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2 min read

SERIES B ANNOUNCEMENT

By Tommy Nicholas on Sep 16, 2020 7:58:00 AM

Big news today from the Alloy team - we're thrilled to announce that we have raised $40 million in Series B funding! 

2 min read

Using Omnichannel Banking to Better Serve Customers

By Njeri Mathu on Jul 14, 2020 11:30:00 AM

When you hear “omnichannel banking,” you may think it’s just another way of saying “digital banking.” As banks already have physical branches and call centers they become “omnichannel” by simply including online banking services.

Yet, as Kristen Ricker and Amee Kubiak of Berkshire Bank shared in a recent webinar, omnichannel banking doesn’t just mean adding digital services. It means deeply listening to your customers, then creating a system that provides the services they need when and where they need them.

Two primary themes emerged in the conversation with Sue Devine, head of customer success at Alloy.

Topics: Community Banking Digital Banking Omnichannel Banking Customer Experience
3 min read

Leveraging Surges in Digital Banking While Mitigating Risk

By Njeri Mathu on Jun 16, 2020 11:45:00 AM

There’s a joke bouncing around the Internet about what the COVID-19 pandemic means for companies’ digitization efforts. It goes like this:

Jokes aside, it’s true that COVID-19 and the resulting quarantine forced many businesses across industries to play catch up in their digitization efforts. Banking is no exception.

Topics: Community Banking Fraud Digital Banking COVID-19
2 min read

Alloy + Idology Providing Multi-Layered ID Verification

By Njeri Mathu on Jun 9, 2020 11:45:00 AM

New York and Atlanta — July 09, 2020 Alloy, a best-in-class identity and risk-decision platform, announced today a new partnership with IDology, a GBG company, that will enable clients to access IDology’s market-leading identity verification and authentication services through Alloy’s identity operating system.

Topics: Fraud Data Science Identity Verification
1 min read

Alloy + Sentilink: Partnering to Combat Synthetic Fraud

By Njeri Mathu on Jun 9, 2020 11:45:00 AM

SentiLink, a provider of identity verification and fraud detection solutions, and Alloy, an identity and risk decisioning platform, announce today a new partnership that enables customers to use SentiLink and Alloy together to target synthetic fraud in real-time.

Topics: Fintech Fraud
5 min read

Deploying AWS Lambda Layers with Pandas for Data Science

By Michelle Lee on Jun 9, 2020 11:45:00 AM

Here at Alloy, we use AWS Lambda functions to run batch operations and deploy data science models that are available on demand. AWS Lambda is a serverless compute service that allows developers to upload code and dependencies without having to provision or manage servers. Developers can trigger Lambda functions using Amazon CloudWatch or call them from applications.

Topics: Fintech Data Science
2 min read

How Alloy + Middesk Supported SBA Lenders During the PPP

By Njeri Mathu on Apr 27, 2020 11:45:00 AM

“It’s not every day that you get to lean in and help solve the crisis you see flashing across CNN. The stakes were incredibly high for so many businesses. We knew we needed to get creative and act fast to help Evolve and their local businesses,”

— Tommy Nicholas, CEO, Alloy

Topics: Fintech Small Business Banking Financial Services
5 min read

Community Banks & Fintechs: Lessons From The Past Decade

By Njeri Mathu on Apr 20, 2020 11:45:00 AM

Alloy was built on the vision of creating a more dynamic and accessible financial industry, by helping financial companies deploy safe and seamless digital customer experiences. Core to achieving our vision is strengthening the infrastructure of America’s community banks, who represent 97% of US banks.

Topics: Fintech Community Banking Community Banks
2 min read

Transitioning Our Team & Company Culture to WFH

By Edwina Johnson on Apr 9, 2020 11:45:00 AM

At Alloy, we’re incredibly thankful to be in a business that we can operate completely remotely with no service interruptions, and to be in an industry that requires Pandemic Planning!

