Business identity verification service enhanced through collaboration between Socure and Baselayer, utilizing RiskOSTM technology for next-generation solutions.
In a significant move to bolster business verification, fraud prevention, and risk decision-making, Socure, a leading provider of AI-powered digital identity verification, compliance, and fraud prevention solutions, has partnered with Baselayer, a Business Identity, Credit, and Fraud provider.
The collaboration sees Baselayer's extensive fraud and risk signals network integrated into Socure's RiskOS platform. This integration brings several key benefits and use cases:
- Expanded Business Verification and Fraud Detection: With Baselayer aggregating fraud and risk signals from over 2,200 financial institutions, the partnership significantly strengthens Know Your Business (KYB) capabilities. This enables faster onboarding of legitimate businesses while proactively preventing fraud.
- Improved Risk Decision-Making: Combining Baselayer’s consortium data with Socure’s AI-powered identity verification and compliance tools improves predictive accuracy for fraud and risk. This helps businesses make more informed decisions around customer onboarding and ongoing monitoring.
- Automation and Streamlined Onboarding: The partnership facilitates automation of business verification processes, particularly beneficial for sole proprietors and small businesses, leading to a more efficient and frictionless onboarding experience overall.
- Global Compliance and Identity Coverage: Socure’s RiskOS platform already provides eKYC (electronic Know Your Customer) verification across 160+ countries and supports digital identity frameworks worldwide. Adding Baselayer’s real-time fraud signals enhances this compliance tool for anti-money laundering (AML), KYC, and KYB applications at scale.
- Financial Services Market Reach: With Socure’s 3,000 customers and Baselayer’s data from thousands of institutions, the partnership covers a substantial portion of the U.S. financial services market, broadening the scope of fraud detection and business identity verification efforts in this critical sector.
The partnership supports a broad range of use cases including rapid and more accurate business customer onboarding in finance and lending, continuous fraud prevention and risk monitoring for financial institutions, enhanced AML, KYC, KYB compliance, and helping small and medium-sized enterprises (SMEs) efficiently navigate verification and compliance hurdles during transactions.
Johnny Ayers, Founder and CEO of Socure, stated that the partnership strengthens RiskOS' KYB capabilities. Jonathan Awad, Co-Founder & CEO of Baselayer, stated that the partnership with Socure brings Baselayer's insights to an industry-leading decisioning layer.
The integration results in expanded intelligence for earlier fraud detection, reduced false positives, and increased automation in complex KYB workflows. Marketplaces gain a more efficient path to verifying sellers and service providers at scale. Government agencies can streamline grant disbursements and contract vetting with unified business and UBO verification through a single, flexible API.
In sum, the Socure-Baselayer partnership empowers organizations to accelerate legitimate business onboarding, reduce fraud losses, and achieve more robust risk and compliance decision-making with comprehensive, consortium-based data integrated into a leading AI-driven identity verification platform.
- The collaboration between Socure and ffnews.com's partner Baselayer, a Business Identity, Credit, and Fraud provider, enhances Socure's RiskOS platform with technology-related capabilities, enabling improved business verification, fraud detection, and risk decision-making in the finance sector.
- The integration of Baselayer's extensive fraud and risk signals network into Socure's AI-powered platform also expands the coverage of financial services, strengthening global compliance and identity verification, particularly in technology-driven fields like fintech and e-commerce.
