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7th largest credit union in the U.S. drives growth by keeping members safe
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Jessica Dennis, the head of bank risk and operations at FNBO, talked to Alloy about how she manages risk and helps the bank grow.
Most fraud prevention models no longer keep up with current threats because they focus on transactions instead of identity.
Learn how real-time payment fraud is increasing risk and how to protect against threats in instant payment systems.
In this eBook, we explore how using multiple data source providers in your identity verification process can not only help you mitigate fraud risks, but also bring on more good customers.
Alloy’s real-time risk assessments helps IncredibleBank create a holistic risk profile for each applicant.
LONDON, 21 November, 2024 -- 10x Banking, the cloud-native core banking platform, has partnered with Alloy, a leading identity and fraud prevention platform, to deliver a next-generation customer onboarding, perpetual KYC and KYB monitoring, and credit decisioning platform for financial institutions globally.The partnership combines 10x’s pioneering meta core platform with Alloy’s leading solutions for managing identity risk throughout the customer lifecycle. 10x’s solution powers major financial institutions globally, including Chase UK and Westpac, and provides banks with the fastest, most cost-effective path to cloud-native transformation. Alloy’s platform is trusted by over 600 of the world's most prominent financial institutions and fintechs, including Sonovate, Liberis, Ent Credit Union, Shopify, and Clear Street. Alloy has pre-built integrations to one of the broadest networks of data products in the industry, with over 200 fraud, compliance, and identity data sources including Onfido, ComplyAdvantage, GBG and others covering 195 markets worldwide. On top of this, Alloy leverages its data orchestration capabilities to synthesise all of the data points and automate decision-making for clients, allowing clients to better solve for fraud, credit, and compliance risk, and grow with confidence. This partnership sees Alloy’s data network seamlessly integrated with 10x’s core banking platform, enabling financial institutions to make lending and account opening decisions with increased agility and precision from the core, delivering faster, better business decisions in a market that demands real-time capabilities. The modular decisioning solution allows financial institutions, for the first time, to originate, personalize, and manage loans directly within the 10x Banking platform.Keith Kettell, Chief Revenue Officer at Alloy said: “Our partnership with 10x Banking is a testament to our commitment to helping financial institutions in the UK and beyond fight fraud. Our partnership will provide financial institutions all over the world with flexible tools to efficiently manage identity risk, specifically aiding them in enhancing their account opening and in-life risk management processes.”Matt Mills, Chief Revenue Officer at 10x Banking, said, “Our collaboration with Alloy represents a significant step forward in the modernization of risk decisioning. Alloy’s cloud-native approach to identity risk management complements 10x Banking’s cloud-native core banking platform, creating a modern, versatile credit decisioning tool for banks and fintechs seeking to transform their loan origination processes. This partnership, with 10x’s unique meta core approach, enables us to continue our mission to revolutionize banking for the benefit of financial institutions, their customers, and society.”
RICHMOND, VA, November 13, 2024 -- CapTech Ventures, Inc. (CapTech), an award-winning technology consulting firm, announced today a strategic partnership with Alloy, the identity risk management platform behind over 600 of the world’s leading banks, credit unions, and fintechs. This collaboration leverages Alloy's scalable technology platform to enhance CapTech's offerings and delivery of innovative solutions in the financial services industry. "We are thrilled to embark on this partnership with Alloy," said CapTech CEO Andy Sofish. "Alloy’s expertise in identity risk management complements our commitment to providing secure and innovative solutions. This partnership allows us to enhance our offerings and help our clients improve their customer journeys."This partnership will give CapTech’s financial services clients access to Alloy’s comprehensive identity risk management solution alongside CapTech’s integration expertise, providing them with enhanced security, streamlined customer onboarding, and improved fraud prevention capabilities. Together, CapTech and Alloy aim to help banks, credit unions, and fintechs deliver a seamless and secure digital customer experience by ensuring that Alloy’s fraud and compliance solutions are properly integrated into financial institutions’ existing workflows, core systems, and customer management tools.“This partnership is an important tool for financial institutions looking for a seamless, innovative way to better prevent fraud,” said Keith Kettell, Chief Revenue Officer at Alloy. “CapTech’s deep understanding of technology and innovation, alongside Alloy’s extensive expertise in helping financial institutions manage their fraud, credit, and compliance risk, will allow more banks, credit unions, and fintechs to grow with confidence.” About CapTechCapTech is an award-winning consulting firm that empowers clients to achieve what’s possible through the power of technology. At CapTech, we’re passionate about the work we do and the results we achieve for our clients. From the outset, our founders shared a collective passion to create a consultancy centered on strong relationships that would stand the test of time. Today we work alongside clients that include Fortune 100 companies, mid-sized enterprises, and government agencies, a list that spans across the country. Learn more at captechconsulting.com.About AlloyAlloy helps solve the identity risk problem for companies that offer financial products. Over 600 banks, credit unions, and fintechs turn to Alloy’s end-to-end identity risk management platform to take control of fraud, credit, and compliance risks, and grow with confidence. Founded in 2015, Alloy is powering the delivery of great financial products to more customers around the world. Learn more at alloy.com.
