Bolt Picks Socure to Secure ID Verification Platform

Checkout and payments company Bolt has teamed with Socure to bolster its identity verification system.

“Bolt has built a powerful ecosystem of merchants and consumers, with identity checks embedded directly into checkout,” Socure said in a Thursday (Feb. 5) news release. “By integrating Socure’s RiskOS platform, Bolt ID now delivers a network-wide eCommerce identity layer powered by Socure’s global Identity Graph, predictive risk signals, and compliance decisioning.”

The partnership is designed to bolster identity confidence across merchants, help onboard more trusted customers, prevent fraud and false positives, and streamline checkout, the release added.

“Think of it like lending money to a trusted friend instead of a stranger. When uncertainty drops, everything gets easier and cheaper,” said Justin Grooms, president of Bolt. “Bolt ID is designed to authenticate real people, not just score transactions. Socure provides the identity intelligence that helps us understand when a shopper’s signals don’t add up so we can stop sophisticated fraud in checkout without compromising trust, privacy, or conversion.”

The partnership follows the launch of Socure’s SocureGov RiskOS earlier this week. As PYMNTS reported, this platform is designed to assist government agencies in modernizing their digital identity infrastructure.

As that report noted, the debut of SocureGov RiskOS is happening as public sector entities face increasing pressure to “outpace fraud” in a landscape where threats are becoming more automated and complicated.

Elsewhere from the identity verification space, recent research from PYMNTS Intelligence finds that digital identity is transforming from being something companies do to comply with rules to something they do to compete.

“This transition has been gradual and easy to miss. Most financial institutions do not regard their identity systems as deficient. Internal assessments often rate performance as acceptable or strong,” PYMNTS wrote. “Vendors are familiar, controls are audited, and processes have evolved incrementally over time. Serious failures are relatively rare. But the implications of maintaining ‘good enough’ digital identity are now becoming difficult to ignore.”

The research found that more than three-quarters of financial services institutions said identity processes prevent them from expanding customers, markets or geographies, while revenue losses from know your customer (KYC) and know your business (KYB) failures average 3%, adding up to nearly $34 billion across the industry.

The importance of digital identity infrastructure is growing against an operational backdrop where a little more than three out of every four financial services firms take in at least 75% of their revenue through digital channels.