Technology Onboarding Providers
Digital onboarding solutions are designed to help clients improve speed and efficiency, reduce onboarding costs, manage risk and reduce fraud, and deliver better client onboarding experiences. The companies profiled below are developing their technology solutions, building partnerships, and providing industry thought leadership, all of which are intended to improve their competitive position in the digital onboarding space. Below are detailed company overviews of four onboarding technology providers.
- Founded by a team of machine-learning experts in 2015, Sumsub (Sum & Substance) provides artificial-intelligence-driven remote identity verification, fraud protection, and regulatory compliance solutions.
- The company raised $700,000 in an initial seed round in 2017, with funding from United Capital Partners and Flint Capital, who received a 10% equity share of the company.
- Sumsub customers span an array of industries, including Fintech, trading, gaming, transportation, and online marketplaces. Sumsub has over 400 clients, including Uber, Cryptopay, and Bitcoin. A survey conducted by Sumsub indicates 90% of clients are satisfied with Sumsub solutions.
- Sumsub is headquartered in London, United Kingdom, with offices in Vienna, Austria, Seongnam-si, South Korea, and Saint-Petersburg, Russia.
- According to Sumsub, their solutions cover over 150 markets and territories across Europe, North America, and Asia.
Products and Solutions
- Sumsub's KYC/AML platform is a customer onboarding solution, which offers a risk management framework and regulatory compliance support. The solution integrates AI-driven identity document verification and biometric individual and third-party database screening. The integrated platform offers a cost-effective and customizable risk assessment and fraud protection solution, that claims to leverage proprietary databases and AI technology to reduce manual compliance workloads by 95%.
- Sumsub's digital onboarding solutions include chatbot-enabled identity verification, smart data-supported document authentication, and automated and human-supported risk evaluation. Some key benefits associated with these solutions include increased fraud prevention, an increased user conversion rate, implementation simplicity, and the ability to leverage Sumsub's cutting-edge facial recognition technology in user identification.
- Sumsub's AML Screening uses proprietary databases, global watchlists, negative media, and risk categorization models to provide real-time identification and monitoring of individuals with a criminal history, who may be prohibited from working in specific industries. This solution offers benefits including client reputation protection, cross-border compliance, and a significant (60%) reduction in manual workloads.
- Sumsub's crypto-compliance solutions offer clients the ability to track the flow of funds, identify and monitor transactions in real-time, manage transaction and record history, and conduct investigations of fraudulent activity across multiple currencies, such as Bitcoin, Bitcoin Cash and Ethereum. Sumsub highlights the convenience and cost-effectiveness of their crypto-compliance solutions, as well as their Crystal Blockchain-based tool, which provides compliance with the most important regulatory standards.
- Sumsub's know-your-business (KYB) solution verifies profiles of merchants, investors and business customers. The company focuses on the simplicity of using this solution, its cost-effectiveness, and its ability to meet regulatory compliance standards.
Partnerships and Collaborations
- Sumsub highlights numerous partnerships, which largely focus on integrating Sumsub's fraud detection technology with a partner's delivery platform to improve the overall offering for end-users and clients. Many of their recent partnerships focus on bringing additional fraud detection and security to alternative currency platforms.
- In October 2019, Levolution, who offers a marketplace platform to assist alternative currency providers in launching their businesses, entered into a partnership with Sumsub.
- Renator Schumacher, the CEO of Levolution, commented on the elevation of the Levolution platform associated with the Sumsub partnership, "Sumsub’s efficient compliance process and legal expertise perfectly corresponds with what Levolution needs — accurate security checks and lightning-fast onboarding for the users of ITO projects. The powerful dashboard, precise KYC/AML screenings and report generation reinforced our confidence in relation to assuring user verification and compliance to global Blockchain regulators.”
- Sumsub partnered with Forex trading platform MetaQuotes in December 2019. By integrating Sumsub's identity verification and fraud detection solutions into their platform, MetaQuotes will be able to automate the onboarding process for their broker clients.
- Sumsub commented on the benefits for MetaQuotes brokers, "....the new functionality provides further automation for MetaTrader 5 brokers, as well as the necessary infrastructure for secure data storage and being compliant with data privacy (GDPR) requirements. The solution also minimizes manual operations as all data and applications are sent through encrypted channels."
- Sumsub's core positioning focuses on ease-of-use for the end user, risk mitigation and cost-effectiveness for the client, and the ability for the user to access the client's services more quickly. They consider their technology best-in-class. They also emphasize global coverage and scalability of their solutions.
