Trustly, Socure launch onboarding and payments solution for merchants

01 Mar 2024

Open Banking payments provider Trustly has formed a partnership with Socure, a provider of artificial intelligence for digital identity verification, sanction screening, and fraud prevention, to deliver “streamlined” onboarding and Pay by Bank services for merchants and fintechs via a new solution.

The integration of Socure’s AI-driven ‘ID+’ platform with Trustly’s direct banking connections enhances Know Your Customer (KYC) compliance, fraud detection, and identification verification, while providing instant Open Banking payments.

This partnership will benefit merchants across various sectors, including investing, gaming, trading, and financial services.

Merchants often face challenges with user drop-offs during the KYC onboarding process. However, this partnership between Socure and Trustly aims to address these issues by offering accelerated user onboarding, resulting in increased conversion rates.

Trustly’s research showed that this integration can make the onboarding process up to five times faster, ensuring swift and reliable payments.

Not only does this collaboration ensure regulatory compliance, but it also mitigates security concerns associated with payments. With the rise of ecommerce, malicious actors find new ways to exploit legacy identity verification and fraud prevention methods.

Socure’s predictive machine learning models, combined with Trustly’s Open Banking authentication and data, effectively tackle risks such as deepfakes, synthetic identities, and account takeover fraud.

“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.”

Craig McDonald, chief business development officer at Trustly, added that the partnership enables Trustly to better serve its merchant customers with seamless onboarding and a payment solution for their consumers, and to realise increased conversion.

“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,” McDonald said.

Trustly recently announced a partnership with MX Technologies in the US, to leverage its data enhancement services.

By integrating MX Data Enhancement, Trustly can now offer merchants “cleansed and categorised” consumer-permissioned transaction data.