INCLINE VILLAGE, Nev.--(BUSINESS WIRE)--Socure, the leading provider of digital identity verification and fraud solutions, announced today that its KYC solution won the Best RegTech Solution at the annual 2022 Finovate Awards, and Johnny Ayers, its founder and CEO, was named Executive of the Year. The Finovate Awards recognize exceptional contributions made by organizations and individuals from the fintech sector.
The award for Best RegTech Solution is given to a bank, financial institution, or fintech company that excels in the field of regulatory compliance without disrupting customer experience or creating inefficiencies for bank employees. The award is in recognition of the industry-leading accuracy and financial inclusivity of Socure’s KYC solution, which maximizes verification rates of hard-to-identify segments and enables organizations to acquire and convert more good customers, increasing business growth by seamlessly onboarding previously unverifiable consumers.
Johnny Ayers won the prestigious Executive of the Year award that is bestowed on an industry executive whose leadership has pushed their team to accomplish great things. Ayers has received multiple awards for individual achievement. Earlier in the year, Ernst & Young LLP named Ayers an Entrepreneur of the Year 2022 winner, and last year Goldman Sachs selected Ayers as one of the 100 Most Intriguing Entrepreneurs. Ayers founded Socure in 2012 with the ambitious mission of verifying 100% of good identities in real-time and eliminating identity fraud for every applicant on the internet.
“It’s gratifying for our team’s accomplishments to be recognized by the Finovate judges,” Ayers said. “It wasn’t long after we founded Socure that we began to solve problems many people believed were unsolvable—entirely accurate and inclusive identity verification and the eradication of fraud on the internet. I believe it’s possible to now verify any identity, anywhere in the world. I and everyone at Socure are grateful for the judges recognizing the significance of our mission and the positive impact Socure is having on people’s lives.”
Socure’s KYC solution solves the biggest challenges confronting organizations dependent on digital onboarding—delivering seamless consumer experiences, achieving compliance, and ensuring inclusion and coverage for all population segments. Socure’s KYC solution delivers up to 98% frictionless auto-approvals for mainstream demographics, and up to 94% for the hard-to-identify populations such as Gen Z, millennials, credit-invisible, thin-file, and new-to-country. Socure KYC solution’s unprecedented accuracy and efficiency enable customers to eliminate expensive manual reviews, provide coverage to a wider audience, and save millions of dollars in otherwise lost revenue. In comparison, legacy KYC solutions continue to produce costlier and less dependable alternatives: everything from low accuracy, poor identity coverage, increased manual processes, and higher false reject rates and socioeconomic bias, in addition to subpar customer approval rates.
To learn more about Socure’s KYC solution visit: socure.com/kyc.
About Socure
Socure is the leading platform for digital identity verification and trust. Its predictive analytics platform applies artificial intelligence and machine learning techniques with trusted online/offline data intelligence from physical government-issued documents as well as email, phone, address, IP, device, velocity, date of birth, SSN, and the broader internet to verify identities in real time. The company has more than 1,100 customers across the financial services, government, gaming, healthcare, telecom, and e-commerce industries, including four of the top five banks, seven of the top 10 card issuers, the top three MSBs, the top payroll provider, the top credit bureau, the top online gaming operator, the top Buy Now, Pay Later (BNPL) providers, and over 250 of the largest fintechs. Marquee customers include Chime, SoFi, Robinhood, Gusto, Public, Stash, and DraftKings. Socure customers have become investors in the company including Citi Ventures, Wells Fargo Strategic Capital, Capital One Ventures, MVB Bank, and Synchrony. Additional investors include Accel, T. Rowe Price, Bain Capital Ventures, Tiger Global, Commerce Ventures, Scale Venture Partners, Sorenson, Flint Capital, Two Sigma Ventures, and others.