Trustly and Socure: Revolutionise FinTech with Seamless Onboarding
In an era where digital transformation is reshaping every facet of the economy, two pioneering companies, Trustly and Socure, have embarked on a groundbreaking partnership that heralds a new dawn for merchant services and fintech innovation. This collaboration is a testament to the power of technology in revolutionising financial transactions and a beacon of hope for businesses striving to navigate the complex waters of digital identity verification and fraud prevention. By melding Socure’s unparalleled prowess in artificial intelligence for digital identity verification with Trustly’s cutting-edge Open Banking payments system, this alliance is setting new standards for streamlined onboarding and payment processes.
Trustly, Inc. and @socureme proudly announce their partnership, offering an industry-first streamlined onboarding and payment solution powered by Trustly Inc.’s #OpenBanking platform and Socure’s AI-driven ID+ offering. Learn more here:https://t.co/TvnvLFWNwVpic.twitter.com/gdscP5cpU5
The amalgamation of Socure’s ID+ platform and Trustly’s Pay By Bank service is a game-changer for merchants and fintechs, especially in sectors demanding rigorous Know Your Customer (KYC) compliance, such as investing, gaming, trading, and financial services. This integration promises an optimised customer onboarding experience, ensuring swift, reliable, and guaranteed payment transactions. This solution significantly enhances KYC compliance, fraud detection, and ID verification while offering instant Open Banking Payments by leveraging AI-driven predictive analytics and direct banking integrations.
Transforming Merchant Services
For merchants, the challenge of consumer drop-offs during the KYC onboarding process has been a persistent hurdle, often leading to lost revenue and decreased conversion rates. Trustly’s research indicates that the partnership with Socure could reduce onboarding times by up to 5x, a monumental leap forward in enhancing customer experience and accelerating time-to-revenue. Furthermore, this integrated solution adheres to regulatory compliance. It is designed to combat the evolving threats of deepfakes, synthetic identities, and account takeover fraud through advanced identity proofing and risk assessment.
Shared Vision for the Future
Beyond the technical and financial benefits, this partnership embodies a shared vision for the future of banking and payments. As Evan Rabinowitz, Vice President of Business Development at Socure, eloquently puts it, the diversity of payment types heralded by open banking represents a new era for consumer choice, emphasising the critical role of trusted identity in transforming open and connected banking. Craig McDonald, Chief Business Development Officer at Trustly, echoes this sentiment, highlighting the partnership’s ability to provide consumers with the ultimate onboarding experience by seamlessly integrating Open Banking with KYC and screening.
The Personal Impact of Innovation
The significance of this partnership extends far beyond its immediate impact on merchants and fintechs. It marks a significant milestone in the journey towards a more inclusive, secure, and consumer-friendly digital financial ecosystem. Trustly and Socure are not merely offering a new product; they are pioneering a movement towards a future where digital identity verification and payments are seamless, secure, and accessible.
In conclusion, the partnership between Trustly and Socure is more than just a collaboration between two companies; it’s a beacon of progress in the digital age. It showcases how technology can transcend traditional barriers when harnessed with vision and responsibility. It offers businesses and consumers a glimpse into a future where financial transactions are not just transactions but experiences — secure, seamless, and trust. As we navigate this new era of digital commerce, the path laid by Trustly and Socure reminds us that innovation, at its core, is about forging connections that uplift and empower every stakeholder in the financial ecosystem.
