Socure releases industry first tools for its KYC solution

RegTech unicorn Socure has released new technology that extend the capabilities of its KYC solution, including a number of industry firsts.

The company claims its solution now boasts being the first to offer include hyper-accurate address normalisation, date of birth matching, and algorithmic name matching capabilities.

One of its other new solutions is a social security number pre-fill capability, which Socure hopes will improve the customer experience. Furthermore, the company has become a provider of Social Security Administration’s  Electronic Consent Based Social Security Number Verification service. This will help it compare social security numbers against the government’s database.

Aite-Novarica Group head of risk insights Julie Conroy said, “The ability to facilitate seamless onboarding is more important than ever, given the rapid digital acceleration spurred by the pandemic. To remain competitive, firms need solutions that can accurately risk assess new customers—especially more challenging demographics such as consumers that are young or new to the country.

“Providers like Socure have risen to the occasion by providing risk assessment solutions that enable firms to strike the balance between fraud prevention and the customer experience.”

Socure’s KYC services enable organisations to easily onboard customers and verify key population segments.

Its KYC solution is currently used by top banks FinTechs, online gaming companies and more.

The RegTech recently joined the unicorn club, after a $100m funding round brought its valuation up to $1.3bn.

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