Lenders Cooperative Launches Risk Operations Platform with Identity Verification Leader Socure
MECHANICSBURG, PA (PRWeb)
Lenders Cooperative announced the general availability of its integrated Risk Operations Platform for its small business and commercial loan origination system. The Risk Operations platform is designed to be the centralized hub – orchestrating a variety of best-in-class partners to mitigate fraud, identity theft, and other financial crime trends.
With the launch of our Risk Operations Platform, we are also pleased to include Socure as an integrated component – enabling our clients to take advantage of their rich identity verification and fraud prevention platform
Today, Lenders Cooperative announced the general availability of its integrated Risk Operations Platform for its small business and commercial loan origination system. The Risk Operations platform is designed to be the centralized hub – orchestrating a variety of best-in-class partners to mitigate fraud, identity theft, and other financial crime trends.
“With the launch of our Risk Operations Platform, we are also pleased to include Socure as an integrated component – enabling our clients to take advantage of their rich identity verification and fraud prevention platform,” commented Loughlin Cleary, President of Lenders Cooperative.
“Integrating Socure into our Risk Ops Platform will meaningfully increase our ability to identify fraud while reducing on-boarding friction for our banks. Many of our financial institutions are exploring how to take our platform and originate small business loans outside their traditional market areas – doing so requires better tools than banks have used in the past,” said Loughlin.
The Risk Operations platform also includes additional tooling that leverages IRS data to validate name and tax identification information, has document scanning and validation capability, and orchestrates additional KYB vendors to perform additional business screening.
“In addition to our turnkey integrations, clients have wanted us to integrate into their internal fraud or watchlist systems. With the Risk Operations Platform – we can simply integrate their APIs into our fabric and expose the results directly inside the loan origination process.”
Highlights of the Socure ID+ Product Modules – Integrated into Risk Operations Platform
- Inclusive KYC - Socure’s patented KYC solution uses advanced machine learning (ML) and search analytics to achieve the most accurate matching in the industry, and automates customer identity verification. Socure KYC, enables organizations to auto-approve up to 98% of mainstream customers, and up to 94% of hard-to-identify populations such as Gen Z, millennial, credit invisible, thin-file, and new-to-country, while satisfying compliance requirements.
- Accurate, Robust Identity Fraud Risk Protection - The Socure Sigma Fraud Suite provides ML models that are trained and refined to adapt to emerging third-party and synthetic identity fraud trends by utilizing the most predictive features possible, leveraging both good and fraudulent performance feedback from a network of the company’s 1,100 clients across a variety of industries. Socure captures up to 90% of third-party identity fraud in the top 3% of riskiest users and reduces false positives by more than 13x compared to legacy solutions.
- Predictive Identity Document Verification - Socure’s Predictive DocV delivers an automated, hyper-accurate, holistic decision in seconds by applying hundreds of predictive signals on top of ID verification, liveness detection, and biometric facial matching, to reduce manual processes and user drop-off while identifying more good customers and eliminating fraudsters in real time.
For more information contact Loughlin Cleary at email@example.com
Summit Technology Group (STG), the parent company of Lenders Cooperative is focused on helping community and regional financial institutions modernize their lending solutions and internal workflow processes. Through the years STG has built a boutique consulting, outsourced services, and software practice – enabling financial institutions to focus on their strengths, while eliminating their barriers to growth. STG, whose investors have included the American Bankers Association, quietly powers software solutions for thousands of banking organizations in the United States and has operated some of the largest lending programs in operation today.
About Lenders Cooperative
Lenders Cooperative is a client-owned cooperative representing a community of over 140 and growing forward-thinking banking institutions leveraging best-in-class loan origination software coupled with shared services, including credit underwriting, SBA LSP support, bank operations and white labeled call center support. With solutions built and supported by veteran bankers, the Cooperative also offers customers a deep knowledge base, the ability to exchange best practices and a direct role in guiding the development and implementation of new technologies.
Lenders Cooperative helps community and regional financial institutions think differently on modernizing their lending solutions, improving internal workflow processes, and streamlining back-office operations so they can focus on their real strength - supporting their customers.