Socure’s biometric Intelligent KYC audited for accuracy, regulatory assurance
Socure has formed a partnership with professional services firm Baker Tilly, including the successful auditing of its selfie biometrics-powered Intelligent KYC solution.
The audit verifies the biometric solution’s accuracy and compliance to regulatory regimes and will help build trust with clients, according to the announcement. A report from Baker Tilly confirms the Socure’s Intelligent KYC meets the critical infrastructure protection (CIP) requirements and model risk management expectations of financial services companies, and provides assurance for clients regulated by the USA PATRIOT Act, such as for anti money-laundering (AML).
Socure says its Intelligent KYC delivers automatic acceptance rates of above 90 percent, both for “mainstream” and more challenging populations, drawing on more than 7 billion records and over 290 million verified identities. This, the company states, helps customers increase auto-enrollment, reduce manual reviews, and ensure compliance.
Baker Tilly examined how the technology works, verified its accuracy, and performed an assessment based on the model risk management supervisory framework.
“There was a recurring question asked by our customers and prospects that clearly needed to be answered, ‘How could we ensure that Socure’s regtech solutions will satisfactorily support their AML compliance?’” said Josh Linn, Senior Director of Product Management at Socure. “Baker Tilly’s holistic assessment of the entire customer journey — combined with regulatory clarity and rigorous testing — now certifies how we do exactly that.”
The two companies will also host a webinar on Wednesday, March 10 to discuss ‘Auditing fintech and KYC regtech’ and providing assurance for fintechs and banking institutions.
“Our team is extremely grateful to Baker Tilly for their work on this audit of Intelligent KYC,” said Johnny Ayers, founder and CEO of Socure. “As a technology company working with financial institutions that are highly regulated, we too need to be held to the highest standards through third-party verification. Now, our customers can be confident that our products are meeting their compliance requirements. It’s not just about Socure delivering the most accurate and comprehensive solution on the market, it’s also about being fully compliant and auditable to our client’s regulators.”
Socure is also among the biometric identity verification providers that partnered with Microsoft on its decentralized identity project announced this week.