Blend Labs, an origination platform for digital banking solution, has announced an expansion of its partnership with Alloy, a provider of identity and fraud prevention solutions.
This new agreement allows Blend’s clients to integrate Alloy’s advanced fraud prevention capabilities into their digital banking services more efficiently, aiming to enhance the security of consumer banking experiences.
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The collaboration builds on an existing relationship between Blend and Alloy, which has already been providing integrated solutions for fraud prevention and compliance within Blend’s deposit account and consumer lending offerings.
Financial institutions, such as Langley Federal Credit Union, have reported positive outcomes from this joint initiative, stated the two companies.
Blend Labs co-founder and CEO Nima Ghamsari said: “Our partnership with Alloy helps us go beyond expectations, giving financial institutions the security and scalability they need to lend with confidence.
“With this expanded relationship, we’re making it even easier and more cost-effective for lenders to access top-tier risk and fraud prevention tools—seamlessly built into their workflows.”
The partnership facilitates identity orchestration, enabling lenders to fulfil know your customer (KYC) obligations and conduct fraud screenings by utilising various third-party data sources.
Additionally, the implementation of configurable workflows optimises the process by intelligently sequencing data providers, allowing institutions to maintain a balance between security, compliance, and operational efficiency.
Alloy chief revenue officer Keith Kettell said: “By combining our expertise in fraud prevention with Blend’s industry-leading consumer banking platform, we’re equipping lenders with the tools they need to stay ahead of threats while also automating and simplifying their operations.”
Earlier this month, Blend Labs partnered with Prove Identity to improve digital onboarding for lenders on its Consumer Banking platform.
This collaboration incorporates the Prove Pre-Fill solution, which is intended to speed up the onboarding process for consumers applying for deposit accounts, credit cards, and loans.
