New York-based Socure has announced the new integration of its biometric selfies and liveness detection within ServiceNow’s Financial Services Operations product.
The move will allow financial institutions working with ServiceNow to access Socure’s biometric identity verification platform on onboard accounts, reduce risk, and lower client acquisition costs.
“Conflict-free account onboarding and fraud prevention are critical to the mission for Socure,” said Evan Rabinowitz, the company’s vice president of business development.
“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.”
From a technical standpoint, the Socure platform combines machine learning and artificial intelligence (AI) technologies with consumer identity elements to deliver identity verification and authentication, Know Your Customer (KYC), and fraud risk prediction feature.
According to Socure, the biometric platform could help companies significantly increase auto acceptance rates, and reduce both false positives and friction.
“At Financial Services Operations, our goal is to create effortless, streamlined experiences that range from how a customer interacts with their financial institution to how they are served and fulfilled in the back, starting onboarding, ”explains Tammi Shapiro, vice president and head of financial services product at ServiceNow.
“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, while meeting regulatory compliance. ”
Socure also recently partnered with banking platform Lili, shortly after getting the ‘Best Identity Verification
Article Topics
AML | banking | biometric liveness detection | biometrics | digital identity | face biometrics | fraud prevention | identity verification | KYC | onboarding | selfie biometrics | Socure