Socure and Aeropay Slash Onboarding Friction to Phone Number, Two Clicks
Event summary
- Socure and Aeropay integrated to enable identity verification and bank account linking using only a phone number and two clicks.
- One joint customer saw a 50%+ straight-through account funding rate with the integration.
- The integration combines Socure’s identity verification with Aeropay’s Aerosync technology for a seamless onboarding experience.
- Socure and Aeropay aim to reduce fraud exposure by closing the gap between identity verification and payment systems.
The big picture
The integration addresses a critical gap in the fintech ecosystem where identity verification and payment systems operate in silos, increasing fraud risks. By combining identity verification with bank account linking, Socure and Aeropay aim to streamline onboarding processes and enhance security. This move aligns with broader industry trends towards seamless, AI-driven customer experiences in financial services.
What we're watching
- Fraud Prevention
- How the integration will affect fraud rates and ACH returns for joint customers.
- Customer Conversion
- Whether the reduced friction will sustain higher conversion rates across different industries.
- Market Adoption
- The pace at which other fintechs and financial institutions adopt similar integrated solutions.
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