NEW YORK--(BUSINESS WIRE)--Socure, the leader in Day Zero identity verification, today announced that it has won the “Best New Technology Introduced over the Last 12 months – Data and Data Services” for its DocV and Intelligent KYC offerings, at this year’s American Financial Technology Awards (AFTAs). Hosted by WatersTechnology, the AFTAs recognize excellence in the deployment and management of financial technology within the asset management and investment banking communities.
Socure recently expanded the company’s Socure ID+ platform to include DocV, a fully-automated omnichannel document verification that expedites onboarding, reduces fraud, and works to eliminate costly manual reviews; as well as Intelligent KYC, which incorporates a wealth of diverse data sources along with advanced logic, and actionable insights.
“It is an immense honor for us to receive this AFTA for our two newest products in the Socure ID+ identity verification suite,” said founder and CEO Johnny Ayers. “We thank WatersTechnology for recognizing our achievements and I am thrilled to wrap up 2020 by congratulating our creative, innovative, and dedicated team for two very successful product launches.”
Launched this past Fall, DocV combines the power and scale of machine learning to accurately verify the authenticity of government-issued IDs and produces auto-decisioning rates as high as 98%, in seconds. The most scalable, accurate service available, it applies machine learning to quickly confirm the authenticity of any identity document in circulation, including more than 3,500 identification types from around the world.
Unveiled in June, Intelligent KYC incorporates a wealth of data sources along with advanced analytics for identity resolution to produce more expansive, actionable insights. By incorporating more data sources, advanced logic, as well as new, more expansive, and actionable reason codes, the sum of these enhancements pushes Socure well beyond check-box compliance. The blend of this unique methodology allows customers to identify more customers, increase auto-enrollments, reduce manual reviews, and integrate compliance into a holistic identity strategy. Businesses leveraging Intelligent KYC from Socure can achieve up to 20% higher auto-approvals vs. legacy IDV systems.
The 2020 AFTA award win follows a number of industry achievements by Socure this year including being ranked number 70 on Deloitte’s Technology Fast 500™ and recently winning the 2020 Finovate Award for Best Use of AI/ML.
Socure is the leader in Day Zero digital identity verification technology. Its predictive analytics platform applies artificial intelligence and machine-learning techniques with trusted online/offline data intelligence from email, phone, address, IP, device, velocity, and the broader internet to verify identities in real-time. The company has more than 350 customers across the financial services, gaming, telecom, and eCommerce industries, including four of the top five banks, eight of the top 10 card issuers, four of the top five MSBs, the largest payroll service, the second-largest retailer in the world, and over 100 of the largest and most successful fintechs such as Varo Money, Public, Chime and Stash. Socure recently received numerous industry awards and accolades including being named a Gartner Cool Vendor, recognized by Forbes as one of the “Top 25 Machine Learning Startups to Watch,” listed to CB Insights: The Fintech 250, and awarded Finovate’s Award for Best Use of AI/ML, to name a few.