Socure to release new version of its beyond-human predictive analytics platform
Socure will soon release version 3.0 of its beyond-human predictive analytics platform, codenamed Sapphire, which features a modular design and includes a single API to accommodate digital to physical identity verification.
The company has partnered with global ID authentication solutions developer AU10TIX to help in document processing.
Available October 1, Sapphire features an ID-plus solution that includes several modular offerings via a single API to validate consumer’s PII (email, phone, address, date of birth, SSN, passport, driver license), correlate the identity across 300-plus certified offline, online and social data sources as well as provide predictions on the authenticity (whether the identity is real or not) and fraud risk of the individual.
Socure solutions provide users with over 10-times ROI through improved acceptance of good customers, reduction in fraud losses, lowered costs of manual review and compliance, reduced total ownership costs from a single vendor offering and an improved frictionless experience for the end consumer.
“Our technologies and capabilities are significantly ahead of other industry offerings and will continue to be as we focus on improving our current solutions while developing new capabilities in this space,” said Sunil Madhu, Socure CEO. “We are creating the world’s first dedicated identity verification robot to go beyond human powered rule-based and generalized machine learning identity verification techniques.”
Socure ID-plus offers a digital identity verification with what the company claims is the highest accuracy available on the market.
When a transaction is identified as high-risk, customers will now decide to implement physical document verification as a secondary authentication factor.
Coupling Socure’s digital identity verification with physical document verification assures that an identity is valid, belongs to the user being verified and is risk free.
“Both Socure and AU10TIX are on the cutting edge of technology in the identity authentication and verification space,” said Ron Atzmon, managing director of AU10TIX. “We’re looking forward to continuing to work together and address market opportunities.”
Previously reported, Securefact and Socure recently 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.