Alloy, a provider of identity and fraud prevention platforms, has introduced a perpetual Know Your Customer (pKYC) solution enhanced with artificial intelligence.

The new pKYC offering is anticipated to help financial institutions and fintechs in the UK, Europe, and other regions enhance customer satisfaction and expand their operations while aligning with increasingly stringent regulatory demands.

Furthermore, Alloy continues to support UK banks, fintech companies, and payment providers in boosting conversion rates and venturing into new markets by curbing financial crimes.

Details of the pKYC Solution

In contrast to traditional periodic reviews that may create gaps in monitoring and delay responses to potential financial crimes, Alloy’s pKYC solution integrates both scheduled updates and real-time responsiveness. It supports a dynamic customer risk assessment (CRA) that can be reassessed if a user engages in suspicious activity or experiences changes to their personally identifiable information (PII).

Alloy has also partnered with agentic AI providers Parcha and Greenlite to streamline and expedite ongoing financial compliance, particularly in the area of customer reviews. This partnership allows compliance teams to act more swiftly, boost straight-through-processing (STP) rates, and safeguard customers against large-scale financial crimes.

In addition, Alloy is introducing electronic ID (eID) verification as a new digital authentication method for multiple regions. As several EU regulators start mandating the acceptance of various digital identity wallets, clients will have the ability to integrate eIDs into their KYC processes, opening up opportunities for expansion in new European and global markets. Moreover, using eID verification is faster and more straightforward than manual methods such as uploading documents or taking selfies, thereby helping financial institutions and fintechs increase customer conversion.