Securefact, Socure partner on identity verification solution for Canadian banks

Securefact and Socure have partnered to provide Canadian banks and credit unions access to a range of identity verification solutions in an effort to digitally onboard and verify more customers faster.

Securefact’s digital identification service SIDni, combined with Socure’s Social Biometrics Platform will provide Canadian financial institutions with advanced identity verification capabilities by applying machine learning techniques with biometrics and data intelligence from email, phone, IP, social media and the internet.

“Our partnership with Socure further demonstrates our commitment to being a leader in the compliance and regulatory technology and services market,” said David Sudbury, president and CEO of Securefact. “SIDni is designed to be dynamic so, as FINTRAC guidelines evolve, SIDni will adapt to the changes to support our customers’ KYC objectives.”

SIDni enables customers to lower fraud rates, increase acceptance rates, and decrease compliance and manual review costs.

The digital identification service is part of Securefact’s KYC Solution Suite, which is designed to enable financial institutions to implement non-face to face onboarding plans based on new FINTRAC guidelines that will go into effect on June 30.

The Securefact KYC solution and services suite helps organizations establish a digital onboarding foundation focused on speed, accuracy, automation, workflow integration and regulatory compliance.

“Financial services providers are increasingly relying on the digital channels to acquire new customers,” said Johnny Ayers, SVP and co-founder of Socure. “This powerful, new combined offering enables organizations to quickly and accurately verify the identity of new digital applicants, thereby increasing revenues, reducing fraud, and reducing attrition, while simultaneously achieving compliance with AML and KYC requirements.”

Last year, Socure joined the FIDO (Fast IDentity Online) Alliance to lower the overall dependency on passwords to securely authenticate users of online services, as well as decrease the risks of online identity theft and fraud.

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