Socure partners with ServiceNow on selfie biometrics to power banks’ KYC
New York-based Socure has announced a new integration of its selfie biometrics and liveness detection within ServiceNow’s Financial Service Operations product.
The move will enable financial institutions working with ServiceNow to access Socure’s biometric identity verification platform to onboard accounts, reduce risk, and lower client acquisition costs.
“Frictionless account onboarding and fraud prevention are mission critical for Socure,” says Evan Rabinowitz, the company’s vice president of business development.
“Our newly-launched integration with ServiceNow Financial Services Operations provides best-in-class identity verification technology and revolutionizes the way that our mutual customers can safely add new consumers into their ecosystem.”
From a technical standpoint, the Socure platform combines machine learning and artificial intelligence (AI) technologies with elements of a consumer’s identity to deliver identity verification and proofing, Know Your Customer (KYC), and fraud risk prediction features.
According to Socure, the biometric platform can aid companies in substantially increasing auto-acceptance rates, and reducing both false positives and friction.
“With Financial Services Operations, our objective is to create those effortless, streamlined experiences that extend from how a customer engages with their financial institution to how they are serviced and fulfilled on the back end, starting with onboarding,” explains Tammi Shapiro, vice president and head of financial services product at ServiceNow.
“We chose to integrate with Socure’s identity verification and fraud platform because of its industry-leading accuracy. This embedded capability enables delivery of frictionless onboarding experiences and reduces fraud for new accounts, all while meeting regulatory compliance.”