Socure partners to launch new comprehensive KYB service to lower costs, fraud rates
An integration partnership between Socure and Middesk has been formed to deliver know your business checks streamlined by the former’s real-time predictive analytics, digital identity verification and fraud prevention for beneficial owners.
The newly-launched KYB service is intended to help reduce the high costs associated with verifying business entities and speed up onboarding processes.
Middesk provides a cloud-based business identity platform, serving mainly payments providers, fintechs and banks.
“Middesk customers are looking for easy and reliable ways to solve identity verification,” says Kyle Mack, CEO and co-founder of Middesk. “Customers can now leverage the Socure integration to validate personal attributes of beneficial owners. Additionally, Socure delivers key risk insights that determine the likelihood that someone’s identity is legitimate, and applicants are who they claim to be, which provides even more value to our customers in uncertain, but growing market conditions.”
The partners claim their deal is the first integrated solution from best-in-class providers in the KYB and KYC segments.
Johnny Ayers, Socure founder and CEO, says the partnership will give B2B companies “an incremental lift” due to his company’s accuracy and coverage. “This accuracy leads to the auto-approval of more good consumers and creates increased conversion rates and a higher assurance of onboarding trustworthy business customers.”
Middesk is capable of verifying small and newly formed companies that have yet to generate a large data footprint, giving it an advantage over competitors, according to the announcement, along with the accuracy of the combined solution with Socure.
“Middesk and Socure help us scale faster than we could previously with other tools,” comments John Mearls, head of Risk and Operations at Lili, a leader in banking and financial services for small businesses and freelancers. “These solutions provide a unified, comprehensive view of a potential customer’s actual digital identity, so we can make accurate, risk-based decisions and onboard new customers quickly. No other solutions that we looked at even came close in terms of comprehensiveness, accuracy, and speed.”
Socure SVP Matt Thompson recently discussed how to cut fraud from government benefits programs in an interview with Biometric Update.