INCLINE VILLAGE, Nev .– (WIRE OF BUSINESS)-Socure, the leading provider of digital identity verification and fraud solutions, announced today an integration with the Financial ServicesNow product. Financial institutions that use the integration between ServiceNow Financial Services Operations and Socure’s identity verification platform will quickly onboard more accounts, deliver a diverse customer onboarding experience, reduce risk , and will lower client acquisition costs.
Socure’s integrated digital identity verification technology will provide key decision inputs for customer onboarding workflows, developed using ServiceNow Financial Services Operations. Socure’s graph-defined identity verification and fraud platform combines advanced machine learning and artificial intelligence with all elements of consumer identity to deliver the most accurate and robust identity verification and proofing, Know Your Customer (KYC), and solutions to predicting the risk of market fraud. Banks, credit unions, wealth managers, asset managers, neobanks and FinTechs, can now deliver a more immediate and convenient client onboarding experience with digital identity verification embedded in Financial Services Operations.
Financial Institutions can increase automatic acceptance rates, reduce false positives, and reduce friction. They can optimize the digital customer experience with the application, account update, password reset, high-value transactions, and throughout the customer lifecycle. ServiceNow’s pre-built integration with Socure allows financial institutions to easily embed Socure APIs into workflows built using Financial Services Operations.
“Frictionless account onboarding and fraud prevention are critical to the mission for Socure, “said Evan Rabinowitz, vice president of business development, Socure.Our newly launched integration with ServiceNow Financial Services Operations provides the best in identity verification technology and changes the way our customers can safely add new consumers to their ecosystem. ”
“In today’s digital first landscape, new account openings at financial institutions are exploding. Consumers and businesses can now expect an effortless onboarding experience from their financial institution, or they can find an alternative, ”said Tammi Shapiro, vice president and head of financial services product, ServiceNow. “At Financial Services Operations, our goal is to create effortless, streamlined experiences from how a customer interacts with their financial institution to how they are serviced and fulfilled in the back, starting with onboarding. We chose to include Socure’s identity verification and fraud platform because of its industry-leading accuracy. This embedded capability enables the delivery of hassle-free onboarding experiences and reduces fraud for new accounts, all while meeting regulatory compliance.. ”
Product Highlights from Socure ID+ Platform Include:
Graph Defined Identity Verification Platform
Socure has developed the most comprehensive identity graph in the industry that analyzes and links every aspect of a digital identity, using more than 17,000 features, eight billion rows of data, and a continuous feedback loop of results of decisions from more than 1,000 customers across the industry to deliver the highest assurance assessments of new users in the market.
KYC included
Socure’s patented inclusive KYC solution automates customer identity verification, enabling organizations to automatically approve up to 98% of customers while meeting compliance requirements. It uses advanced ML and search analytics to achieve the highest industry matching accuracy including up to 94% for hard-to-identify populations such as Gen Z, millennials, credit invisible, thin-file, and new-to -country.
Accurate and Robust Fraud Risk Protection
Socure Sigma Fraud Suite provides machine learning models that are trained and refined through an automated process that adapts to emerging fraud trends and uses the most predictive features possible, utilizing good and deceptive feedback. in performance from a network of the company’s clients in a wide variety of industries. It is continuously optimized to ensure the highest level of accuracy possible while accepting customer data inputs that continually improve model performance and is designed to capture multiple third-party and synthetic types of ID fraud. . Socure captures up to 90% of fraud in the top 3% of most dangerous users and reduces false positives by more than 13x compared to legacy solutions.
Predictive Identity Document Verification
Socure’s Predictive DocV delivers automated, hyper-accurate, holistic decisions in seconds by applying hundreds of predictive signals on top of ID verification, liveness detection, and biometric facial matching, to reduce manual processes and user drop-offs while identifying better customers and eliminating scammers in real time. Cited as the best in-class ID verification solution on the market by Aite-Novarica Group, DocV verifies thousands of global ID documents from 195 countries.
Analysis using Tracking
Socure’s sophisticated matching algorithms, proprietary data, and truly continuous tracking deliver industry-leading accuracy and uninterrupted compliance with AML and KYC regulations. Customizable birth date limits, unique HIDTA and HIFCA lists, and the ability to resolve with an individual by pairing with other Socure KYC datasets deliver best in class results.
About Socure
Socure is the leading platform for digital identity verification and trust. Its predictive analytics platform applies artificial intelligence and machine learning techniques with trusted online/offline data intelligence from name, email, phone, address, IP, DOB, SSN, device, velocity, behavioral, physical documents and on the wider internet to verify real identities. time, no matter how the identity is presented. The company has more than 1,000 customers in the financial services, government, gaming, healthcare, telecom, and e-commerce industries, including four of the top five banks, seven of the top 10 card issuers, three to the leading MSB, the leading payroll provider, the leading credit bureau, the leading online gaming operator, the leading Buy Now, Pay Later (BNPL) provider, and over 250 of the largest fintech. Marquee customers include Chime, SoFi, Varo, Public, Stash, and DraftKings. Socure’s customers have become investors in the company including Citi Ventures, Wells Fargo Strategic Capital, Capital One Ventures, MVB Bank, Voyager, and Synchrony. Additional investors include Accel, T. Rowe Price, Bain Capital Ventures, Tiger Global, Commerce Ventures, Scale Venture Partners, Sorenson, Flint Capital, Two Sigma Ventures, and others.
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