Alloy and Astra Team Up to Streamline Onboarding and Enable Faster Payments
  • Payments infrastructure company Astra and identity risk management innovator Alloy announced a new partnership this week.
  • The partnership will combine Astra’s advanced payment transfer technology with Alloy’s identity decisioning platform.
  • New York-based Alloy introduced itself to Finovate audiences at FinDEVr Silicon Valley in 2016.

A newly announced partnership combines identity risk management and advanced payment transfer technology to both streamline onboarding and give businesses new ways to send money to their customers.

Faster payments infrastructure company Astra and identity risk management innovator Alloy shared news of their collaboration today. The two companies will work together to streamline the onboarding process and give customers the ability to deploy Astra’s advanced payment transfer technology in their products.

“With Alloy’s identity risk solutions, businesses can confidently onboard verified customers,” Astra co-founder and CEO Gil Akos said. “Paired with Astra’s best-in-class payment technology, more product owners and consumers can leverage accelerated settlement of funds.”

Astra’s platform helps businesses create and offer debit transfers and Visa Direct payments. Partnering with Alloy will make it easier for businesses to quickly and securely onboard new customers and begin offering debit transfer services, Alloy VP of Strategic Alliances Brian Bender explained, “without taking on additional risk.”

Founded in 2015, Alloy introduced itself to Finovate audiences a year later at FinDEVr SiliconValley. The company’s automated identity decisioning platform provides access to 120+ data sources to enable companies to create automated workflows that verify customer information. The platform monitors transactions among accounts and flags suspicious behavior for further review. The technology also enhances the credit underwriting process, helping businesses make better credit decisions as well as accurate identity and customer information assessments.

Today, Alloy’s platform processes nearly one million identity decisions every day. The company also counts nearly 500 banks and fintechs as its customers. This spring, Alloy teamed up with fellow Finovate alum Kyckr to streamline KYB checks for companies operating outside the United States. In February, the company announced a partnership with loan origination solution provider Baker Hill – also a Finovate alum.

Alloy has raised more than $207 million in funding, according to Crunchbase. The New York-based firm includes Lightspeed Venture Partners and Avenir Growth Capital among its most recent investors.

Photo by Helena Lopes