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.

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.

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.

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.

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.

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