What did sponsor banks have to say about embedded finance compliance in 2024? Get the fast facts as stats.
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Discover how Alloy and CLEAR's partnership streamlines onboarding, improves security, and enhances the customer experience for financial services.
We’re excited to join the celebration of International Credit Union Day. Learn how Alloy helps credit unions stay compliant and fight fraud.
Alloy enriched existing capabilities to offer a more comprehensive testing hub that allows clients to test new policies or changes to their decisioning logic and see projected outcomes, easing the pressure of making changes and going live. This type of agility is critical in an era of growing fraud.
Learn how fraud impacted banks, fintechs, and credit unions in 2024 — and how financial institutions responded — with our infographic.
NEW YORK, October 3, 2024 -- Sonovate, the leading provider of embedded finance and payment solutions for the contingent workforce, today announced that it is implementing Alloy’s identity risk solution to better prevent fraud while also fueling growth.Alloy helps solve the identity risk problem for companies that offer financial products by enabling them to outpace fraud and confidently serve more people around the world. Over 600 banks and fintechs in the US, UK, and beyond turn to Alloy to grow with a clearer picture of their customers. Sonovate will use Alloy’s end-to-end identity risk management platform to stay ahead of rising fraud trends in the UK. A report from UK Finance found that £1.17 billion was lost to financial criminals in 2023. New technologies like generative AI have given bad actors more sophisticated tools to attack financial institutions. With Alloy, Sonovate is poised to stay ahead of this fraud risk while ensuring that genuine customers can efficiently access the company’s products and services.“With its network of data sources, Alloy gives us the power to protect our business and customers from financial crime and the flexibility to make adjustments as needed as our business scales,” said Tom Wilson, Global Head of Risk and Compliance at Sonovate. “We are excited for this next step in our global growth.”Since it was founded in 2014, Sonovate has funded nearly £6 billion ($8 billion) of invoices, supporting 3,300 businesses and 50,000 workers in 44 countries. In pursuit of the company’s global growth, Sonovate recently opened its first overseas office in Amsterdam and announced significant enhancements to its funding technology platform to better serve large, multinational recruitment businesses. Sonovate joins a growing list of UK-based banks and fintechs that use Alloy to solve for identity risk, including Liberis and Flagstone. “We’re excited to support Sonovate in their mission to empower recruitment and consultancy businesses with tailored financial solutions,” said James Baston-Pitt, Head of UK and EMEA at Alloy. “Risk management has always been a core part of Sonovate’s business, and with Alloy, the company will continue to evolve to address growing fraud threats.”About SonovateSonovate is the leading provider of embedded finance and payment solutions for the workforce. Its finance and technology services cater to recruitment businesses, consultancies, and labour marketplaces who place contractors and freelancers around the world. Sonovate’s platform and expert service deliver swift credit decisions, same-day funding, credit insurance and collection services as well as timesheet and workflow automation, empowering companies to concentrate on expanding their business, confident that processes and funds are in place to help meet payment deadlines. Since it was founded in 2014, Sonovate has funded nearly £6 billion ($8 billion) of invoices, supporting 3,300 businesses and 50,000 workers in 44 countries.About AlloyAlloy helps solve the identity risk problem for companies that offer financial products. Over 600 banks, credit unions, and fintechs turn to Alloy’s end-to-end identity risk management platform to take control of fraud, credit, and compliance risks, and grow with confidence. Founded in 2015, Alloy is powering the delivery of great financial products to more customers around the world. Learn more at alloy.com.
