Woodridge Software and Alloy Join Forces to Combat Fraud for Banks and Credit Unions
Woodridge Software is proud to announce our partnership with Alloy, the leading Identity Decisioning Platform. This partnership is aimed at helping financial services companies reduce the risk of fraud and remain compliant through the integration of Alloy’s solutions in our digital account opening and real-time payments projects.
Fraudulent activities pose a constant threat, especially in the world of online banking. A recent survey by Alloy highlighted that 91% of banks and credit unions saw an increase in fraud activity in 2022. That’s why at Woodridge Software, we believe in taking proactive measures to protect our clients. By incorporating Alloy in our projects, we will provide our clients with a comprehensive and agile approach to fraud prevention, starting from the onboarding process and continuing through ongoing financial activity monitoring.
A large credit union client saw an immediate positive impact to their new member onboarding process as a result of working with Woodridge and Alloy. The credit union utilized Alloy in their digital account opening experience and saw a 37% increase in approval rates for good new members with no added friction and no increase in fraudulent accounts. This is a testament to the power of our partnership and its impact on fraud prevention and reducing high-cost financial risk.
“Alloy provides our clients with access to leading fraud, KYC, AML and watchlist providers along with the agility they need to stay a step ahead of the fraudsters targeting banks and credit unions. We’ve invested in ensuring our engineers are experienced in the Alloy platform so we can rapidly bring the benefit of the industry’s leading fraud prevention solution to our financial services clients.”
Kaj Gronholm, CEO Woodridge
We are thrilled to be working with Alloy and look forward to delivering the benefits of our partnership to more banks and credit unions. Stay tuned for more exciting updates as we continue to provide industry-leading solutions in the fight against fraud.
Alloy helps over 360 banks and fintech companies make safe and seamless fraud, credit, and compliance decisions. Founded in 2015 and backed by leading investors from Lightspeed Venture Partners, Bessemer Venture Partners, and Canapi Ventures, Alloy’s platform connects companies to more than 170 data sources of KYC/KYB, AML, credit, and compliance data through a single API to help create a future without fraud.
Woodridge is dedicated to supporting financial institutions in their digital transformation journey. We specialize in providing flexible and expert digital teams to assist our clients with integrating best-in-class fintech solutions and augmenting their existing teams. Our aim is to help financial institutions onboard and retain customers while enhancing customer experience and eliminating fraud.