Alloy, the identity decisioning platform for banks and Fintech firms, recently announced its partnership with Prove, a “phone-centric” digital identity provider, to enable financial institutions “to verify and authenticate their customers.”
Alloy‘s identity decisioning platform “brings the many pieces of digital identity into a centralized platform, working across more than 120 data sources to enable banks and fintech companies to make better risk decisions by seeing beyond an address or social security number.”
Via Alloy’s partners and the data they provide, the firm’s KYC and fraud detection capabilities enable clients “to verify identities, prevent fraud, monitor transactions and power credit underwriting.”
By integrating with Prove and adding its phone-centric identity solutions, Alloy’s clients will be able “to enhance their new customer onboarding and existing client engagement in a frictionless, fast and secure way.”
With Prove’s Pre-FillTM onboarding solution, clients can “expedite customer account openings while also mitigating account opening fraud.”
The Pre-Fill solution auto-fills online applications with verified consumer information from authoritative sources, “ultimately improving the customer experience by saving time while simultaneously reducing risk and fraud.”
The integration will also “enable clients to verify individuals using Prove’s IdentityTM solution (with optional KYC included) separately if needed.”
Tim Brown, Head of Product, Prove, stated:
“Today’s financial services customers value security and customer experience equally, and they are rightfully unwilling to sacrifice one for the other. Prove is developing and innovating our solutions to accelerate onboarding and enhance security while delivering on compliance and ultimately, preventing fraud. We’re thrilled to partner with Alloy to implement phone-centric identity tools because together we’re providing our clients with easier onboarding solutions that will in turn create an overall better experience for their end customers.”
Alloy clients or prospects that already depend on Prove for onboarding and identity needs can now “incorporate the Prove solutions into their current Alloy environment, and will be able to leverage white-labeled UX for Prove’s Pre-FillTM Solution and Mobile AuthTM API in the near future.”
Brian Bender, VP of Strategic Alliances at Alloy, added:
“We are excited about our new partnership with Prove. It is our goal to help our clients continuously improve and secure their customer’s onboarding experience. We do this through integrating best-in-class data sources that improve those workflows. Prove’s KYC and AML checks and Pre-Fill solutions exemplify that.”
As the command center for all-things identity, Alloy’s mission is “to help financial companies deploy safe and seamless digital experiences.”
Alloy is committed “to eliminating manual processes and making life easier for clients while providing a holistic picture of a person’s digital identity.”
The partnership with Prove is an extension of this mission, “as both companies are equally as passionate about creating the best customer experience possible.”