BOSTON, October 1, 2024 -- Numerated, the leading AI-driven commercial lending platform, today announced its partnership with Alloy, the identity risk management company trusted by over 600 leading banks, credit unions and fintech companies, to deliver best-in-class fraud checks within commercial lending. This strategic partnership will supercharge Numerated's lending automation capabilities by combining cutting-edge risk management with advanced automation, providing unparalleled security and efficiency to financial institutions.In today’s environment, where fraud is an ever-present threat, this partnership will enable Numerated’s clients to perform robust fraud checks seamlessly within their lending processes. According to Alloy’s State of Fraud Benchmark Report, 100% of fraud decision-makers at banks and fintechs reported experiencing fraud in the last twelve months. Additionally, 96% of these institutions suffered financial losses due to fraud, with 70% reporting losses exceeding $500k during that period. This underscores the critical need for advanced fraud prevention in the financial sector, a need that Alloy’s platform will directly address within Numerated’s commercial lending solutions."Fraud prevention and lending automation are crucial in today's financial landscape," said Dan O’Malley, CEO at Numerated. "By partnering with Alloy, we are ensuring that our platform not only meets but exceeds the expectations of financial institutions looking for secure, scalable lending solutions. This partnership allows us to deliver the best of both worlds—top-tier risk management combined with the efficiency and speed of automation."The partnership will enhance Numerated’s platform in three key ways:Streamlined Onboarding: Automatically prefill customer data to optimize the onboarding process.Strengthened Fraud Prevention: Implement advanced KYC/KYB and AML checks to reduce risk and improve lending performance.Unified Digital Experience: Provide a seamless platform for capturing deposits and offering competitive lending products for SMB and commercial borrowers.“Alloy is excited to partner with Numerated to bring our identity decisioning technology to the commercial lending space,” said Keith Kettell, Chief Revenue Officer at Alloy. “Combining our expertise in fraud prevention with Numerated’s industry-leading lending platform will provide financial institutions with a powerful tool to mitigate risk while automating their lending operations.”This partnership represents a significant step forward in Numerated's mission to modernize business banking. With Alloy's technology, Numerated will continue to lead the industry by offering financial institutions a comprehensive solution that enhances security without sacrificing speed or user experience.About NumeratedNumerated is an AI-driven platform that transforms how financial institutions lend to businesses. By leveraging advanced data and AI, Numerated automates every step of the business lending process, from application to closing, providing lenders with industry-leading efficiency gains. Numerated’s platform is trusted by over 500,000 businesses and 30,000 lenders, processing over $50 billion in loans. Learn more at https://www.numerated.com.About AlloyAlloy helps solve the identity risk problem for companies that offer financial products. Over 600 banks, credit unions, and fintechs turn to Alloy’s end-to-end identity risk management platform to take control of fraud, credit, and compliance risks, and grow with confidence. Founded in 2015, Alloy is powering the delivery of great financial products to more customers around the world. Learn more at alloy.com.
Alloy's Product Director, Grace Liu, takes you through the thought process and development of one of our most exciting software features: Journeys.
NEW YORK, September 24, 2024 -- Meridian Credit Union (“Meridian”), Canada’s second largest credit union, today announced that it is partnering with leading identity risk management company Alloy to provide a better user experience for new and prospective members while also reducing fraud risk. The partnership supports Meridian’s rapid growth, building on its years of commitment to serving Canadians and its base of 380,000 members, by providing the credit union with a centralized platform to manage fraud, credit, and compliance risk. Meridian joins the over 600 leading banks, credit unions, and fintech companies around the globe that rely on Alloy to help solve identity risk."Our members are at the heart of everything we do, so when searching for an identity risk platform, finding the most frictionless option was crucial. Alloy's ability to connect to hundreds of data sources allows us to test and select the vendors that will help create the positive Member experience we strive to deliver while minimizing risk, making it an easy decision for us,” said Matthew Seagrim, Chief Digital and Marketing Officer at Meridian. Alloy’s end-to-end identity risk management platform allows Meridian to identify good customers at origination, while preventing bad actors from gaining access to the organization. Using Alloy’s 200+ data products covering 195 markets—including Canada—Meridian can easily test and make changes to their onboarding policies, optimizing them for growth. Alloy also gives Meridian the ability to perform step-up verification on risky applicants, keeping fraud rates low while cutting back on manual reviews. Alloy’s real-time decisioning capabilities allow Meridian to make faster, more informed decisions, augmenting the credit union’s ability to deliver a personalized, top-notch member experience.“Meridian is well known for providing a high-quality user experience to its members,” said Keith Kettell, Chief Revenue Officer at Alloy. “We’re excited to be a part of that experience by giving Meridian the tools to meet KYC and KYB requirements while also onboarding genuine individuals and businesses efficiently.”Meridian joins a growing number of credit unions that use Alloy to help solve for identity risk, including Navy Federal Credit Union, Suncoast Credit Union, and Mountain America Credit Union. About MeridianMeridian is Ontario’s largest credit union, and one of the largest in Canada. Guided by our purpose, “helping you achieve your best life,” Meridian delivers personal, and wealth financial business solutions to over 380,000 Members. Our bold Meridian for Good strategy is aimed at helping people get access to the money and advice they need; plan for a better future that is clean, resilient, and diverse; and be financially confident. Meridian has two operating subsidiaries: Meridian OneCap Credit Corp (“MOCC”) and motusbank. For more information, please visit: meridiancu.ca.We acknowledge the land on which we operate is the traditional territory of many nations including the Mississaugas of the Credit, the Anishinaabe, the Chippewa, the Haudenosaunee and the Wendat peoples and now home to many diverse First Nations, Inuit, and Métis. We also acknowledge that Toronto is covered by Treaty 13 with the Mississaugas of the Credit.About AlloyAlloy helps solve the identity risk problem for companies that offer financial products. Over 600 banks, credit unions, and fintechs turn to Alloy’s end-to-end identity risk management platform to take control of fraud, credit, and compliance risks, and grow with confidence. Founded in 2015, Alloy is powering the delivery of great financial products to more customers around the world. Learn more at alloy.com.