However, how do you go about transitioning your team, and most importantly, culture to a fully virtual environment? Here are some things we’re trying right now:

Topics: Work from Home Company Culture
4 min read

Resources to Help SBA Lenders & Borrowers Navigate the PPP

By Njeri Mathu on Apr 6, 2020 11:45:00 AM

Signed into law on March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) includes a number of measures targeting small business relief, including the landmark $349 billion Paycheck Protection Program (PPP or Program). An addition to the SBA’s existing 7(a) loan program, the PPP is designed to help small businesses cover 8 weeks of payroll and certain other operational costs. Qualifying PPP loans are eligible for forgiveness and an SBA guarantee.

Topics: KYC/AML Compliance & Legal Fraud SBA
1 min read

Cutting through the noise with data

By Richard Scioli on Mar 23, 2020 11:45:00 AM

Synthetic fraud? Biometrics? An abundance of jargon and buzzwords emerge when you begin to research identity validation and data in concert with the creation of a digital account opening strategy. This article attempts to go back to basics and outline some key considerations with data when a financial institution turns toward digital channels for growth.

Topics: Fintech Banking Tech Data Science
3 min read

What Sets Alloy Apart

By Kayla Hartman on Feb 24, 2020 11:45:00 AM

Shortly after moving to New York City, I applied for a new credit card online. Given the lack of history at my new address, I received a notice in the mail requesting a utility bill as proof of my address. Despite having several documents to prove my address, the process of submitting proof felt too cumbersome and I abandoned the application. Little did I know that three years later I’d be working at a fintech company devoted to improving this very process — digital account opening.

Topics: Fintech Data Science
2 min read

Fall ’19 Update: Alloy@Money20/20

By Njeri Mathu on Nov 18, 2019 11:45:00 AM

Another year, another action packed Money20/20 — the yearly Vegas congregation of the Payments, Banking, Fintech and Financial Services ecosystems.

Alloy’s presence throughout the conference aligned with this year’s theme: Journey to the Future of Money. We showcased our identity decisioning expertise across panels, demos, and cocktail hours, in collaboration with our partners — check out our Money20/20 highlights:

2 min read

Alloy Raises $12 Million in Series A Funding Led by Bessemer Venture Partners to Scale the First Identity Operating System in Financial Services

By Laura Spiekerman on Sep 17, 2019 11:45:00 AM

Alloy, the identity operating system for the financial services industry, today announced it has raised $12 million in Series A funding. Bessemer Venture Partners led the round and was joined by previous investors including Eniac Ventures and Primary Venture Partners.

Topics: Fintech KYC/AML Compliance & Legal Digital Identity Digital Finance BaaS
3 min read

ALLOY NAMED ONE OF 20 RISING STARS AS PART OF FORBES’ CLOUD 100 LIST

By Edwina Johnson on Sep 11, 2019 11:45:00 AM

SAN FRANCISCO (September 11, 2019)– Alloy is named one of the 20 Rising Stars as part of the Forbes 2019 Cloud 100 list, the definitive list of the top 100 private cloud companies in the world, published by Forbes in partnership with Bessemer Venture Partners and Salesforce Ventures.

Topics: Fintech Cloud 100 Forbes Start Up Cloud
3 min read

Data and Machine Learning in Financial Fraud Prevention

By Kayla Hartman on Jul 29, 2019 11:45:00 AM

In the 2018 Global Economic Crime and Fraud Survey, PWC writes, “When it comes to fraud, technology is a double-edged sword. It is both a potential threat and a potential protector.” Huge advancements have been made in the payment space with shifts towards digital account opening, allowing people to apply for accounts strictly online. As shown below, digital account opening has become so ubiquitous, it is now an expectation.

Topics: Fraud Machine Learning Data Science Digital Payment

New & improved Alloy website

By Laura Spiekerman on Jul 12, 2019 11:45:00 AM

We’re thrilled to unveil our newly redesigned website. The financial services industry is already so complicated, murky, and difficult to navigate, that we wanted to ensure Alloy’s home online was just the opposite: friendly, simple, and transparent.

Topics: Fintech Banking KYC/AML Compliance & Legal Digital Banking
3 min read

KYC (Know Your Company) at Alloy

By Kayla Hartman on May 1, 2019 11:45:00 AM

Sure, KYC typically stands for “know your customer”, not “know your company”, but that does not mean knowing your company is any less important. At the start of a new job, there is a learning curve, during which it is essential to not only understand the ins and outs of the role, but to also develop a sense of the team and the company as a whole. To start, some important questions to think about are:

Topics: Fintech Digital Identity Financial Fraud
5 min read

Comparing the fintech landscapes of Singapore and N.Y.C.

