Q2 Open integrates Socure digital identity verification to reduce financial fraud

Q2 Holdings has signed a strategic partnership with digital identity verification company Socure to enhance Q2 Open’s CorePro, a Banking-as-a-Service offering, and safeguard against fraud attempts, the company announced.

When it comes to fintech adoption, 43 percent of consumers would adopt fintech solutions due to their easy account setup process, found a survey by Q2 and Conerstone Advisors. Q2 claims that the integration with Socure’s AI-based Know Your Customer (KYC) identity risk scoring will not only decrease identity fraud, but it will also phase out out-of-wallet questions, streamline onboarding processes, and lead to a higher number of new accounts.

“At Q2, we are continually evolving our banking-as-a-service solutions to enable banks and fintechs to quickly develop and deploy best-in-class digital financial experiences,” said Paul Walker, general manager of Q2 Open. “Our partnership with Socure reinforces our commitment to provide secure and agile solutions to banks and fintechs, and to offer better identity verification and fraud protection that enables a truly frictionless customer onboarding process.”

CorePro is a core-processing platform for demand deposit accounts, debit accounts and direct banking. Under the partnership, CorePro claims to help banks and fintech companies implement a faster and more accurate identity verification system for an improved financial experience covering a larger customer pool.

Socure does not use credit bureau data that would normally not include consumers with insufficient credit or who lack of access to traditional financial services, but relies on a mix of online and offline data to establish the consumer’s digital identity.

“Socure is excited to partner with the Q2 team,” said Johnny Ayers, founder and SVP of Socure. “By integrating Socure’s predictive analytics platform into CorePro’s banking-as-a-service capabilities, we believe that together we can drive the future of digital account opening across the fintech and broader financial services industries.”

Socure boasts a high number of customers across the U.S., including three of the top five banks, seven of the top 10 US card issuers, leading digital banks, lenders and insurers.

In June, the company announced its plan to double its team of data scientists and developers in Chennai, India, from 15 to 30 by the end of 2019, as it seeks to leverage the region’s talent pool for its artificial intelligence and machine learning products.

Socure has recently been named to Forbes’ AI 50 list as one of America’s most promising AI companies.

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