Artificial intelligence (AI)-driven risk management solutions provider Oscilar has partnered with Socure to transform identity verification, fraud prevention and risk management for financial institutions.
By combining Oscilar’s advanced risk management platform with Socure’s identity verification solutions, the collaboration expects to provide an unparalleled approach to fraud prevention, compliance, and onboarding of customers.
Through the partnership, both parties aim to address the rising need for financial institutions to improve their risk management capabilities along with offering a frictionless and secure customer experience.
The integration of Socure’s identity verification platform into Oscilar’s risk management platform will also enable clients to benefit from an extensive solution.
The solution optimises the onboarding process as well as reduces the risk of fraud. In addition, it is said to speed up fraud and risk operations by 10 times.
Oscilar and Socure’s partnership also bolsters fraud detection and prevention. This will be by integrating consortium data from the latter’s network of over 2,400 customers with generative AI-driven natural language fraud analytics from Oscilar.
As per Socure, this improves the accuracy of risk assessments and mitigates false positives.
Financial institutions can also seamlessly implement Oscilar’s fraud and credit decisioning machine learning models in their workflows. The models include ACH Fraud, Card Fraud, Pay Prediction, Spend Power, Wire Fraud, Cash Flow Score, and others.
Furthermore, Oscilar and Socure jointly provide a compliance framework, helping financial institutions in meeting regulatory requirements by ensuring data integrity and security.
Oscilar co-founder and CEO Neha Narkhede said: “Digital onboarding at financial institutions involves carefully balancing fraud risk and customer friction.
“The deep identity verification intelligence provided by Socure combined with Oscilar’s generative AI Risk Decisioning platform offers an unparalleled solution to streamline and increase the accuracy of digital onboarding for the first time.”
