Following this announcement, Socure and Trustly are expected to combine their expertise and suite of solutions in order to streamline a secure and efficient onboarding process, as well as Pay by Bank tools for merchants and traders. This collaboration will allow customers who are in industries that require robust KYC procedures (such as gaming, investing, trading, and financial services) to access the possibility to simplify their customer onboarding processes, while also delivering fast and safe payment methods.
Multiple traders, merchants, and financial institutions are currently experiencing significant conversion drop-offs and revenue loss in the process of acquiring new customers, who are usually required to complete KYC procedures as part of their onboarding. With this in mind, the partnership will combine the companies’ capabilities in order to increase conversion rates and shorten the overall user onboarding procedure. In addition, this is expected to accelerate time-to-revenue while fintechs focus on ensuring regulatory compliance as well.
Throughout this strategic deal, the companies will combine Socure’s accurate and inclusive identity verification and fraud prevention ID+ platform with Trustly’s Pay by Bank offers. This incorporation is set to offer merchants the opportunity to onboard users in a secure and fast manner, while also processing payments in one integrated flow.
At the same time, Socure’s AI-powered platform was developed to use predictive analytics and a database of multiple identities in order to provide optimised accuracy for KYC and CIP compliance, ID verification, and fraud detection through the fully integrated suite. Furthermore, Trustly will use its direct banking integrations in order to provide instant Open Banking payments with transaction guarantees.
Both Socure and Trusty aim to address key needs and demands of customers, as more commerce moves online and fraudsters find new ways to exploit the legacy identity verification processes, as well as the fraud prevention approaches. Socure’s predictive machine learning modules will be integrated with Trustly’s Open Banking authentication and data processes in order to mitigate several emerging risks, such as deepfakes, synthetic identities, and account takeover fraud.
For more information about Trustly, please check out their detailed profile in our dedicated, industry-specific Company Database.
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