Digital banking solutions company Blend Labs Inc. on Tuesday announced an expanded partnership with Alloy, an identity and fraud prevention platform provider.
As part of the new agreement, Blend customers can now incorporate Alloy’s identity and fraud prevention capabilities into their consumer banking solutions, with the ultimate goal to build a safer digital banking experience.
“Our partnership with Alloy helps us go beyond expectations, giving financial institutions the security and scalability they need to lend with confidence,” Blend co-founder and CEO Nima Ghamsari said in a statement.
“With this expanded relationship, we’re making it even easier and more cost-effective for lenders to access top-tier risk and fraud prevention tools — seamlessly built into their workflows.”
Tuesday’s announcement adds to an existing partnership between the two companies, with Alloy delivering integrated fraud prevention and compliance solutions across Blend’s deposit account and consumer lending products.
“Earlier this year, Langley was hit with a fraud attack, but Alloy and Blend quickly caught it and stopped it,” Cris Daly, digital product manager at Langley Federal Credit Union, said of the partnership’s impact. “Alloy detected nearly 700 fraudulent applications and automatically rejected them so that none of those fraudsters made it into our portfolio.”
The partnership enables lenders to meet KYC (Know Your Customer) requirements and screen for fraud by leveraging a range of third-party data sources.
“Fraud prevention has become a critical need in the lending industry, as financial institutions seek smarter, more efficient ways to manage identity risk and grow their business,” said Keith Kettell, chief revenue officer at Alloy.
“By combining our expertise in fraud prevention with Blend’s industry-leading consumer banking platform, we’re equipping lenders with the tools they need to stay ahead of threats while also automating and simplifying their operations.”
