Socure Account Intelligence Enables Real-Time Bank Account Ownership Verification and Fraud Reduction for Financial Institutions, Enterprises, and Government Agencies

Socure, the leading provider of digital identity verification and fraud solutions, today announced it has entered the payment risk space with the introduction of its newest product, Socure Account Intelligence. The product instantly verifies domestic bank account status and ownership, prior to ACH payment transactions or funds disbursement. Only the consumer or business name as well as the bank account and routing numbers are needed for this real-time service that establishes trust between accounts and supports regulatory compliance.

The product is ideally suited for any client or industry in which an ACH payment is being made (e.g., bank account funding, disbursement of government benefits, bill payments, insurance payouts, merchant and peer-to-peer payments). Because of Socure Account Intelligence’s core benefits of establishing bank account trust and determining payment return risk, users can expedite disbursements of funds, guard against payment fraud, and adhere to ACH regulatory requirements, all while delivering a frictionless customer experience.

What differentiates Socure Account Intelligence, is that the results are delivered in real time, and with the highest account coverage in the market, as opposed to competing micro-deposit solutions, which can take days, resulting in significant consumer drop-off. Socure Account Intelligence also processes with minimal data inputs (name, account, and routing number), versus credentialing solutions, which require consumer disclosure of sensitive account login credentials.

The product was designed to enable compliance with Nacha’s (ACH governing body) WEB Debit rule in the most streamlined and economical fashion. The rule requires that originators of WEB Debit transactions validate that an account is open and accepts ACH entries, prior to payment execution.

Not only does Socure Account Intelligence support this rule, it also confirms that the consumer/business named is the rightful owner of the bank account. This ownership check ensures that funds are credited to the correct individual and prevents funds from being fraudulently debited from a victim’s account. As an official Nacha Preferred Partner, Socure has been recognized as a leading provider, offering innovative and strategic solutions to the ACH network.

“With identity fraud running rampant across commercial industries and the public sector, organizations can no longer make assumptions about whether the person or entity on the other end of a payment is who they say they are,” said Johnny Ayers, founder and CEO of Socure. “Because we have the most accurate and inclusive identity verification and fraud prevention solution in the market, we are already performing this verification during the onboarding process. Therefore, moving into the payment risk space is a natural extension of our business. Now our customers can achieve full confidence in the onboarding process, from identity verification through account funding, all in a single, trusted platform.”

Socure Account Intelligence is integrated into Socure’s industry-leading ID+ platform, enabling access to the company’s full suite of identity verification and fraud prevention solutions via a single API for easy deployment.

Socure Account Intelligence is available immediately. For more information click here.

About Socure

Socure is the leading platform for digital identity verification and trust. Its predictive analytics platform applies artificial intelligence and machine learning techniques with trusted online/offline data intelligence from physical government-issued documents as well as email, phone, address, IP, device, velocity, date of birth, SSN, and the broader internet to verify identities in real time. The company has more than 1,400 customers across the financial services, government, gaming, healthcare, telecom, and e-commerce industries, including four of the top five banks, 13 of the top 15 card issuers, the top three MSBs, the top payroll provider, the top credit bureau, the top online gaming operator, the top Buy Now, Pay Later (BNPL) providers, and over 250 of the largest fintechs. Marquee customers include Chime, SoFi, Robinhood, Gusto, Public, Stash, DraftKings, State of California and Florida’s Homeowner Assistance Fund. Socure customers have become investors in the company including Citi Ventures, Wells Fargo Strategic Capital, Capital One Ventures, MVB Bank, and Synchrony. Additional investors include Accel, T. Rowe Price, Bain Capital Ventures, Tiger Global, Commerce Ventures, Scale Venture Partners, Sorenson, Flint Capital, Two Sigma Ventures, and others.

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