Artis, Socure partner on digital identity verification

Source: IBS Intelligence 2020-05-20

Atlanta-based platform provider Artis Technologies has partnered with Socure, a leader in Day Zero digital identity verification, to validate the identities of consumer loan applicants in real-time. With a new model of banking likely to emerge from the COVID-19 pandemic, banks and credit unions will require more comprehensive authentication technologies that support an increasing number of remote transactions and are deployed at onboarding – or the “Day Zero” stage – to minimize fraudulent activity.

Socure’s real-time predictive analytics platform combines machine learning and artificial intelligence with digital and offline data to deliver robust Know Your Customer (KYC), identity verification and fraud risk prediction available. These capabilities are embedded within Artis’ platform to validate a consumer’s identity at the moment of purchase, reducing friction in the application process and expediting decisions.

Rhon Daguro, senior vice president of sales at Socure, said: “Digital-first (and digital-only) banking needs an elevated standard for identity verification, built around providing a holistic, data-driven view of fraud risk in an instant. Particularly with Artis’ unique approach to consumer financing, there’s a heightened need to provide quick approvals on the spot without complicating or prolonging the application process, while also ensuring confidence in that decision. Our companies share an understanding of risk being multidimensional, and are excited to partner in powering smarter, more effective lending.”

Incorporating Socure’s “Day Zero” approach enables Artis-powered SMBs – and the financial institutions backing the loans – to verify documents (in nearly any form) with assurance, comply with Customer Identification Program (CIP) requirements, and run risk-based checks against global watchlists with ease.

Barclay Keith, CEO of Artis Technologies, said: “Data security, compliance and consumer privacy are a top concern for Artis, which is why we have partnered to embed these critical functions within the platform. We did a large market search for the right fraud partner, ultimately deciding if we built a solution on our own, it would be like Socure. Providing unbiased credit decisions starts with knowing the money will get to the right people, and Socure’s digital identity verification solution gives our clients the right foundation to approve loans more efficiently.”

Artis, Socure partner on digital identity verification

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