Socure unveils biometric-powered BNPL solution
Socure has unveiled its first biometric-powered Buy Now, Pay Later (BNPL) solution.
The software has been developed with three main objectives in mind, namely auto-approving accepting more shoppers, attracting more merchants to grow firms’ customer base, and protecting existing customers with biometrics to eliminate fraud losses.
Built on the Socure ID+ platform, the new solution relies on data currently used by more than 100 BNPL providers, as well as alternative payment providers, fintechs, banks, and credit card issuers.
“Buy Now, Pay Later is rapidly becoming a key driver for conversions and growth for merchants,” explained Johnny Ayers, founder and CEO of Socure.
“It represents a huge opportunity as well as a unique challenge that requires instant and accurate onboarding, a frictionless customer experience, and fraud protection,” he added.
The tool’s biometric, anti-fraud capabilities are reportedly fine-tuned with order- and account-specific data types evaluating fraud signals at the point of transaction.
According to Socure’s initial tests, the new solution would have proven to increase online account auto-acceptance rates by up to 97 percent while reducing fraud-related loss rates by up to 40 percent when compared to legacy strategies combining various individual point solutions.
“The growing popularity of BNPL over the past couple of years has attracted the attention of fraudsters as well,” commented Julie Conroy, research director at Aite Group.
“This increases the urgency for a BNPL fraud solution that can accurately verify identities and detect anomalies while not putting barriers in front of good prospective customers,” she concluded.
The last few months were particularly eventful for Socure, with the company introducing former Auth0 executive Rong Cao as its new Senior Vice President of Technology in February.
More recently, the company partnered with Baker Tilly, closed a $100 million Series D funding round, and reported a revenue spike of 113 percent for its biometrics and digital identity verification technologies.