Baker Tilly audit of Socure’s Intelligent KYC solution provides product accuracy verification, and establishes regulatory compliance


Socure and Baker Tilly emter into partnership. (Credit: Gerd Altmann from Pixabay.)

Socure, the leader in Day Zero identity verification, and Baker Tilly, announced today the companies have successfully completed an audit of Socure’s Intelligent KYC solution. The report verifies that Socure’s Intelligent KYC product meets the CIP requirements and model risk management expectations demanded by financial institutions. It establishes that Socure’s Intelligent KYC product satisfies regulatory compliance, and creates additional assurance, for clients held to the USA PATRIOT Act’s requirements.

“There was a recurring question asked by our customers and prospects that clearly needed to be answered, ‘How could we ensure that Socure’s regtech solutions will satisfactorily support their AML compliance?’” said Josh Linn, Senior Director of Product Management at Socure. “Baker Tilly’s holistic assessment of the entire customer journey — combined with regulatory clarity and rigorous testing — now certifies how we do exactly that.”

Baker Tilly’s audit of Intelligent KYC evaluated how the solution works, verified its accuracy, and assessed it against the model risk management supervisory framework.

“It has become imperative that the technology companies entering into the financial services sector are able to demonstrate assurance that their financial technologies are delivering on their commitments and that their internal control processes are sufficient for risk mitigation,” said Mark Boettcher, Partner, Baker Tilly.

The two companies will also host a webinar on Wednesday, March 10th, “Auditing fintech and KYC regtech” from 12:00 PM – 1:00 PM EST to discuss fintech auditing in detail and how to establish assurance for fintechs and banking institutions. The webinar will offer an informative overview of the development process of new fintech algorithms while also ascertaining its accuracy. Among those who should consider attending include: C-Suite executives as well as risk, internal audit, technology, and product development professionals at fintechs, banks, credit unions, consumer lending, and other financial services institutions. Attendees can register here.

“Our team is extremely grateful to Baker Tilly for their work on this audit of Intelligent KYC,” said Johnny Ayers, founder and CEO of Socure. “As a technology company working with financial institutions that are highly regulated, we too need to be held to the highest standards through third-party verification. Now, our customers can be confident that our products are meeting their compliance requirements. It’s not just about Socure delivering the most accurate and comprehensive solution on the market, it’s also about being fully compliant and auditable to our client’s regulators.”

Intelligent KYC delivers unmatched auto-acceptance rates of over 90% for both mainstream and hard-to-identity populations, incorporating over 7 billion records and over 290 million verified identities. Socure’s methodology includes using diverse and inclusive data sources, advanced clustering, and intelligent-rank decision outputs, all with simple, actionable reason codes. This methodology allows Socure’s customers to increase auto-enrollment rates, reduce manual reviews, and maintain compliance.

Source: Company Press Release