Alloy, the leading identification platform for banks and fintech companies, has announced the launch of the first LGBTK + digital banking platform in the United States.
Alloy’s API-based platform brings more digital identity components to a centralized platform, enabling more than 120 sources of information to enable customers such as daytime decision-making. After a customer opens a daylight account, Alloy’s Transaction Monitoring continuously reviews their financial activities and displays risky behaviors.
Daily Associate co-founder and COO Billy Simons said, “Aloe’s approach to authentication was exciting because it allows us to see a customer with one or more limited items such as a license or phone number. “Daylight currently has a waiting list of more than 100,000 customers, so being able to operate quickly and efficiently while boarding will help us provide our customers with the services that are missing from this industry.”
Increasing access to basic and equitable financial services is a shared mission by Alloy and Daylight. There is a deep division for the LGBT + community to bridge with the daily approach. More than 30 million Americans are identified as LGBTQ + and have not served in a traditional financial service. There is a lack of technology to address the unique challenges facing this community: discriminatory credit practices, problems with defamation, or algorithmic discrimination.
“We are thrilled to be part of the daylight mission,” said Alloy founder Laura Speckerman. “Financial services should be a right, not a luxury. By leveraging more than 120 data source products, we can use the overall board process to create a seamless experience for Daylight customers and reduce the company’s overall risk of fraud.
Aloe Banking is helping to create a future that is accessible to all. Its platform will enable non-traditional financial institutions, such as microfinance institutions, local banks and fintech companies, to expand their digital product offerings to better serve their communities. Aloe Technology helps financial institutions eliminate some of the bias in decision-making by making it easier for applicants who do not have a traditional identity, such as a driver’s license, to access alternative sources of information.