By Dalaney Huang on May 1, 2019 11:45:00 AM

Source: “ UK Fintech: On the Cutting Edge” Commissioned by HM Treasury, by Ernst & Young

In a press release, Money 20/20 Asia explained the choice of Singapore as their chosen host city, calling it the “gateway to Asia.” Ernst & Young ranked Singapore fourth as a global fintech hub, behind Britain, California and New York. Given the ubiquity of digital technology, countries are jumping in the race to become the leading fintech hub. What is it about Singapore and New York that shapes them into conducive fintech hubs?

Topics: Fintech New York Singapore Landscape
2 min read

Whitepages Pro & Alloy Announce Official Partnership

By Dalaney Huang on Mar 21, 2019 11:45:00 AM

Press Release | March 21st 2019, NY

➢ Alloy and Whitepages Pro are excited to announce their official partnership today
➢ Whitepages Pro has prevented significant fraud already for many Alloy clients
➢ Alloy has allowed Whitepages Pro access to more clients across the banking and fintech sector

Topics: Fintech Fraud Digital Identity Onboarding
1 min read

Immigration Status

By Tommy Nicholas on Mar 18, 2019 11:45:00 AM

Alloy is making an important update to our Terms Of Service: financial institutions may not use Alloy’s product to deny a customer access to a financial services product because of their immigration or citizenship status alone.

Topics: Fintech
3 min read

5 reasons to do your SOC 2 early as a fintech startup

By Laura Spiekerman on Feb 27, 2019 11:45:00 AM

At Alloy, we had a decision to make relatively early on, when we were just 5 people on a very tight budget: whether or not to invest in a SOC2 process. The SOC2 reports are designed to establish a company’s design and operating effectiveness of their non-financial controls as they relate to security, availability, processing integrity, confidentiality and privacy of a system. (For more information, see SSAE-16’s website).

Topics: Fintech Banking Tech Compliance Soc2
6 min read

Playing the FinTech Game

By Edwina Johnson on Dec 5, 2018 11:45:00 AM

As a FinTech startup you know you have an awesome solution for that problem that exists. You spent months getting feedback, building the product, maybe getting your first customers, and now you just need the banks to pay attention and realize how good things could be if they worked with you.

Topics: Fintech Banking Tech Start Up
2 min read

FinovateFall 2018: a look back

By Dalaney Huang on Oct 10, 2018 11:45:00 AM

Finovate, also known as “ the Disneyland of fintech”, is consistently among the most important conferences in the industry. Last week, I spent some time at Finovate Fall 2018 which was — for a fintech novice like me — a crash course on the current industry insights.

Topics: Fintech Financial Services Finovate Digital Transformation
5 min read

Answering My Own Authentication Questions Prove That They’re Useless

By Charles Hearn on Aug 29, 2018 11:45:00 AM

So many identities to choose from…

One key feature of having a fort as a kid was the secret password to identify yourself and grant entry. Unfortunately, we don’t have this kind of relationship with our banks.

Topics: Financial Fraud Security
4 min read

How is platformization affecting banking?

By Edwina Johnson on Jul 26, 2018 11:45:00 AM

The other week, a select group of some of the finest movers and shakers in the financial innovation space gathered together for Alloy’s inaugural API summit.

Topics: Fintech Banking Tech
2 min read

Fintech Innovation Lab (PFNYC)

By Laura Spiekerman on Nov 29, 2017 11:45:00 AM

There’s a ton of startup advice out here — the revered Paul Graham essays, Eric Ries’ Lean Startup methodology, and Hacker News community discussions, among many others. But it’s not universal, and leaves certain founders with too little guidance.

Topics: Fintech New York Financial Services
2 min read

Alloy Raises $3.8M for Data-Driven Identity Verification Platform

By Alloy on Oct 18, 2017 11:45:00 AM

Alloy, the platform helping the financial services industry make data-driven customer decisions, today announces the close of a $3.8 million seed round of equity financing. The round was led by Eniac Ventures, a VC firm focused on early growth stage investments in enterprise, consumer and disruptive technologies. The financing accelerates Alloy’s growth and represents the market need for a simple, effective solution to the complex and cumbersome Know Your Customer (KYC) and Anti-Money Laundering (AML) industries. Eniac Ventures General Partner Nihal Mehta will also join Alloy’s Board of Directors.

