Trulioo, Sumsub, Alloy net identity verification integrations with payments firms

More online payments means more online payments fraud – and a greater need for advanced digital identity verification tools. On April 29, Mitek and Goode Intelligence will join Biometric Update for a webinar to explore how the payments journey from customer onboarding through account access to transaction authorization can be protected against attacks carried out with generative AI. Meanwhile, across the payments space, partnerships are forming to address the looming threat.

Trulioo to provide verification, screening for PingPong

Trulioo has formed a partnership with the cross-border embedded payment platform PingPong, to provide the latter with business verification and watchlist screening, according to a release.

PingPong is a major player in cross-border embedded payments, having surpassed $250 billion in cumulative transaction volume. Per the release, the company holds more than 60 financial licenses and “adheres to strict regulatory standards set by, among others, the Financial Conduct Authority, the Monetary Authority of Singapore and the Australian Securities and Investment Commission.”

Trulioo’s tech will help it automate verification processes across regions to meet rigorous compliance standards, reduce onboarding time and ease operational burdens.

“Ensuring compliance while providing world-class, digital-first onboarding for businesses is critical to our global payments infrastructure,” says Julia Yao, global compliance officer at PingPong. “As we continue to scale and power cross-border payment services for enterprises of all sizes, automation and smart technology are fundamental to delivering fast, secure payments services.”

Trulioo CEO Vicky Bindra observes that “the digital payments boom creates an abundance of growth opportunities and a broad attack surface for fraud, meaning enterprises can no longer rely on rigid verification methods. Fast, flexible and scalable verification capabilities deliver the trust and security that form the foundation of global commerce. We’re proud to partner with PingPong to help drive growth and compliance in the cross-border payments industry.”

Blend mixes it up with Alloy for fraud prevention

Blend Labs Inc., an “origination platform for digital banking solutions,” has announced a partnership with identity and fraud prevention platform provider Alloy.

The agreement means Blend’s customers can now access Alloy’s identity and fraud prevention capabilities in their consumer banking products.

“Fraud prevention has become a critical need in the lending industry, as financial institutions seek smarter, more efficient ways to manage identity risk and grow their business,” says Alloy Chief Revenue Officer Keith Kettell. “By combining our expertise in fraud prevention with Blend’s industry-leading consumer banking platform, we’re equipping lenders with the tools they need to stay ahead of threats while also automating and simplifying their operations.”

Sumsub pinches pennies but puts them back for verification

Sumsub has partnered with global real-time payments platform Volt on open banking verification. A release says Volt will power Sumsub’s Penny Drop Verification flow, “which involves an end user being directed to their banking app after scanning their identity document.”

“Once a user accesses their banking app, they will be asked to make a one cent payment – via Volt’s hosted checkout – which is later returned to the end user in real time. Matchmeter, one of Volt’s AIS solutions, will match the data in the payment flow – specifically the name of the account holder – to the name in the end user’s identity document.”

The partnership enables Sumsub to leverage Volt’s PIS (Payment Initiation Services) and AIS (Account Information Services) open banking capabilities across Europe – “especially important in markets such as Germany, where the end user’s qualified electronic signature (QES) is often used to complete the verification process.”

“With regulatory landscapes becoming more complex and fraud evolving at an alarming pace, businesses need verification solutions that are both compliant and frictionless,” says Andrew Novoselsky, chief product officer at Sumsub. “Europe saw the second-highest increase in fraud globally, with cases surging 150 percent year-over-year – driven in part by increasingly sophisticated fraud tactics. Our Penny Drop Verification solution ensures businesses can confidently stay ahead of increasingly advanced fraud attempts, safeguard their operations and protect users in an increasingly risky digital world.”

Article Topics

Alloy  |  document verification  |  financial services  |  identity verification  |  selfie biometrics  |  Sumsub  |  Trulioo