KYC with Alloy and Berbix

Berbix recently partnered with Alloy, an Identity Decisioning Platform that helps banks and fintech companies automate their decisions for onboarding, transaction monitoring, and credit underwriting. Combine that with Berbix ID verification and you have a full KYC solution.

How does Alloy work?

Customers can verify their ID with Berbix and then leverage Alloy to automate decision-making and monitor for KYC/AML and potential fraud throughout the customer lifecycle. Users can create workflows from 120+ data sources to verify customer’s onboarding information. As customers make purchases and transfer funds, monitor activity to help protect against fraud. 

When you automate identity and risk decisions from onboarding and beyond, you can get better conversions, less fraud, and do less manual reviews. 

How do Alloy and Berbix work together?

To get accurate downstream reports, you must start with knowing who you’re working with! It may seem like a no-brainer, but if the first step in the customer onboarding process fails, everything else that follows (such as a credit history check) will be a waste of time and money since you may be checking information on the wrong customer. 

Berbix allows you to be confident that you’re verifying the right customer (with biometric facial scans, selfie check, and accurate and automated ID verification) so you can have confidence that downstream checks are on the right person. After confirming the ID of a user with Berbix, Alloy lets you connect to multiple data sources, like credit bureaus, to ensure the most accurate result possible. When the process works seamlessly and fast, you can automatically verify more users while ensuring KYC and AML compliance. 

With Berbix and Alloy, you can build a customized workflow that helps you reduce fraud with less friction for your customers. Completely automate identity and risk decisions from onboarding and beyond, resulting in better conversions and less manual reviews. Simplify and expedite the IDV process across new account openings, mortgage applications, wealth management, remote onboarding, and more. 

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