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, today announced an industry-first partnership to offer merchants and fintechs a streamlined onboarding and guaranteed Pay by Bank solution. This integration allows merchants, especially in industries that require robust KYC such as investing, gaming, trading and financial services, to simplify their customer onboarding process while guaranteeing fast payments.

By combining Socure’s accurate and inclusive identity verification and fraud prevention ID+ platform with Trustly’s guaranteed Pay by Bank offering, merchants can onboard users and process payments in one integrated flow. Socure’s AI-powered platform uses predictive analytics and a database of over two billion identities to provide industry-leading accuracy for KYC/CIP compliance, fraud detection and ID verification through its fully integrated suite. Trustly, with direct banking integrations, provides instant Open Banking payments with transaction guarantees.

Merchants are experiencing significant conversion drop-offs and subsequent revenue loss when acquiring new consumers who are required to complete KYC as part of their onboarding. Together, Socure and Trustly’s combined capabilities increase conversion rates and shorten user onboarding by up to 5x, according to Trustly’s research. The joint solution allows merchants and fintechs to accelerate time-to-revenue while ensuring regulatory compliance.

“This partnership enables Trustly to better serve our 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.”

“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.”

The partnership addresses key needs as more commerce moves online and fraudsters find new and sophisticated ways to exploit legacy identity verification and fraud prevention approaches. Deepfakes, synthetic identities and account takeover fraud are growing threats that require advanced identity proofing and risk assessment. Socure’s predictive machine learning models coupled with Trustly’s Open Banking authentication and data mitigate these emerging risks.

Trustly’s fast-growing merchant network includes major companies such as: AT&T, Coinbase, Dell, Lyft, GoFundMe, T-Mobile, DraftKings, FanDuel, and Western Union to name a few.