Alloy’s Principal Advisor of Fraud & Identity Risk, Sara Seguin, weighs in on what today’s sponsor banks are saying about risk and compliance.
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NEW YORK, August 21, 2024 -- Alloy, the identity risk management company trusted by over 600 leading banks, credit unions and fintech companies, today released its 2024 State of Embedded Finance Report, a survey of over 50 decision-makers working at U.S.-based sponsor banks. The report found that while embedded finance programs drive significant revenue (over 50%) for sponsor banks, a majority (80%) of respondents reported that meeting embedded finance compliance requirements as a sponsor bank is challenging in the current environment. Alloy’s State of Embedded Finance Report comes at a time when sponsor banks in the U.S. face drastically increased regulatory scrutiny. According to data from Klaros Group, 25.6% of the FDIC’s formal enforcement actions have been directed at sponsor banks since the beginning of 2024. “Running a sponsor bank program is inherently complex because you have banks who are highly regulated working with companies that are often new, fast-growing, and creating entirely new ways for consumers to interact with money,” said Tommy Nicholas, CEO and co-founder of Alloy. “Despite the challenge, we’re already seeing sponsor banks respond to regulatory developments by investing in better controls, training, and adding to their compliance tech stack.”These recent compliance violations have resulted in financial consequences for sponsor banks: Alloy’s report found that 75% of sponsor banks have lost $100k or more due to compliance violations, with 39% reporting losses of $250K or more and 6% reporting losses of $1M or more. However, financial losses are far from the worst consequence of regulatory violations: decision-makers at sponsor banks rank reputational damage as the top consequence of mishandling fintech partners’ compliance. Alloy’s report found that sponsor banks’ top barriers to maintaining a compliant embedded finance program are 1) a lack of control over their fintech partners’ policy controls and 2) a lack of auditability of their fintech partners’ policy controls. Earlier this year, Alloy launched Alloy for Embedded Finance, a product that gives sponsor banks, electronic money institutions, and program managers in the U.S., U.K., and E.U. the ability to oversee the compliance policies of their fintech partners. Alloy for Embedded Finance directly addresses embedded finance providers’ need to have greater control and visibility into their fintech partners’ compliance programs. Today, Alloy also announced a new module within Alloy for Embedded Finance: Audit Access. Tools like Alloy for Embedded Finance are becoming more widely adopted by sponsor banks: Alloy’s report found that sponsor banks’ most likely course of action in response to regulatory scrutiny is investing in new compliance technology. “Using Alloy for Embedded Finance has been a game changer for our team,” said Teddy Gordon, Director of Data at Grasshopper Bank. “We can easily set KYC requirements for our fintech partners and then roll those policies out to our entire program all at once. We ensure we’re compliant across the board, and our fintech partners still get to manage their own risk tolerance.”Alloy’s State of Embedded Finance report was fielded from May 30th to June 5th, 2024 and includes respondents from sponsor banks in the U.S. with at least $2 billion assets under management (AUM). The report was conducted on behalf of Alloy by The Harris Poll, a global consulting and market research firm.For more insights, read the full report here. About AlloyAlloy solves the identity risk problem for companies that offer financial products. Over 600 banks, credit unions, and fintechs turn to Alloy’s end-to-end identity risk management platform to take control of fraud, credit, and compliance risks, and grow with confidence. Founded in 2015, Alloy is powering the delivery of great financial products to more customers around the world. Learn more at alloy.com.
