Industry-Leading Identity Verification and Fraud Platform Empowers Customers to Drive Revenue, Eliminate Friction and Increase Financial Inclusion to Advance Access to Modern Financial Services
Socure, the leading provider of digital identity verification and fraud solutions, announced it has partnered with Prime Trust, the leading provider of financial infrastructure for fintech and digital asset innovators. By leveraging Socure’s industry-leading, graph-centric identity verification and fraud platform – SocureID+ – Prime Trust customers can securely verify and onboard consumers accurately in real-time, eliminating friction at sign-up for legitimate users and blocking fraudulent applicants, all while accelerating revenue. Socure’s platform combines advanced machine learning and artificial intelligence with all elements of a consumer identity to deliver the most accurate and robust identity verification and proofing, Know Your Customer (KYC), Anti-Money Laundering (AML) and fraud risk prediction solutions in the market.
SocureID+, in conjunction with Prime Trust’s Compliance API, will help fintechs accelerate consumer onboarding for hard-to-verify demographics, reduce abandonment and drop off rates, and verify key population segments signing up for services for the first time. Since the partnership’s inception, Socure and Prime Trust have worked with more than 50 customers to process millions of fraud checks and KYC verifications for consumers.
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“We believe the future of finance will be defined by digital assets,” said Tom Pageler, CEO of Prime Trust. “That’s why we partnered with Socure to prioritize accuracy, access and speed during the identity verification process for our joint customers – especially the hard-to-identify populations, including Gen Z, millennials, credit-invisible, and new-to-country.”
Crypto exchanges, NFT marketplaces, neobanks, and other progressive fintechs have unique difficulties when it comes to accurately identifying new users. In particular, consumer challenges often arise when these platforms rely on physical document verification to verify identities and assess risk of new account applicants, as well as for high-value transfers. These challenges can include rigorous, lengthy onboarding processes that use manual reviews, causing unnecessary customer friction.
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“Today’s modern financial services – from crypto exchanges to neobanks – face two often opposing but equally imperative priorities: capture new customers faster than competitors and reduce fraud while scaling rapidly,” said Johnny Ayers, founder and CEO of Socure. “This partnership with Prime Trust gives the crypto ecosystem access to our deep understanding of the digital native fintech space with best-in-class identity verification and fraud solutions to help them achieve both rapid onboarding and fraud prevention with the highest degree of accuracy in the entire industry.”
Socure and Prime Trust will be at Bitcoin 2022 in Miami (April 6-9). Watch Socure founder and CEO, Johnny Ayers, and Prime Trust CEO, Tom Pageler, on the Onboarding Retail Panel at the Nakamoto Stage on Wednesday, April 6, from 3:15-4:30 p.m. Eastern Time or visit the Socure booth #1041 and Prime Trust booth #201. The two companies will also be hosting a Crypto Compliance webinar on April 13 at 11:00 a.m. Pacific Time where attendees can learn more about how Socure and Prime Trust can radically accelerate the customer onboarding process.
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