Numerated, the AI-enhanced commercial lending platform, announced its partnership with Alloy, the identity risk management company working with various banks and fintech companies, to deliver fraud checks within commercial lending.
This partnership will aim to support Numerated’s lending automation capabilities by combining risk management with automation, providing security and efficiency to financial institutions.
In today’s environment, where fraud is a constant threat, this partnership will enable Numerated’s clients to perform fraud checks within their lending processes.
According to Alloy’s State of Fraud Benchmark Report, 100% of fraud decision-makers at banks and fintechs reported experiencing fraud in the past year.
And the vast majority (96%) of these institutions suffered financial losses due to fraud, with 70% reporting losses of more than $500k during that particular period.
This highlights the need for fraud prevention in the financial sector, a need that Alloy’s platform will address within Numerated’s lending solutions.
Dan O’Malley, CEO at Numerated said that by working with Alloy, they are ensuring that their platform meets and hopefully surpasses the expectations of financial institutions looking for secure lending solutions.
This partnership allows them to deliver proper risk management combined with the efficiency and speed of automation.
The partnership will aim to enhance Numerated’s platform in three key ways:
- Onboarding: Automatically prefill customer data to optimize the onboarding process.
- Fraud Prevention: Implement advanced KYC/KYB and AML checks to reduce risk and improve lending performance.
- Digital Experience: Provide a seamless platform for capturing deposits and offering competitive lending products for SMB and commercial borrowers.
Keith Kettell, Chief Revenue Officer at Alloy explained that by combining their expertise in fraud prevention with Numerated’s lending platform will provide financial institutions with an effective tool to mitigate risk.
This partnership represents is said to represent significant step forward in Numerated’s goal to streamline business banking.
With Alloy’s tech, Numerated will now aim to lead the financial industry by offering financial institutions a solution that improves security without giving up speed or user experience.
Numerated is an AI-powered platform that has been developed in order to enhance how financial services providers lend to businesses.
By leveraging detailed data and AI-enabled insights, Numerated automates different steps of the business lending process, from application to closing, offering lenders with sizeable gains.
As explained in a blog post, Alloy addresses the identity risk problem for firms that offer financial products. Banks and fintechs reportedly turn to Alloy’s identity risk management platform to take control of fraud, credit, as well as compliance risks.
Founded in 2015, Alloy is enabling the delivery of financial products.