Socure has added hundreds of financial institutions to its client roster. The windfall comes courtesy of a new partnership with Kasasa, which provides financial technology services for smaller community banks and credit unions throughout the United States.
In that regard, Kasasa is particularly well known for its INMO digital account opening solution. The partnership with Socure will allow Kasasa’s INMO clients to integrate Scoure’s identity verification solution into their technology stacks to strengthen security and improve the onboarding experience for their customers.
The Socure anti-fraud platform uses facial recognition to match a selfie to the image on a photo ID. In doing so, it enables a fully remote onboarding process, with high auto-acceptance rates to minimize the administrative burden on financial institutions. In that regard, Kasasa noted that Socure is particularly good at auto-identifying people with less extensive paper trails, such as younger Gen Z and millennial users and immigrants who are new to the country. Kasasa provides services for a network of 900 financial institutions, though only 225 of the company’s INMO customers will be deploying Socure’s technology at the current moment.
“We recognize that most financial institutions struggle with auto-accept rates for hard-to-identify populations, such as the credit invisible, thin-file, and new-to-country populations that comprise a majority of the applicants at our community bank and credit union clients,” said Kasasa CEO Gabe Krajicek. “Partnering with Socure helps us advance our mission of providing community institutions with the technology they need to compete with megabanks.”
“We are proud to provide more than 200 community banks and credit unions with the same best-in-class platform that four of the five largest banks use today,” added Socure founder and CEO Johnny Ayers. “Our platform helps ensure financial inclusion, a frictionless user experience, and improved reduction in fraud.”
Socure’s auto-acceptance rate sits at 98 percent for mainstream groups, and at 94 percent for those that are harder to identify. The company passed 750 customers earlier this month, and has made several new additions to the executive suite as it looks to build on that success.
(Originally posted on FindBiometrics)