Business identity verification service, RiskOSTM, to be offered jointly by Socure and Baselayer, promising next-generation solutions.
In a groundbreaking move, Socure - a leading provider of AI-powered digital identity verification, compliance, and fraud prevention solutions - has partnered with Baselayer, a market-leading Business Identity, Credit, and Fraud provider. This collaboration aims to create a more comprehensive dataset and intelligence source for verifying businesses across industries, thereby enhancing fraud detection, reducing false positives, and increasing automation in complex Know Your Business (KYB) workflows.
Improved Business Identity Verification
The partnership integrates Baselayer's extensive business identity network into Socure's RiskOS platform. By aggregating fraud and risk signals from over 2,200 financial institutions, the combined intelligence source offers rich data on millions of U.S. businesses, including subtle variations in EINs, names, and addresses to catch synthetic identity fraud early. This is further strengthened by Socure's network of 3,000 customers, reaching approximately 40 percent of the U.S. financial services market.
Enhanced Compliance
The integration supports verifying officers, owners, signers, and Ultimate Beneficial Owners (UBOs) for sanctions, legal, and other risks via a streamlined API. This streamlined process improves regulatory compliance for financial institutions, government agencies, and other regulated industries.
Stronger Fraud Prevention
By connecting onboarding data across institutions, Baselayer surfaces anomalies, high-risk behaviors like application stacking, and coordinated fraud patterns before they harm businesses. Socure’s RiskOS platform automates decisioning at scale using this intelligence, reducing false positives and increasing auto-approval rates for legitimate customers.
Impacted Industries
The benefits of this partnership extend to various industries:
- Banking and Lending: Faster KYB checks and underwriting with higher auto-approval rates and fewer false positives, leading to quicker revenue capture and better risk management.
- Fintech and B2B SaaS: Detection and prevention of promotional abuse and duplicate account creation through fraud signals integrated into workflows.
- Marketplaces: More efficient large-scale verification of sellers and service providers, fostering safer commerce.
- Government Agencies: Streamlined grant distribution and contract vetting by unifying business and UBO verification in a single system.
Next-Generation Business Identity Verification
The Socure-Baselayer partnership leverages combined data, AI-based risk scoring, and a shared intelligence network to deliver next-generation business identity verification that is more accurate, automated, and effective at preventing fraud and ensuring compliance across multiple sectors.
In conclusion, this partnership represents a significant stride towards a more secure and compliant business environment. By unifying and de-risking the business identity landscape, Socure and Baselayer are set to redefine the standards for business identity verification, compliance, and fraud prevention.
- The integration of Baselayer's extensive business identity network into Socure's RiskOS platform will enhance the technology used for digital identity verification, compliance, and fraud prevention solutions in the business.
- Financial institutions, government agencies, and other regulated industries will experience improved compliance with streams of data on businesses across various sectors, including officers, owners, and Ultimate Beneficial Owners, making the finance sector more secure and reliable.
