Oscilar, a leading provider of AI-driven risk management solutions, and Socure, the leading provider of artificial intelligence for digital identity verification, sanction screening, and fraud prevention, announced a partnership that will set a new standard in digital identity verification, fraud prevention and risk management for financial institutions. This collaboration combines Oscilar’s advanced risk management platform with Socure’s industry-leading identity verification solutions, offering an unparalleled approach to fraud prevention, compliance, and customer onboarding.
The partnership aims to address the growing need for financial institutions to enhance their risk management capabilities while providing a seamless and secure customer experience. By integrating Socure’s identity verification platform into Oscilar’s risk management platform, clients can now benefit from a comprehensive solution that not only streamlines the onboarding process and significantly reduces the risk of fraud, but also speeds up fraud and risk operations by 10x, from weeks to hours.
The partnership provides several key advantages for financial institutions. It enhances fraud detection and prevention by integrating consortium data from Socure’s network of more than 2,400 customers with generative AI powered natural language fraud analytics from Oscilar, elevating the precision of risk assessments and diminishing false positives.
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Additionally, financial institutions will be able to easily implement Oscilar’s several out of the box fraud and credit decisioning machine learning models in their workflows, with one click. Some of these ML models include: ACH Fraud, Card Fraud, Wire Fraud, Pay Prediction, Spend Power, Cash Flow Score, etc.
It also guarantees a seamless customer onboarding experience, due to the integration of Socure’s identity verification with Oscilar’s real-time, comprehensive 360 degree risk view, which minimizes manual reviews and expedites the verification process.
“Digital onboarding at financial institutions involves carefully balancing fraud risk and customer friction,” said Neha Narkhede, Co-Founder & CEO of Oscilar. “The deep identity verification intelligence provided by Socure combined with Oscilar’s generative AI Risk Decisioning platform offers an unparalleled solution to streamline and increase the accuracy of digital onboarding for the first time.”
Additionally, Oscilar and Socure collectively furnish a comprehensive compliance framework, facilitating financial institutions’ adherence to regulatory mandates with data integrity and security. This scalable and adaptable solution is designed to evolve with the needs of financial institutions, accommodating everything from credit unions to large banks.
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