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Liberis Teams Up with Identity Risk Management Company Alloy

Liberis Teams Up with Identity Risk Management Company Alloy
  • Embedded finance platform Liberis announced a partnership with identity risk management innovator Alloy.
  • The partnership will enable Liberis to leverage Alloy’s platform to add automated compliance verifications to the funding application process.
  • Alloy made its Finovate debut at our developers conference, FinDEVrSilicon Valley 2016.

Embedded finance platform Liberis has teamed up with identity risk management innovator Alloy. Courtesy of the newly announced partnership, Liberis will leverage Alloy’s technology to integrate automated compliance verifications directly into the funding application process. The integration enables Liberis to accelerate its international growth and simplify the merchant experience.

“Alloy is designed to help businesses take control of fraud, credit, and compliance risk, while growing with the clearest picture of their customers,” Alloy CEO Tommy Nicholas said. “We’re confident that our partnership will help Liberis achieve its goal and provide its merchants with a seamless onboarding experience.”

LIberis will gain access and integrations to a global network of more than 190 data sources to streamline KYC, KYB, and AML operations and stop financial crime. The platform will also support the creation of custom, white-label onboarding experiences for partners.

“Alloy’s platform will allow us to enter new markets quickly, optimize our merchants’ fully digitized application for funding and scale to meet our partners’ demand, while also maintaining our high standards for compliance,” Liberis’ Chief Legal & Compliance Officer Alexis Alexander said. Alexander added that one main challenge with compliance checks is that they can increase friction during the onboarding process. To this end, Alloy’s identity risk solution automates and manages onboarding, fraud monitoring, and credit underwriting processes, reducing the amount of paperwork. For those businesses that need more extensive documentation, Liberis will provide a custom, white-label experience tailored to the needs of merchants and partners alike.

Founded in 2015 and headquartered in New York City, Alloy made its Finovate debut at our developers conference, FinDEVrSiliconValley 2016. Today, more than 500 banks and fintechs have partnered with Alloy to manage identity risk at origination as well as throughout the customer lifecycle. Alloy processes millions of identity decisions daily for the world’s top banks and fintechs in 40 countries across North America, EMEA, Latin America, and APAC. The company has raised more than $207 million in funding from investors including Avid Ventures and Felicis.

Just a few days ago, Alloy issued its 2024 State of Fraud Benchmark Report. The report featured some good news on the fight against fraud. According to the 450+ financial industry fraud decision makers who responded to the firm’s survey, the number of reported fraud attacks has begun to “even out – and for some organizations, to decelerate.” Nevertheless, there were devils in the details, including the number of companies reporting an increase in attempted fraud attacks via consumer accounts (61% of companies) and as well as through business accounts (54% of companies).

“It’s encouraging to see companies getting fraud volume under control using the wide array of identity data and technology available on the market,” Nicholas said when the report was release in late January. “But fraud remains a critical problem because bad actors are always finding new tools – such as generative AI – to steal increasingly large amounts of money.” Indeed, Alloy’s report noted that 56% of respondents lost more than EUR 500,000 ($537,000) to fraud in the last 12 months. Over the same time period, a quarter of respondents had lost more than EUR 1 million ($1.7 million).

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