Alacriti partners with Socure to offer instant payment fraud prevention

Alacriti, a fintech company specializing in payments, today announced that it has partnered with Socure, the leading provider of digital identity verification and fraud solutions, to deliver third-party and synthetic identity fraud prevention for instant payments.

“Faster payments provide greater convenience and immediate access to funds. However, its growing use brings with it various fraud risks as organized crime networks look to exploit their vulnerabilities.” emphasizes Chuck Subrt, Director Fraud & AML Practice at Aite-Novarica Group. “To mitigate these risks, financial services organizations must optimize their financial crime framework by integrating more real-time capabilities and richer risk intelligence. The Alacriti-Socure partnership provides the financial services community with an alternative to meet their immediate payments needs.”

This partnership allows financial institutions to use end-to-end, turnkey, instant payment solutions with integrated fraud prevention. Alacritis Cosmos Payments Hub, which is on the Orbipay platform, enables financial institutions to deliver modern money movement experiences to their customers, reduce operational costs and accelerate time to market.

“Instant payments require real-time fraud prevention, which is not something many existing enterprise fraud systems are well equipped to handle. This partnership represents a tremendous opportunity for financial institutions, as they can now affordably access Socure’s market-leading fraud prevention solution, which is fully integrated with Alacriti’s Cosmos Payments Hub, said Mark Majeske, SVP Faster Payments at Alacriti.

Keith Gray, Vice President of Strategic Partnerships at The Clearing House added, “As more banks and credit unions leverage the RTP® network to send instant payments, having access to appropriate fraud tools becomes an important part of a real-time payments strategy. We are pleased to see Alacriti and Socure working together to provide fraud monitoring tools to financial institutions in the real-time payments ecosystem.”

Alacritis Orbipay AIQ is a cloud-based, machine learning-based fraud prevention solution designed to address fraud and risk associated with instant payments processed through payment rails such as The Clearing House (TCH) RTP network, the FedNowSM service and Visa Direct – or conventional payments such as ACH or Wires. Orbipay AIQ can be used to augment a financial institution’s existing fraud detection system or operate as a stand-alone system. The solution is proactive, enabling it to analyze and score individual senders and receivers of transactions before the transaction is processed through a specific payment rail. Financial institutions can also set up custom tolerance levels to better control individual organizational preferences.

Orbipay AIQ is powered by Socure’s Sigma Fraud suite, which combines the industry’s most accurate third-party and synthetic identity fraud solutions with the highest auto-approval rates while minimizing fraud risk and false positives. Socure’s fraud prevention solutions analyze all dimensions of consumer identity by leveraging an advanced machine learning framework, blocking stolen or synthetic identities from entering the payment network.

“Our partnership with Alacriti protects financial institutions and their account holders from predatory fraudsters, improving their trust and confidence as they make faster payment transactions. Combining a comprehensive identity verification and fraud prevention platform with Cosmos Payments Hub helps financial institutions safely deliver payment innovation quickly and with less risk to the market.” said Evan Rabinowitz, VP of business development at Socure.

Alacriti (booth 512) and Socure (booth 533) will be present at the Nacha Smarter Faster Payments 2023 conference and will be available to discuss the details of the partnership. Additional information can be found in the recorded webinar, Navigation Fraud in the World of Instant Payments: Strategies for Success.