Topics: Fintech
14 min read

Fintech Needs Business Model Innovation

By Tommy Nicholas on Feb 18, 2017 11:45:00 AM

I love fintech, but fintech got problems. Financial technology has plenty of hype, with many going as far as to say banks are going to have an "Uber Moment" where they are fully disrupted by technology driven companies. This sounds great, but there's an obvious problem: nobody is actually allowed to compete with banks. There are over 6,000 FDIC insured banks in the US, but only 3 new charters have been issued since 2010. The option to compete with banks directly has been removed by the federal government, and with it the opportunity to build a "Full Stack Startup" like Uber.

But it gets worse!

Topics: Fintech Banking
10 min read

Fintech infrastructure doesn’t have to be terrible

By Charles Hearn on Dec 23, 2016 11:45:00 AM

"Fintech" and "regtech" are currently such popular buzzwords that one might assume every bank is implementing modern cloud-hosted systems for every business function at a breakneck pace. The reality is that substantially all of the software used at US banks is still "legacy" software running on-premise. At Alloy, we believe that a transformation is underway in financial software. But for fintech companies looking to sell software to banks, it is critical that they understand how legacy systems work and why they were implemented in the first place. We've spent the last two years creating and integrating regtech/fintech software, dealing with legacy infrastructure, and building new infrastructure for banks. Here's what we've learned.

7 min read

Odd bedfellows: what a Bitcoin company can learn from the strange history of VISA

By Tommy Nicholas on Dec 23, 2016 11:45:00 AM

When the founder of VISA Dee Hock joined the advisory board of Bitcoin startup Xapo, it seemed pretty strange to me. After all, Bitcoin’s very existence appears to be a reaction to VISA’s shortcomings. VISA represents everything bitcoin fans hate: fees, centralization, archaic design, and more. The VISA network, it seems, is designed to make the banks more money by charging high fees to businesses that have little choice but to accept them. Bitcoin, on the other hand, is designed to empower people to use their money with no intermediary, no fees, and no central authority to get in the way. So what could the founder of VISA want with Bitcoin, and more importantly, what could Bitcoin want with him? It turns out the story of Dee Hock and VISA is more complicated (not to mention stranger) than the dominant narrative today would suggest. In fact, VISA is arguably the best example in the history of business in utilizing Bitcoin’s most vital characteristic: decentralization.
Topics: Fintech Bitcoin Payments
4 min read

What’s stopping users from loving fintech?

By Tommy Nicholas on Dec 23, 2016 11:45:00 AM

Average people do not love fintech. In fact, in many cases they hate it. I’ve seen this first hand since I took the (currently on pause) dive into fintech a little over two years ago, but two posts  by Pascal Bouvier of Route 66 Ventures got me thinking about how deep this problem really is. Pascal’s example of the relative lack of progress in modernizing remittances (sending money home from, for example, the US to Mexico) is a great one: remittances SHOULD be done electronically, they ARE incredibly horrible/expensive/broken, there are MANY players trying to disrupt the market; yet, the incumbent (Western Union) is still cleaning up. Why? Because nobody is winning their users’ hearts. Nobody loves their bank, but nobody LOVES fintech startups either.

Topics: Fintech Banking
2 min read

Banks Shouldn’t Reinvent the Wheel

By Laura Spiekerman on Jul 12, 2016 9:45:00 AM

We’ve added “aas” to so many functions and products, from Software to Platforms to Backend (there’s some joke to be made here, but I’ll refrain…). If you started building products or services in the last few years (like me), you might take for granted that you don’t have to reinvent the wheel every time you want to access basic infrastructure and functionality; you probably rely on AWS for hosting, and use a CRM in the cloud to keep track of your customers.

But when it comes to financial services, building products & services is still largely on-premise, and most product managers and developers are reinventing the wheel.

Topics: APIs Fintech Banking Kyc