- The company positions themselves as "The complete toolkit for customer onboarding and KYC & AML compliance", while offering case studies to demonstrate the effectiveness of their solutions and statistics to back up their messaging.
- One such case study involves YouDo, an online marketplace that connects professionals with users who wish to hire services for various personal or business-related tasks. After experiencing significant issues driven by fraudulent service providers, YouDo worked with Sumsub to implement automated identity verification and background check technology. As a result, they experienced an increase in overall platform safety, reduced fraud, and increased speed in verifying platform participants.
- Sumsub highlights verification of over 10 million unique users and support of over 900 unique documents.
- To demonstrate their technological and industry expertise and added value for current and prospective clients and partners, Sumsub offers a large database of industry insights and trends associated with identity verification and fraud and data protection.
- Founded in 2011, Trulioo is a global identity data verification and services company that helps clients mitigate fraud and risk, meet compliance regulations, and increase online trust and safety.
- In September 2019, Trulioo raised $70MM CAD (~$53MM USD) in venture capital funding. According to previous CEO, Stephen Ufford, the latest round of funding will be used to expand their services globally and invest in technology and data. Total capital raised by Trulioo since inception is approximately $83.7MM.
- Trulioo indicates their solutions are used by more than 500 organizations globally. Clients come from a broad range of industries, such as financial services, online marketplaces, asset exchange platforms, and payment providers.
- During the leadership transition in March 2020, Stephen Ufford referenced the company's growth: "The smartest thing a founder can do during a period of dramatic growth is to step aside and hand over the reins to someone with a successful track record of driving exponential business growth with integrity and assurance."
- Trulioo is headquartered in Vancouver, B.C.
- Trulioo states that their business services cover 195 countries globally, with a recent expansion of their Global ID service into Nigeria and Ghana in 2019.
- In reference to their global scope, they position themselves as the 'leading global identity & business verification service'.
Products and Solutions
- Trulioo groups their solutions into 3 categories: identity verification, document verification, and business verification. Trulioo works with global data providers to leverage data sources around the world. Their technology solutions and partners allow the company to provide a comprehensive suite of verification and authentication solutions, under their GlobalGateway platform.
- AML Watchlist Services help clients comply with domestic and international regulations, including anti-money laundering (AML) and counter terrorist finance (CTF) sanctions. Trulioo's solutions offer real-time identification and monitoring against databases that include profiles of high-risk individuals, terrorists, and known money-launderers.
- Trulioo's identity documentation service, GlobalGateway ID Document Verification, offers the ability to evaluate and authenticate over 4,200 documents globally. These document identity services allow clients to mitigate risk, streamline onboarding processes, and more easily expand to new markets with different regulations.
- Developed for international markets, Trulioo's GlobalGateway online electronic identity verification services provide clients the ability to instantly verify identities, prevent fraud, and comply with regulations, including AML and KYC rules.
- Trulioo's Global Business Verification solution offers the capability for real-time verification of company records, with analysis of business intelligence covering over 330 million companies globally. Trulioo's solution leverages a variety of technologies, including AI, Optical Character Recognition (OCR), and Natural Processing Language (NLP), to provide reliable information, seamlessly, with the ability to monitor performance against a set of KPIs.
Partnerships and Collaborations
- Trulioo places a high level of importance on data providers and technology partnerships. Trulioo actively seeks partners who will help them serve their mission to provide a 'financially inclusive ecosystem'.
- Some current partnerships include Experian, DNB, and American Express.
- In 2018, Trulioo announced a partnership with Acuant, a global data capture and authentication solutions provider. The partnership was intended to bring Acuant's key technologies (facial recognition, auto-fill, and document verification) under Trulioo's GlobalGateway platform, providing companies a convenient, secure method to authenticate identities online.
- In 2019, Trulioo partnered with Refinitiv, a global provider of insights and technology to global financial markets. The objective of the partnership is to promote global financial inclusion and prevent fraud. The partnership will provide simple and convenient identity verification services to small businesses, some in less digitally-advanced areas of the world, with the hope that these businesses may then have greater access to financial institutions and services.
- Key benefits emphasized by Trulioo include the global scale, convenience, and speed of their solutions. Their messaging includes statistics that highlight their scale, including verification services for 5 billion people and 330 million businesses worldwide.
- Their mission is built on three core components: building online trust, developing and promoting privacy practices, and advancing financial inclusion.
