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Socure teams up with digital lending platform on customer onboarding for financial firms

Socure teams up with digital lending platform on customer onboarding for financial firms
 

Digital identity verification platform provider Socure is teaming up with California-based digital lending company MeridianLink to help financial services companies onboard more customers.

The two firms plan to combine Socure’s selfie biometric identity verification and fraud prediction solution Socure ID+ with digital lending platform MeridianLink One to help MeridianLink’s customers, such as credit unions, banks and fintech firms, onboard more clients, especially from hard-to-verify demographics. Aside from identity verification, Socure will also provide its Know Your Customer (KYC) and document verification solutions, according to their release.

The companies are planning to host a webinar on July 25 explaining how credit unions can onboard new clients while preventing fraud.

“This partnership allows MeridianLink customers to utilize best-in-class identity verification and fraud solutions and modernize the account opening experience through a seamless API integration,” says Evan Rabinowitz, vice president of business development at Socure. “With identity fraud at an all-time high, it’s essential to have confidence that the consumer that is entering the banking ecosystem is who they say they are.”

Socure has recently made the claim that its new KYC solution can verify the identities of over 70 percent of 18-year-olds opening their first accounts. Due to their young age, Generation Z members have traditionally been some of the hardest to verify. In June, the firm acquired document verification software maker Berbix for $70 million in cash and stocks to improve its fake ID detection capabilities.

The Nevada-headquartered company says it has more than 1800 customers including U.S.-based fintechs such as Chime, SoFi and Robinhood as well as government clients such as the State of California and Florida’s Homeowner Assistance Fund. This year it has been making more efforts to expand its government client base by pitching digital ID solutions as a tool against benefits fraud.

Socure’s ID+ has been given a spot on the so-called progressing product list in the StateRAMP (State Risk and Authorization Management Program) program. In May, the company published a  digital ID guide for state and local governments.

Socure is backed by Citi Ventures, Wells Fargo Strategic Capital, Capital One Ventures and other investors.

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