February 29, 2024

Trustly and Socure Partnership, Offering Industry-First Streamlined Onboarding and Open Banking Payments

Trustly and Socure Partner to Offer Industry-First Streamlined Onboarding and Open Banking Payments Process for Merchants and Fintechs

Socure, the leading provider of artificial intelligence for digital identity verification, sanction screening, and fraud prevention, and Trustly, a leading global Open Banking Payments provider, has announced a groundbreaking partnership. Together, Socure and Trustly deliver an industry-first solution that offers merchants streamlined onboarding alongside guaranteed Pay By Bank services. Targeting sectors like investing, gaming, trading, and financial services, this integration promises to comprehensively upgrade and optimize antiquated customer onboarding processes while ensuring swift and reliable payments.

By integrating Socure's ID+ platform with Trustly's Pay By Bank offering, merchants can now seamlessly onboard users and process payments within a single integrated flow. Leveraging Socure's AI-driven predictive analytics and Trustly's direct banking integrations, this solution enhances KYC compliance, fraud detection, and ID verification while providing instant and guaranteed Open Banking Payments.

Merchants facing the challenges of consumer drop-offs during KYC onboarding will benefit from the accelerated user onboarding and increased conversion rates promised by this partnership. Trustly's research shows that this union of Socure’s and Trustly’s unique solutions can reduce onboarding times, making it up to 5x faster. Furthermore, this joint solution not only ensures regulatory compliance but also fast-tracks time-to-revenue for businesses across industries.

This partnership also addresses security concerns associated with payments. As e-commerce continues to grow, malicious actors discover new and sophisticated ways to exploit legacy identity verification and fraud prevention methods. Deepfakes, synthetic identities, and account takeover fraud are growing threats that must be met with advanced identity proofing and risk assessment. Socure’s predictive machine learning models, coupled with Trustly’s Open Banking authentication and data, directly address these risks and aid in helping merchants mitigate fraud. 

“We are very excited about our partnership with Trustly and its pay-by-bank business model. We think this diversity in payment types brought about by open banking is representative of a new era for consumer choice,” said Evan Rabinowitz, Vice President of Business Development at Socure. “We have a shared belief that trusted identity is essential to the transformation of open and connected banking.”

“This partnership enables Trustly to better serve our merchant customers who can now provide a seamless onboarding and payment solution for their consumers and realize increased conversion,” said Craig McDonald, Chief Business Development Officer at Trustly.  “Combining Open Banking with KYC and screening greatly enhances the robustness of user onboarding and incorporates a seamless payment solution, providing consumers the ultimate onboarding experience.”

About Trustly:

Founded in 2008, Trustly is a global leader in Open Banking Payments. Our digital account-to-account platform redefines the speed, simplicity, and security of payments, linking some of the world's most prominent merchants with consumers directly from their online banking accounts. Trustly can handle the entire payment journey, setting us apart from the competition and enabling us to offer an attractive alternative to traditional card networks at a lower cost. Today we serve 8,300 merchants, connecting them with 650 million consumers and 12,000 banks in over 30 countries. In 2022, we processed over $42 billion in transaction volume on our global network. Trustly is a multi-national payments and data solutions company, offering products across North America and Europe. In the United States, services are provided by Trustly, Inc., its local affiliates, and partners. Read more at www.trustly.com

About Socure:

Socure is the leading provider of digital identity verification and fraud solutions. Its AI and predictive analytics platform applies artificial intelligence and machine learning techniques with trusted online and offline data intelligence to verify identities in real-time. Socure is the only vertically integrated identity verification and fraud prevention platform with both IAL-2 and FedRAMP Moderate certifications, delivering advanced levels of assurance and the highest standards for security and compliance. The company has more than 2,000 customers across the financial services, government, gaming, healthcare, telecom, and e-commerce industries, including four of the five top banks, the top credit bureau and more than 400 fintechs. Organizations including Chime, SoFi, Robinhood, Gusto, Public, Poshmark, Stash, DraftKings, and the State of California trust Socure for accurate and inclusive identity verification and fraud prevention. Learn more at socure.com.

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