Allison offers a low-code Banking-as-a-Service (BaaS) platform that utilizes Virtual Identity Containers to streamline identity verification and KYC compliance for community banks and fintechs. This technology enables rapid onboarding and customer management while reducing fraud risk and operational costs.
Funding
$520K raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Community banks, credit unions, and fintechs face challenges in efficiently verifying customer identities and ensuring KYC compliance, leading to increased fraud risk, operational overhead, and slow onboarding processes. Traditional methods often involve manual processes and disparate systems, making it difficult to maintain real-time engagement and transparency.
Solution
Allison provides a low-code Banking-as-a-Service (BaaS) platform that leverages Virtual Identity Containers (VICs) to streamline identity verification and KYC compliance. The platform enables businesses to create secure containers on behalf of individuals or entities to store and manage customer data, ensuring compliance while supporting specific product or service needs. Allison's API platform allows fintechs to launch compliance programs quickly, meeting customer due diligence obligations without extensive development. For community banks, Allison facilitates frictionless signup for customers while reducing fraud by enforcing rules that comply with internal policies and procedures.
Target Audience
Allison primarily targets community banks, credit unions, and fintech companies seeking to automate onboarding, customer management, KYC, and GRC processes.
Features
- Virtual Identity Containers (VICs) for secure storage and management of customer data
- Low-code API generator for rapid integration with existing systems
- Continuous identity data verification across trusted partners, such as Mastercard
- Real-time risk profile building for loan applicants
- Integration with existing fraud prevention tools
- Customizable compliance and risk management settings to meet specific internal policies
- Seamless integration with Jack Henry core banking systems
- SOC2 Compliance