Banking-as-a-service (BaaS) software developer 10x has secured a new partnership that will embed anti-fraud technology within its core platform.
The partnership with US-based anti-fraud tech developer Alloy will see the integration of the anti-fraud tech developer’s data network, including a “perpetual KYC and KYB” monitoring capability, into 10x’s ‘meta core’ banking platform.
This, for the first time 10x said, will enable adopters to “originate, personalise, and manage loans directly within the 10x Banking platform”.
Alloy’s technology supports organisations in meeting a number of critical regulatory obligations, including KYB and KYC requirements, global AML regulations, local regulations, and sanctions screening.
The technology, touted as a continuous compliance and end-to-end identity risk solution, manages risk “throughout the customer lifecycle” – from onboarding to ongoing account activity, effectively compiling an evolving and dynamic view of customers’ risks and needs.
“Alloy leverages its data orchestration capabilities to synthesise all of the data points and automate decision-making for clients, allowing clients to better solve for fraud, credit, and compliance risk, and grow with confidence.”
Currently, more than 600 financial institutions worldwide use Alloy’s technology.
10x chief revenue officer Matt Mills said the collaboration represents “a significant step forward in the modernisation of risk decisioning”.
“Alloy’s cloud-native approach to identity risk management complements 10x Banking’s cloud-native core banking platform, creating a modern, versatile credit decisioning tool for banks and fintechs seeking to transform their loan origination processes.”
Keith Kettell, Alloy’s chief revenue officer said the anti-fraud solution provides “flexible tools to efficiently manage identity risk, specifically aiding them in enhancing their account opening and in-life risk management processes”.
10x’s cloud-native BaaS platform has been adopted by several big-name banks, with Westpac among the platform’s most notable Australian adoptees.
