Socure launches Intelligent KYC, combining graph analytics & ML with compliance
By Pavithra R
Socure, a leading digital ID verification provider has announced the launch of “Intelligent KYC,” enhancing scale and speed in customer acquisition, auto-approval rates, and reduce the need of manual reviews.
Intelligent KYC incorporates a wealth of data sources along with advanced graph analytics and unsupervised ML to produce more expansive, and actionable insights. According to Socure, businesses leveraging the new proprietary Intelligent KYC can achieve up to 20% higher auto approvals vs legacy IDV systems.
“In the digital-first world, compliance teams need hyper-accuracy in their use of KYC tools without introducing more friction for customers or costly reviews for their operations teams. Intelligent KYC is the industry’s most sophisticated KYC solution and will push our clients far beyond check-box compliance,” said Socure CEO Tom Thimot.
Traditionally, KYC has primarily relied on credit-bureau data and out dated analytical approaches, which falls short of verifying important segments of the population, such as thin-file millennials or new-to-country individuals. Socure’s enhanced ML solution incorporates enormous data sources, tapping into more than 310 million entities and three billion records from credit header and inquiry, utility, telecom, and other authoritative sources.
Socure is offering the new Intelligent KYC solution both individually and as part of an end-to-end integrated engine for identity fraud, AML and digital document verification. By combining ID+ KYC with fraud risk assessment, the company is aiming to increase accuracy, auto-acceptance, with a simultaneous reduction to fraud losses.
“A strong KYC solution powered by advanced analytics can drive better results for a variety of institutions while removing friction for customers. With cybercriminals becoming increasingly sophisticated, firms must continue to elevate KYC through innovation to keep pace,” said Charles Subrt, Analyst, Aite.
Founded in 2012, Socure provides a real-time predictive analytics platform that combines the newest forms of machine learning and artificial intelligence with digital, offline and social identity data to deliver the most accurate and robust KYC, identity verification and fraud risk prediction solution in the market. Recently, the company partnered with Artis on digital identity verification.
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