Artis Partners with Socure to Reduce Consumer Fraud and Risk

When it comes to lending, payments and financial services, it’s crucial that each transaction is securely verified and given to the right person. As seen through the societal shifts brought on by COVID-19 pandemic, there is a movement toward new models of online banking that will require remote transactions and authentications, all while preventing fraud and theft.

Artis Technologies, a consumer financing tech company, recently partnered with Socure to provide Day Zero digital identity verification technology. Hoping to power embedded financial service platforms for digital, point-of-need lending and payments, Artis aims to validate a consumer’s identity at the moment of purchase through this established partnership.

Partnering for Greater Security and Technological Efficiency

Socure’s predictive analytics platform applies artificial intelligence and machine-learning techniques with trusted online and offline data intelligence from email, phone, address IP, social media and the broader internet to verify identities in real-time. This helps to deliver the Know Your Customer (KYC), identity verification and fraud risk prediction, distinguishing fraudulent applications and customers. For Artis specifically, integrating Socure’s “Day Zero” approach enables Artis-powered SMBs to accurately verify documents, follow Customer Identification Program requirements and run risk-based checks.

Socure’s verification solution provides an API library that is easy to navigate, understand and consume, in theory allowing Artis to go from contract to integration in less than two weeks. In addition, Socure’s technology has a large network of contributory data sources that provide them with business insights to what state-of-the-art online fraud looks like. For Artis, having this integration allows the company to focus on all aspects of the consumer experience and make it as frictionless as possible. Furthermore, Artis picked Socure as its provider for it’s policies and workflows which will allow the company to reach the market faster than its competitors.

The Importance of Digital Identity at Artis

According to Artis Technologies CEO Barclay Keith, “Providing unbiased credit decisions starts with knowing the money will get to the right people, and Socure’s digital identity verification solution gives our clients the right foundation to approve loans more efficiently.” Having highly accurate and quick identity verification allows Artis to auto-approve good applicants and eliminate potential threats, helping to streamline the application process with ease. Because of Artis’s consumer-centric approach toward financing, quick approvals and confidence are a must in order to effectively lend and onboard new users.

With the new partnership in place, Artis hopes that consumers will have more trust in utilizing the Artis platform to conduct borrowing and transactions. Similarly, the company aims to bolster merchant confidence in the Artis platform, inviting more customers to conduct transactions through Artis.

Consumer Security for Users

The partnership with Socure not only serves to address compliance on Artis’ end; it places the consumer first, bringing a human element into the lending process through data sources that are complemented by artificial intelligence and machine learning-optimized policies and automation. As a result, financial institutions can offer downstream credit. Rhon Daguro, Senior Vice President of Sales at Socure, noted that “with Artis’ unique approach to consumer financing, there’s a heightened need to provide quick approvals on the spot without complicating or prolonging the application, while also ensuring confidence in that decision. Our companies share an understanding of risk being multidimensional, and are excited to partner in powering smarter, more effective lending.”