- With their GlobalGateway portfolio of solutions built on a data foundation, Trulioo also highlights the use of trusted and comprehensive data sources that form the core of their product offerings.
- Trulioo provides numerous case studies to prove the value of its services. Stack, a financial technology company, streamlined their digital onboarding by using Trulioo's GlobalGateway ID verification platform.
- Trulioo also maintains a strong social media presence, with their Twitter heading providing a simple synopsis of their product benefits: 'Everyone is someone. Verify Identities Online. Instantly.' Their social media posts showcase their industry expertise and insights.
- Founded in 2012, Socure is an industry leader in digital identity verification technology.
- Socure leverages artificial intelligence and machine learning, coupled with biometrics and data intelligence, to provide real-time identity verification. Socure claims their solutions reduce fraud by more than 80%.
- Socure has secured $61.9MM in funding since its inception, raising $30MM in the most recent round of funding in February 2019. According to the CEO of Socure, Tom Thimot, recent funding will support expansion into the healthcare and the public sectors, as well as support technology innovations and machine-learning platform innovation.
- Socure revenue increased 300% in 2018.
- Socure currently offers services across lenders, financial institutions, and eCommerce. According to Socure, their clients include six of the top 10 card issuers, a top online retailer, and more than 100 other customers, including brokers and payment providers.
- Socure is headquartered in New York, New York, and has additional US offices in San Diego and San Jose, California.
- They also have an international presence, with an office located in Chennai, India.
Products and Solutions
- Socure's ID+ Predictive Analytics Platform combines email, online, and social data with credit information to verify identity, reduce fraud, and help clients meet regulatory and compliance requirements.
- Socure's Sigma Fraud Score leverages machine learning and algorithms to predict the likelihood of an application being fraudulent. Specific to eCommerce, Socure's Sigma Fraud models are industry-specific and leverage 150 fraud predictor variables. Socure considers this iterative solution best-in-class, offering 3rd party synthetic identity (a fictitious identity built from multiple sources) protection, identity theft protection and chargeback fraud prediction.
- Socure's KYC solutions verify identities during the account opening process against authoritative data sources. This fraud detection solution helps clients build a passive customer identification program (CIP), while still providing a smooth and seamless customer account onboarding experience.
- Socure's Social Screening solution provides a comprehensive overview of social media activity, helping reduce the need for manual review.
- Socure's Alert List provides an additional level of fraud detection by comparing customer or user data to a proprietary database that includes specific fraudulent transaction traits identified among known fraudulent users
- Socure's Document Verification solution helps clients compare the authenticity of official documents, such as licenses, passports, and visas.
Partnerships and Collaborations
- Socure announced a partnership in September 2019 with Q2, a provider of digital transformation solutions for the lending and banking industries. The partnership will allow Socure to deliver their identity verification and fraud protection services through Q2 Open's CorePro, a cloud-based processing system, which offers digital account solutions, such as demand deposits and direct banking.
- The general manager of Q2 Open, Paul Walker, said of the partnership with Socure, "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.”
- In 2018, Socure partnered with Alloy, a technology company that works with banks and fintechs to provide regulatory compliance and customer onboarding solutions via an integrated, customized platform. Socure's AI-driven identity risk score, coupled with Alloy's workforce platform, helped a digital bank client (Radius Bank), boost new account conversions, reduce fraud by 50%, and significantly reduce the need for manual reviews.
- The CEO of Alloy, Tommy Nichols, said of the partnership with Socure, "The data and intelligence provided by Socure combined with Alloy's decision engine and reporting tools make digital onboarding infinitely scalable for the first time.”
- The 'partner program' information page on Secure's website emphasizes the business and technological advantages of partnering with Socure. In highlighting the value of a Socure partnership, they focus on the seamless integration of their best-in-class predictive and authentication solutions with partner solutions and platforms.
- ECommerce partners include online and retail merchants and payment platform providers.
- Socure's messaging focuses on the accuracy and reliability of their real-time fraud protection and customer approval solutions. Socure backs their communication with data and case studies highlighting the business impact of their technology.
- Socure claims their technology has had a significant business impact for their clients, citing a 30% increase in know-your-customer (KYC) acceptance rates, an 80% reduction in fraud, and a 90% reduction in manual reviews.
- Case studies include a 50% reduction in fraudulent applications for an online lender and a 20% increase in auto-approvals for a micro-investment advisory company, leading to an increase in millennial customers, who generally have a more limited credit history than older applicants.
