Alloy

💸 Compliance violations around embedded finance fintech partnerships are costly for sponsor banks: according to our recent report, 75% of respondents lost $100k or more, with 6% losing $1M or more. Find out how sponsor banks are responding by downloading our 2024 State of Embedded Finance Report: https://lnkd.in/eb-aqEjk

If your bank or fintech is expanding across borders, Alloy can help you navigate compliance requirements in new geos without compromising on growth—just take it from Pipe. ⭐ Learn more about our work helping banks and fintechs in the UK and beyond fight fincrime: https://lnkd.in/eci2gR-W

I had an awesome time at Slush last week connecting with some of the most interesting fintech companies across Europe (and globally). It was an honor to share the (rotating!) stage with Akila Quinio and Nicky Goulimis and discuss APP fraud and scams. Some of my key takeaways from our conversation: - We're at an odd convergence of 1) the rise of fraud during COVID, 2) the sophistication of fraud advanced by AI, and 3) the rise of faster payments. Financial services is facing bigger fraud challenges than ever. - Scams are uniquely different for FIs to tackle because of 1) the personal nature of them (your customer is 'emotionally' involved), 2) it's one of the only times the FI needs to try to understand the payee, not the payer, to detect fraud. - The discussion around liability is important but in some ways not the right one to have yet because adjudication and allotment of responsibility are yet to be determined. We will have to watch how the UK handles this. - Data sharing is becoming extra important. We need FIs to be able to easily share information. This is hard for lots of reasons including of course privacy, but importantly the logistics of sharing siloed, disorganized, and non-standardized data can be challenging (so much of a role of an intermediary or a consortium might be just cleaning up data, standardizing the formats and fields, etc.) - Dealing with fraud by slowing down payments or adding in unnecessary friction is a step backwards... we've put all this work in to improve financial services for consumers & SMBs, only to take it away when we can't figure out how to deal with fraud. Let’s solve it another way! The good news is that the pressure of new regulations (and liability) means FIs are coming up with new ways to stop scams, like partnering with big tech to share intel on fraudsters operating on social media. Photo credit: Samuli Pentti

Fraud prevention just got smarter, faster, and more innovative. ⚡ ️Our partnership with Alloy combines 10x's cloud-native core banking platform with Alloy's identity risk platform. Together, we’re enabling financial institutions to innovate at speed, safeguard their customers, and tackle fraud head-on—all while delivering seamless onboarding and smarter decision-making. Read the full story in Enterprise Times by Steve Brooks: https://lnkd.in/eqs_P7mE #fintech #corebanking #digitaltransformation #10xbanking

The latest installment of Risky Business covers the latest trends in check fraud, the role of social media in fraud today and how a strong fraud prevention strategy can not just reduce risk, but also become a competitive advantage.

Alongside our client Grasshopper, we've been recognized by IBS Intelligence's Global Fintech Innovation Awards in the Best Risk Management Implementation category! We're honored to help amazing clients like Grasshopper prevent fraud and grow with confidence. 💪 "Grasshopper’s collaboration with Alloy on their Identity Risk Management Program has improved fraud prevention and operational efficiency, reducing manual reviews by 58% and the cost to acquire accounts by 28%," said Nikhil Gokhale, Head of Research at IBS Intelligence. He added, “This integration empowers Grasshopper to onboard 800 new SMB clients monthly, leveraging Alloy's advanced data decisioning and centralized UI."

Another year of being recognized as a #Fast500 winner by Deloitte! This list ranks the fastest-growing companies in North America, and we're proud to be included in the top 30% of winning companies. Onward and upwards! 🚀

Thrilled to announce our partnership with 10x Banking, the cloud-native core banking platform that powers major financial institutions globally. 🤝 10x's customers will have access to Alloy's leading identity and fraud prevention platform, giving them the tools to prevent fraud throughout the customer lifecycle and grow with confidence. 🔐 https://lnkd.in/e9JCyJyM

80% of respondents to our State of Embedded Finance Report find it challenging to meet compliance requirements in the current regulatory environment. 😬 The good news? The industry is responding with a renewed focus on risk management. 🔒 https://lnkd.in/eb-aqEjk

Check out the clip below to hear our own Richard Scioli share some of the trends we're seeing around embedded finance as a growth driver for banks. 🗣 If you're interested in learning more, give our 2024 State of Embedded Finance Report a read at the link in the comments ⬇