Versatile Credit Enhances Fraud Screening With Prove Identity Integration

Versatile Credit has integrated with Prove Identity to both enhance its fraud screening and streamline its customer onboarding experience.

As a software provider connecting merchants, lenders and consumers for point-of-sale loans, Versatile Credit will enable merchants to deploy this solution both online and in-store, the companies said in a Wednesday (Dec. 19) press release emailed to PYMNTS.

“Our collaboration with Prove empowers merchants with greater control over the application journey, significantly mitigating risks and improving the overall experience,” Versatile Credit CEO Ed O’Donnell said in the release.

Prove Identity’s digital identity solution enables merchants to screen every applicant for potential fraud risks, according to the release.

In addition, the Prove Pre-Fill onboarding and identity verification solution makes the application process easier, more reliable and faster by prefilling the application, the release said.

Applicants need only input minimal information, such as their Social Security and mobile phone number, to verify their identity and prefill the application, per the release. A phone possession check provides an additional layer of security.

“We’re thrilled to collaborate with Versatile Credit to not only fortify fraud screening measures and safeguard both shoppers and merchants, but to also improve the consumer experience and make onboarding faster, more accurate and easier,” Scott Bonnell, chief revenue officer at Prove, said in the release. “We’re confident that our integration will help to benefit businesses and end-users alike with robust fraud prevention and commerce enablement.”

This new integration joins Versatile Credit’s suite of financing options and tools that help retailers build a financing program with leading lending providers, according to the press release.

The company is seeing increased interest among client firms and would-be clients who are at least open to exploring new technologies, O’Donnell told PYMNTS’ Karen Webster in an interview posted Dec. 14.

Consumers are proving to be resilient and are still looking to tap credit conduits to keep their purchasing power intact, O’Donnell said.

Companies are “cautiously optimistic” as consumers and loan portfolios have continued to perform relatively well, he added.

“But they’re not going to put rose-colored glasses on,” when it comes to tech deployments, O’Donnell said. “They want to see demonstrated movement.”

The post Versatile Credit Enhances Fraud Screening With Prove Identity Integration first appeared on PYMNTS.com.