Socure and Trustly Partner to Streamline Onboarding and Payments

Digital identity verification leader, Socure, and global Open Banking payments provider, Trustly, have established an industry-first partnership. The collaboration aims to offer merchants and fintechs a simplified onboarding process and a guaranteed Pay by Bank solution.

Simplifying Onboarding and Payment Processing

The strategic partnership enables merchants, particularly those in industries requiring robust Know Your Customer (KYC) procedures, to simplify their customer onboarding while ensuring swift payments. Socure’s identity verification and fraud prevention ID+ platform, combined with Trustly’s Pay by Bank service, allows merchants to onboard users and process payments simultaneously.

Socure’s AI technology uses predictive analytics and an extensive database of over two billion identities. This ensures industry-leading accuracy for KYC/Customer Identification Program (CIP) compliance, fraud detection, and ID verification. Trustly’s integrations with direct banking offer instant Open Banking payments with transaction guarantees.

Reducing Conversion Drop-offs and Increasing Revenue

Merchants often experience significant conversion drop-offs and subsequent revenue loss when acquiring new consumers required to complete KYC as part of their onboarding. The partnership between Socure and Trustly aims to address this issue by increasing conversion rates and reducing user onboarding time by up to five times, according to Trustly’s research. This solution enables merchants and fintechs to accelerate time-to-revenue while ensuring regulatory compliance.

Craig McDonald, Chief Business Development Officer at Trustly, believes the partnership will enhance the robustness of user onboarding while incorporating a seamless payment solution. This will provide consumers with the ultimate onboarding experience.

Evan Rabinowitz, Vice President of Business Development at Socure, shares McDonald’s enthusiasm, stating that the diversity in payment types brought about by open banking is representative of a new era for consumer choice.

Addressing Fraud Threats in the Digital Age

As more commerce transitions online, fraudsters are finding increasingly sophisticated ways to exploit traditional identity verification and fraud prevention approaches. Threats from deepfakes, synthetic identities, and account takeover fraud are growing and require advanced identity proofing and risk assessments. Socure’s predictive machine learning models combined with Trustly’s Open Banking authentication and data are poised to mitigate these emerging risks.

Trustly’s merchant network, which includes major companies like AT&T, Coinbase, Dell, Lyft, GoFundMe, T-Mobile, DraftKings, FanDuel, and Western Union, is set to benefit from this partnership.