- Socure's messaging also links to the benefits of their identity verification solutions for the greater good.
- Their specific messaging is, "At Socure we believe in amplifying human potential with data science, using technology for good, and building a future we all want to live in."
- Founded in 2009, Fenergo offers a suite of digital lifecycle management software solutions, including digital onboarding. Focusing mainly on financial institutions, Fenergo claims their solutions result in an 82% reduction in client onboarding time.
- Fenergo has raised about $160.4MM since inception, and in February 2020 raised $80MM, with ABN AMRO and DXC Technology funding this round. According to the company, their focus will be on product development and strategic acquisitions. In 2015, Fenergo received funding to expand its global footprint.
- The Dublin, Ireland-based company experienced a 21% revenue increase, to €70.1MM for the year ending March 31, 2019. Innovation investment and expansion drove higher costs, resulting in an annual loss of €5.4MM compared to a €2.6MM profit the year prior.
- Fenergo has 70 clients, including PNC, UBS, and BNP Paribas.
- In addition to their Dublin headquarters, Fenergo has offices in North America, UK, Poland, Asia-Pacific, and Dubai, UAE, emphasizing their global scope.
Products and Solutions
- Fenergo offers a wide range of digital onboarding solutions, including their regulatory onboarding and AML/KMC compliance solutions. Their portfolio of solutions also includes products such as tax compliance solutions, regulatory and client outreach, and management intelligence and analytics solutions.
- Fenergo's KYC solution is based on decision-tree intelligence, delivered in one integrated platform. They position their risk-based approach as efficient and compliant.
- With a significant focus on innovation, Fenergo launched a real-time KYC solution in October 2019. This solution leverages internal and external data sources to automate compliance reviews. The new product is expected to improve operational efficiency, reduce compliance costs, and meet regulatory guidelines.
- e-KYC Connect is another new product launch, enabling financial institutions who leverage a KYC utility to share a verified profile in a wider, collaborating network of financial institutions and government agencies. The benefit of this innovation is a faster client onboarding process and a better client experience.
- Fenergo Client Risk Rating provides financial institutions with the ability to measure risk across their entire client portfolio, or a segment of their portfolio. Some variables considered in this risk assessment include geographic risk, client-specific risk, industry risk, and product risk. Results are often to used to determine compliance needs.
- Fenergo's Management Intelligence and Analytics platform offers an analytics suite that provides real-time data visibility across onboarding, compliance, and data and document management.
Partnerships and Collaborations
- Fenergo places a high priority on their partner network, who they train and certify in-house.
- In December 2019, Fenergo announced an alliance with PwC, to optimize client onboarding and KYC. The collaboration leveraged PwC's regulatory and operations expertise, and Fenergo's cloud-based client lifecycle management (CLM) solution, to deliver an optimized customer onboarding experience.
- In September 2019, Fenergo announced a partnership with Luxoft, a software development company. The partnership is intended to improve client onboarding speed and address KYC and AML challenges.
- Fenergo has numerous additional partnerships in place, including one with Capgemini, a global technology provider and consultancy, and Delta Capita, an international business and technology consultancy.
- Fenergo highlights the depth and breadth of their solutions portfolio, their focus on financial services, partnerships with key data providers, strong client relationships, and industry recognition as key strengths.
- Their digital onboarding messaging highlights their view of the full client lifecycle, which goes beyond digital onboarding to managing the client over the long-term. Their solutions are supported with data demonstrating impact, case studies, and client testimonials. Specific data associated with the impact of their digital onboarding solutions includes an 82% reduction in onboarding time, a 30% ROI on technology, and a 34% audit cost-savings.
- Fenergo has an active social media presence, with their Twitter headline ('a leading provider of digital solutions in Client Lifecycle Management, AML/KYC Compliance & Data Management for Financial Institutions') focusing on their solutions and market position. Their posts are generally product and solutions-focused as well.
We leveraged corporate communication via press releases, websites, and social media, along with expert publications, news articles, and databases highlighting available company financial information, to provide the detailed company overviews. While the vast majority of the information presented in these analyses was available across these sources (with multiple sources verifying financial statistics, such as venture capital funding), we were unable to provide specific revenue numbers for several of the companies. Since SumSub, Socure, and Trulioo are private companies, they are not required to report revenue. Where possible, we included an alternative perspective on revenue, such as revenue growth or CEO commentary focused on the growth of company.