Socure and Baker Tilly Partner to Establish Intelligent KYC Assurance for Fintechs and Banking Institutions

Baker Tilly audit of Socure’s Intelligent KYC solution provides product accuracy verification, establishes regulatory compliance, and creates further trust with clients

NEW YORK–(BUSINESS WIRE)–#dataprotectionSocure, 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.

About Socure

Socure is the leader in digital identity verification technology for Day Zero and beyond. Its predictive analytics platform applies artificial intelligence and machine-learning techniques with trusted online/offline data intelligence from email, phone, address, IP, device, velocity, and the broader internet to verify identities in real-time. The company has more than 350 customers across the financial services, gaming, telecom, and eCommerce industries, including three top five banks, six top 10 card issuers, three top MSBs, the largest payroll service, the second-largest retailer in the world, and over 75+ of the largest and most successful fintechs such as Varo Money, Public, Chime and Stash. Socure recently received numerous industry awards and accolades including being named Best New Technology Introduced over the Last 12 months – Data and Data Services” at the 2020 American Financial Technology Awards (AFTAs), ranked number 70 on Deloitte’s Technology Fast 500™, Gartner Cool Vendor, recognized by Forbes as one of the “Top 25 Machine Learning Startups to Watch,” listed to CB Insights: The Fintech 250, and awarded Finovate’s Award for Best Use of AI/ML, to name a few.

About Baker Tilly US, LLP

Baker Tilly US, LLP (Baker Tilly) is a leading advisory, tax and assurance firm, providing clients a genuine coast-to-coast and global advantage with critical mass and top-notch talent in major regions of the U.S. and in many of the world’s leading financial centers – New York, London, San Francisco, Los Angeles and Chicago. Baker Tilly is an independent member of Baker Tilly International, a worldwide network of independent accounting and business advisory firms in 146 territories, with 36,000 professionals and a combined worldwide revenue of $3.9 billion. Visit or join the conversation on LinkedIn, Facebook and Twitter.

Baker Tilly US, LLP is a member of the Baker Tilly International network, the members of which are separate and independent legal entities. Baker Tilly refers to the global network of accounting firms of Baker Tilly International Limited. Baker Tilly International Limited does not provide services to clients.


Janine Savarese

Savarese Communications

(908) 461-5767