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Socure unveils real-time bank account validation, public sector digital ID reseller deal

Socure unveils real-time bank account validation, public sector digital ID reseller deal
 

Socure has entered the payment risk market with new software for real-time validation of financial accounts.

Called Account Intelligence, the software is designed to verify domestic bank account status and ownership before authorizing Automated Clearing House payment transactions or funds disbursement.

Companies can then use the real-time service to expedite disbursements of funds, guard against payment fraud and adhere to ACH regulatory requirements while reducing friction for customers. The capability is integrated with Socure’s biometric ID+ platform.

“With identity fraud running rampant across commercial industries and the public sector, organizations can no longer make assumptions about whether the person or entity on the other end of a payment is who they say they are,” says Socure CEO Johnny Ayers.

“We are already performing this verification during the onboarding process,” says Ayers.

Account Intelligence only needs a consumer or business name, bank account and routing number to work.

The product was designed to enable compliance with Nacha’s (the governing body behind the ACH network) WEB Debit rule most efficiently and less expensively. Socure is also an official Nacha preferred partner.

“Moving into the payment risk space is a natural extension of our business,” Ayers adds. “Now our customers can achieve full confidence in the onboarding process, from identity verification through account funding,” all in one platform.

Reseller partnership to serve public sector

The firm has also partnered with Carahsoft Technology to bring Socure’s ID+ platform with digital ID features to government agencies.

As part of the new collaboration, Carahsoft will serve as Socure’s master government aggregator, making the platform available through Carahsoft’s reseller partners and NASA Solutions for Enterprise-Wide Procurement V, the National Cooperative Purchasing Alliance and Omnia Partners contracts.

The move comes amidst increased targeted attacks against public sector agencies at all levels.

Socure’s machine learning and artificial intelligence platform will tackle these issues by providing agencies with a way to modernize their approach to identity verification and obtain accurate automated decisions.

According to Matt Thompson, general manager of Socure’s public-sector business, the software can deliver up to 98 percent auto-approval rates for mainstream populations and up to 94 percent for hard-to-identify populations. Further, it can prevent fraud by capturing 90 percent of third-party identity crime in the riskiest 3 percent of users and reduce manual reviews with fully automated identity verification and fraud prevention.

“Socure’s machine learning and AI approach have created an accurate and inclusive model for identity verification in a zero-trust world,” says Steve Jacyna, director of emerging cyber solutions at Carahsoft.

The new partnership comes two months after Socure promoted Jordan Burris to vice president of public sector strategy.

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