Source: Trustly

Trustly and Socure have combined their respective specialist fields under the terms of a new partnership aimed at introducing an ‘industry first solution’ to global banking.

The duo aim to leverage Trustly’s Pay by Bank offering and Socure’s AI capabilities – the latter focusing on digital identity verification, sanction screening, and fraud prevention – to provide enhanced KYC compliance, fraud detection and ID verification via Open Banking.

Target sectors for the companies are investing, gaming, trading and financial services, with the core offering centred around streamlined onboarding coupled with Pay by Bank services.

“We are very excited about our partnership with Trustly and its pay-by-bank business model,” said Evan Rabinowitz, Vice President of Business Development at Socure.

“We think this diversity in payment types brought about by Open Banking is representative of a new era for consumer choice. We have a shared belief that trusted identity is essential to the transformation of open and connected banking.”

An added area of focus for the company is addressing payments security concerns amid a period of ongoing growth for the global e-commerce sector. This growth has left legacy ID verification and fraud prevention methods open for exploitation, in Trustly and Socure’s view.

New fraudulent threats to the global payments and e-commerce sector include deepfake technology, synthetic identities and more advanced forms of account takeover fraud. The duo hope to counter these threats by combining Socure’s predictive machine learning and Trustly’s Open Banking authentication and data. 

The partnership marks the latest significant development for Trustly this year following an agreement signed with MX Technologies, whilst its Ecospend subsidiary has become a prominent Open Banking provider in the UK.

Craig McDonald, Chief Business Development Officer at Trustly, added: “This partnership enables Trustly to better serve our merchant customers who can now provide a seamless onboarding and payment solution for their consumers and 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.”