The first integration to use a verified identity signal to prefill and confirm a consumer’s bank connection natively inside a single risk decisioning platform. One joint customer saw a 50%+ straight-through account funding rate.
Socure announced an integration with Aeropay that enables consumers to verify their identity and connect a bank account with just a phone number and two clicks. The integration combines Socure’s identity verification technology with Aeropay’s bank-linking capabilities to create a faster, more streamlined onboarding experience. One joint customer saw a 50%+ straight-through account funding rate.
Read More on Fintech : Global FinTech Interview: AI and the future of fintech with Hugh Cumming, CTO, Vena
Once Socure verifies a customer’s identity with merely their phone number, Aeropay’s Aerosync technology uses that verified identity to prefill and confirm the linked bank account. The customer moves straight into payment facilitation, or into cash flow underwriting based on aggregated bank transactions, without typing account details or any additional personal information.
That sequence, identity first via a phone number and bank connection derived from it, is what makes this integration a first-of-its-kind. Open banking has been used to support identity verification before; Socure and Aeropay invert it, using the verified identity to establish the bank connection, and run both inside one decisioning platform rather than two stitched-together vendors.
The gap between those systems is also where fraud lives. As AI drives down the cost of running sophisticated attacks for fraudsters, organizations on non-integrated legacy stacks are absorbing ACH returns, account takeover, first-party fraud and stolen bank credentials. These losses occur precisely because the system that verifies the person cannot see the system that moves the money. Socure and Aeropay close that gap: Aerosync handles bank verification using Socure’s identity signals, and Aeropay’s AI risk models use a decade of intelligence to screen each transaction before settlement.
“Every customer that I talk to about onboarding and ongoing authentication is struggling with the same challenge: how do they increase conversion rates while decreasing friction and simultaneously reducing fraud exposure,” said Johnny Ayers, Founder and CEO of Socure. “Our integration with Aeropay helps our customers achieve this objective by streamlining the entire onboarding experience to one data point and two clicks, while decreasing identity and payment fraud, and increasing authentication accuracy.”
“Identity and payment risk can’t be treated as separate decisions,” said Dan Muller, Founder and CEO of Aeropay. “By bringing our bank account verification and transaction risk capabilities into Socure’s RiskOS platform, businesses get a more complete understanding of both the person and the payment behind every transaction.”
This integration advances Socure’s vision for RiskOS as the operating system for fraud, risk, identity and compliance decisions across every business unit and use case. With Aeropay in the RiskOS network, businesses can apply risk controls across the full payment lifecycle through one integration rather than three.
Catch more Fintech Insights : Global FinTech Innovations Are Transforming Banking into Continuous Financial Guidance
[To share your insights with us, please write to psen@itechseries.com ]
