A partnership between AI-powered identity risk scoring innovator Socure and workflow management specialist Alloy has enabled Radius Bank to decrease online fraud by 50%, increase new account conversions by 30%, and make manual review nearly a process of the past – reducing it by 95%.

The joint solution marries Socure’s predictive analytics with Alloy’s decisioning engine, and adds a variety of on- and offline data sources, predictive fraud tools, and a flexible rules engine to enable real-time decisioning and onboarding for new account openings.

Socure co-founder and SVP Johnny Ayers explained: “Given the extreme difficulty in fighting fraud while onboarding consumers digitally at scale, providing our customers with an end-to-end suite of predictive analytics, decisioning and case management capabilities means speed to market, unparalleled accuracy and technical flexibility that can’t be found when trying (to) work with legacy ‘identity proofing’ platforms.”

“Balancing fraud risk and customer friction are the two leading challenges facing financial institutions when it comes to digital account opening,” co-founder and CEO of Alloy Tommy Nicholas added. “The data and intelligence provided by Socure combined with Alloy’s decision engine and reporting tools make digital onboarding infinitely scalable for the first time.”

Radius Bank is a digitally-focused, community bank based in Boston, Massachusetts. Founded in 1987, Radius Bank offers check deposit, billpay, P2P payments, and card management for its personal clients, and provides advanced treasury management and loan payment solutions for business customers. In addition to Socure and Alloy, the bank has partnered with fintechs like LevelUp and Prosper to provide additional innovative services to its customers. Radius Bank has assets of more than $1 billion.

Headquartered in New York City, Socure demonstrated its Socure ID+ solution at FinovateFall 2017. The company’s digital-to-physical identity verification technology features an integrated document authentication service to determine the authenticity of government-issued identification and ensure a match with the PII provided. Socure’s platform provides best-of-breed email, phone, and address risk scores, overall identity risk prediction, KYC and physical document verification on a single, integrated solution.

Socure has raised $31.9 million in funding, and includes ff Venture Capital, Commerce Venture Partners, and Flint Capital among its investors. Sunil Madhu is CEO and President of the company, which was founded in 2012.

Socure, a New York-based company that provides predictive analytics for digital identity verification, has launched a new solution this week. Aida (Authentic Identity Agent) is a new identity verification bot that can be deployed to validate authenticity in online transactions. Aida is named after the world’s first computer scientist, Ada Lovelace, and leverages AI to process billions of on- and offline datapoints to provide real-time digital identification.

“Socure is solving the single most difficult problem in identity verification,” Socure’s founder and chief strategy officer Sunil Madhu said, “validating a person that’s never done business with an organization before.” Criticizing traditional methods of verifying identity in the digital world as “a miserable failure,” Madhu praised both Aida’s speed and accuracy.

“Aida can assess in real-time and with unprecedented levels of reliability, whether a digital identity is authentic, synthetic, or has been stolen by performing beyond-human analysis at machine speed,” he explained. “Aida essentially lives every minute of every day to verify identities and fight fraud.”

Socure founder and Chief Strategy Officer Sunil Madhu demonstrating the Socure ID+ platform at FinovateFall 2017.

Part of the company Socure ID+ identity verification platform, Aida combines AI, unsupervised machine learning, and clustering algorithms to provide a continuous loop of data ingestion, normalization, and evaluation from sources such as credit bureaus, social networks, and email history. Aida automatically builds explainable, transparent machine learning models in hours, and conducts predictive analytics on real-time transactions to determine which should be accepted automatically and which should be flagged for manual review by a human fraud analyst.

Named to Red Herring’s Top 100 in North America earlier this month, Socure announced in June that two of the top five U.S. banks (and three of the top ten) are using its technology. This spring, the company appointed Tom Thimot as its new CEO, with Socure founder and former CEO Madhu transitioning to the Chief Strategy Officer role.

Founded in 2012, Socure demonstrated its verification platform at FinovateFall 2017 last year. The company has raised nearly $32 million in funding, and includes Commerce Ventures, Flint Capital, and ff Venture Capital among its investors.