Q2 Holdings, Inc. (NYSE:QTWO), a leading provider of digital transformation solutions for banking and lending, today announced its partnership with Socure to deliver best-in-class digital identity verification and fraud protection capabilities through Q2 Open’s CorePro, an agile, cloud-based core processor and system of record.
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According to a recent survey published by Q2 and Cornerstone Advisors, 43 percent of respondents listed “easy account setup” as a top reason to adopt fintech solutions. By integrating with Socure’s AI-based Know Your Customer (KYC) identity risk scoring, CorePro users will eliminate tedious out-of-wallet questions, simplify onboarding processes and grow the number of overall new accounts opened, while increasing protection against identity fraud.
“At Q2, we are continually evolving our banking-as-a-service solutions to enable banks and fintechs to quickly develop and deploy best-in-class digital financial experiences,” said Paul Walker, general manager of Q2 Open. “Our partnership with Socure reinforces our commitment to provide secure and agile solutions to banks and fintechs, and to offer better identity verification and fraud protection that enables a truly frictionless customer onboarding process.”
CorePro is a modern and cost-effective core-processing platform that enables flexible, digital solutions such as demand deposit accounts, debit accounts and direct banking. With Socure, CorePro will empower banks and fintechs with faster, more accurate identity verification decisions to create a more streamlined and inclusive financial experience for a broader base of customers. Instead of relying on credit bureau data, which inherently excludes those who lack sufficient credit or do not have access to traditional financial services, Socure uses a combination of online and offline data to create a more complete footprint of a consumer’s digital identity.
“Socure is thrilled to partner with the Q2 team,” said Johnny Ayers, founder and SVP of Socure. “By integrating Socure’s predictive analytics platform into CorePro’s banking-as-a-service capabilities, we believe that together we can drive the future of digital account opening across the fintech and broader financial services industries.”
Socure’s solutions continue to displace legacy identity verification systems across the U.S. where accuracy, automation and speed are critical. Customers include three of the top five U.S. banks, seven of the top 10 U.S. card issuers, as well as the majority of leading digital banks, lenders and insurers across the U.S.
About Q2 Holdings, Inc.
Q2 is a secure, cloud-based digital transformation solutions company headquartered in Austin, Texas. Since 2004, it has been our mission to build stronger communities by strengthening their financial institutions. Our digital banking solutions for deposits, money movement, lending, leasing, security and fraud enable financial institutions to deliver a better financial experience to their account holders. Our bank and credit union customers, along with emerging financial services providers, also benefit from actionable data analytics and access to open technology tools. To learn more about Q2, visit www.q2ebanking.com.
About Socure ID+
Socure ID+ uses patented Machine Learning and Artificial Intelligence technologies to establish a trusted digital identity for online and in store applications. The company’s predictive analytics platform provides an instant, multidimensional view of customers and potential customers that allow organizations to automatically maximize overall approval rates, while minimizing fraud losses within their KYC, AML and Fraud programs. Socure’s ID+ combines multiple types of Machine Learning to continuously ingest, normalize and evaluate data from hundreds of online and offline data sources including credit bureaus, carrier phone records, IP addresses, social networks and more. This allows for real-time analysis of datasets at machine speed to achieve results far beyond the capabilities of humans and rules-based approaches. Socure was founded in 2012 and is headquartered in New York City with offices in San Diego, San Francisco and Chennai, India.