ID platform Alloy selected by LGBTQ+ digital bank Daylight for customer verification
ID verification platform Alloy has been selected by New York’s LGBTQ+ digital bank Daylight for ID verification and customer monitoring solutions.
Alloy’s API-based platform will be used to automate the bank’s identity verification process during the onboarding of new customers.
Daylight will also utilise Alloy’s Transaction Monitoring solution to track suspicious activity and detect fraud in customer transactions.
Alloy says its technology helps remove bias in financial decision making, providing alternative data points to verify applicants who may not have access to traditional identification, such as a driver’s licence or passport.
“The approach Alloy has taken to identity verification and monitoring was appealing because it enables us to see a customer as more than just one or two limited factors, like a license or phone number,” says Daylight co-founder and COO Billie Simmons.
Daylight — which claims a waitlist of over 100,000 customers — says that the more than 30 million Americans who identify as LGBTQ+ have been historically underserved by traditional financial services firms.
Alloy CRO and co-founder Laura Spiekerman adds: “Access to financial services should be a right, not a luxury.”
Last month, Alloy became a unicorn after landing $100 million in a Series C funding round, bringing the firm’s valuation to $1.35 billion.