer (pKYC) solution optimised by AI insights.
Following this announcement, the pKYC solution is expected to enable financial institutions and fintechs in the UK, Europe, and other regions to improve the customer experience and grow their business, while also meeting evolving regulatory requirements.
In addition, Alloy will continue to enable UK banks, fintechs, and payments companies to increase customer conversions and scale into new geographies while also preventing financial crime.
More information on Alloy’s KYC solution launch
When it comes to pKYC, several companies and financial institutions in the UK and Europe still rely on pre-scheduled periodic reviews, representing a process that can leave gaps in visibility and delay responses to financial crime. With this in mind, Alloy’s pKYC solution aims to optimise the initiative by pairing scheduled refreshes with real-time reactivity to both third-party and first-party data. In addition, the process of underpinning the solution represents a dynamic customer risk assessment (CRA) that can be re-run in the event that a user carries out a suspicious activity or has a suspicious change to their personally identifiable information (PII).
Alloy also partnered with agentic AI providers Parcha and Greenlite in order to automate and accelerate ongoing financial compliance, including customer reviews. With Alloy’s pKYC solution, compliance teams will have the possibility to act more quickly, increase their straight-through-processing (STP) rates, and protect their customers from financial crime at scale.
Furthermore, in order to help compliance teams automate responses to high-risk KYC checks, Alloy will also offer electronic ID (eID) verification as a new digital authentication method across multiple geographies. With more EU regulators beginning to mandate acceptance of several digital identity wallets, Alloy clients will be given the capability to integrate eID as a step-up into their KYC workflows, a process that will unlock expansion opportunities in new European and global markets where the ability to verify eIDs may be required. In addition, verifying via eID is also faster and simpler for customers than manual methods such as uploading documents or selfies, allowing financial institutions and fintechs to increase their customer conversions as well.
