Artis Technologies provides embedded financial services platforms for digital, point-of-need lending and payments. The company has partnered with Socure, a leader in Day Zero digital identity verification, to validate the identities of consumer loan applicants in real-time.
Digital identity has been a building concern for years as more financial services move away from the branch. With a new model of banking likely to emerge from the COVID-19 pandemic, banks and credit unions will require more comprehensive authentication technologies that support an increasing number of remote transactions and are deployed at onboarding – or the “Day Zero” stage – to minimize fraudulent activity.
Socure’s real-time predictive analytics platform combines the newest forms of machine learning and artificial intelligence with digital and offline data to deliver the most accurate, robust Know Your Customer (KYC), identity verification and fraud risk prediction available. These capabilities are embedded within Artis’ platform to validate a consumer’s identity at the moment of purchase, distinguishing between fraudulent applications and good customers in a matter of milliseconds. This level of high-assurance digital identity verification enables Artis to auto-approve good applicants quickly while eliminating bad actors, reducing friction in the application process and expediting decisions.
Rhon Daguro, senior vice president of sales at Socure, said, “Digital-first (and digital-only) banking needs an elevated standard for identity verification, built around providing a holistic, data-driven view of fraud risk in an instant. Particularly with Artis’ unique approach to consumer financing, there’s a heightened need to provide quick approvals on the spot without complicating or prolonging the application process, while also ensuring confidence in that decision. Our companies share an understanding of risk being multidimensional, and are excited to partner in powering smarter, more effective lending.”
Incorporating Socure’s “Day Zero” approach enables Artis-powered SMBs – and the financial institutions backing the loans – to verify documents (in nearly any form) with assurance, comply with Customer Identification Program (CIP) requirements, and run risk-based checks against global watchlists with ease.
Barclay Keith, CEO of Artis Technologies, added, “Data security, compliance and consumer privacy are a top concern for Artis, which is why we have partnered to embed these critical functions within the platform. We did a large market search for the right fraud partner, ultimately deciding if we built a solution on our own, it would be like Socure. Providing unbiased credit decisions starts with knowing the money will get to the right people, and Socure’s digital identity verification solution gives our clients the right foundation to approve loans more efficiently.”
Artis’ founders have relied on their own experiences to bring the human element – the borrower’s need – back to consumer lending via alternative data sources complemented by AI- and machine learning-optimized policies, automation and workflows. The company enables financial institutions to offer downstream credit through their existing merchant client base. SMBs become the source of financing to the consumer, offering loans originated by the bank or credit union at the borrower’s point-of-need.
Socure is the leader in high assurance, 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, social media and the broader internet to verify identities in real-time. Socure powers financial inclusion, increasing acceptance as much as 40 percent for millennials and other thin-file consumers. It also reduces fraud for online new account opening by up to 90 percent, lowers manually reviewed knowledge-based authentication (KBA) rates by as much as 80 percent, and automates Customer Identification Program (CIP), Know Your Customer (KYC) and anti-money laundering (AML) compliance initiatives. Visit socure.com for more information.
About Artis Technologies
Artis Technologies powers embedded financial services platforms for digital, point-of-need lending and payments. With a mobile-first design, real-time payments and intricate AI/ML-based decisioning, the company is modernizing how consumer financing is done. Visit heyartis.com or follow heyartis for more information.