10x Banking, the cloud-native core banking platform, has partnered with Alloy, an identity and fraud prevention platform, to deliver a frictionless customer onboarding, perpetual KYC and KYB monitoring, and credit decisioning platform for financial institutions globally.
The partnership brings together 10x’s meta-core platform with Alloy’s solutions for managing identity risk throughout the customer lifecycle.
10x’s solution powers FIs, including Chase UK and Westpac, and provides banks with the “most cost-effective” path to cloud-native transformation.
Alloy’s platform is “trusted” by more than 600 of the world’s most prominent financial institutions and fintechs, including the following: Sonovate, Liberis, Ent Credit Union, Shopify, and Clear Street.
Alloy has pre-built integrations to one of the “broadest” networks of data products in the industry, with over “200 fraud, compliance, and identity data sources including Onfido, ComplyAdvantage, GBG and others covering 195 markets worldwide.”
Alloy leverages its data orchestration capabilities to synthesize 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.”
This partnership sees Alloy’s data network integrated with 10x’s core banking platform, enabling financial institutions to make lending and account opening decisions with increased “agility and precision from the core, delivering faster, better business decisions in a market that demands real-time capabilities.”
The modular decisioning solution allows financial institutions to originate, personalize, and manage loans within the 10x Banking platform.
Keith Kettell, Chief Revenue Officer at Alloy said that their partnership with 10x Banking is a testament to their commitment to “helping financial institutions in the UK and beyond fight fraud.”
Kettel also mentioned that their partnership will provide financial institutions all over the world with flexible tools to “efficiently manage identity risk, specifically aiding them in enhancing their account opening and in-life risk management processes.”
Matt Mills, Chief Revenue Officer at 10x Banking, said that their collaboration with Alloy represents a step forward in the modernization of risk decisioning.
Mills added that 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.” They also noted that this partnership, with 10x’s meta core approach, enables them to “continue their mission to [improve] banking for the benefit of financial institutions, their customers, and society.”
10x Banking is B-Corp certified, has a presence in London, Sydney, and Singapore, and is supported by investors, including BlackRock and J.P. Morgan.
Over 600 banks, credit unions, and fintechs reportedly turn to Alloy’s end-to-end identity risk management platform to take “control of fraud, credit, and compliance risks, and grow with confidence.
