Daylight selects Alloy for account opening and transaction monitoring
We're thrilled to announce that Daylight enlisted Alloy to manage its onboarding and transaction monitoring processes. Daylight is the first digital banking platform built for the LGBTQ+ community in the United States. The neobank was founded in 2020 and already has a waitlist of over 100,000 customers.
Daylight shares a joint mission with Alloy: to create a more equitable and accessible financial industry. Traditional financial institutions often overlook the unique banking needs of the LGBTQ+ community. Discriminatory loan practices and deadnaming customers on their bank accounts and bank cards are common challenges the LGBTQ+ community faces at traditional financial institutions. Daylight aims to answer these challenges and better serve the community.
Leveraging Alloy’s multi-product platform
With a hefty waiting list, Daylight needed a solution to help them quickly and effectively onboard customers while staying compliant and mitigating fraud risk. They also needed a solution that monitors ongoing financial activity for fraudulent behaviors after verifying their customers’ identities during onboarding. To accomplish this, Daylight will be using Alloy Onboarding and Alloy Transaction Monitoring together to get a holistic view of their customers' evolving fraud and risk profile.
“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,” said Daylight co-founder and COO Billie Simmons. “Daylight currently has a waitlist of over 100,000 customers, so having the ability to act quickly and efficiently during onboarding will empower us to provide our clients with the services that have been missing from this industry.”
Flexibility for future optimizations
Daylight was excited to take advantage of Alloy's flexibility to continue to optimize their onboarding processes. They'll start with our recommended best practices, and then tweak from there to ensure a seamless account opening process for their customers.
“We are excited to be part of Daylight’s mission to better serve the LGBTQ+ community,” said Laura Spiekerman, CRO and co-founder of Alloy. “Access to financial services should be a right, not a luxury. With a more holistic onboarding process leveraging 120+ data source products, we can create a seamless experience for Daylight customers while also reducing the company’s overall exposure to fraud.”
To read the full press release about Daylight and Alloy’s new partnership, click here.