Synchrony Financial Inc.

07/07/2022 | Press release | Distributed by Public on 07/07/2022 07:09

Prove Identity, Inc. Helps Synchrony Complete 25 Million Digital Credit Card Applications

Prove Identity, Inc. Helps Synchrony Complete 25 Million Digital Credit Card Applications

Prove's industry-leading identity verification and cryptographic authentication solutions help reduce friction and fraud while improving the customer experience

New York, NY, July 7, 2022 -Prove Identity, Inc. ("Prove"), the leader in digital identity, today announced it has facilitated 25 million "radically simple" customer credit card applications with Synchrony (NYSE: SYF), a premier consumer financial services company. Synchrony leverages Prove's Pre-Fill and Identity solutions to dramatically simplify its customer application and account opening processes by reducing the number of fields a customer must complete by 80% compared to previous application processes. With Prove's identity verification and cryptographic authentication capabilities, Synchrony applicants can quickly verify their identities, and can have credit applications approved almost instantaneously.

Synchrony's "radically simple" financing application process enables applicants to simply enter as little as the last four digits of their social security number (with the customer's explicit consent) to auto-fill a digital application with authenticated data. The technology is powered by Prove's Pre-Fill solution, which auto-fills online applications with verified information, and authenticates consumer identities to thwart account opening fraud, such as synthetic identity fraud.

"We are very proud to have completed 25 million customer transactions with Synchrony - they've been an excellent partner with us since 2018," said Rodger Desai, Chief Executive Officer and Co-Founder of Prove. "Digital identity is essential to financial services, and our cryptographic authentication solutions ensure a frictionless experience for customers that also keeps them safe from fraud."

Synchrony leverages Prove's Pre-Fill during the credit card application process, passively confirming that the applicant's submitted information is truly tied to the applicant. The Prove Pre-Fill solution then automatically populates the application with the customer's accurate and authenticated data. Where accessible, an impressive 93% of Synchrony digital customers choose to auto-fill applications with Prove Pre-Fill.

"Today's consumers are seeking fast and easy ways to gain access to financing" said Max Axler, SVP and Deputy Chief Credit Officer, Synchrony. "Our continuous technology investments deliver value to our partners and a seamless experience to our credit card customers, and Prove's solutions allow us to streamline our digital application experience, while reducing potential fraud risks."

Prove's solutions are used by more than 1,000 businesses across diversified industries, including 8 of the top 10 banks, 3 of the top 5 retailers, 2 of the top 3 cryptocurrency exchanges, 2 of the top 3 healthcare companies, and 6 of the top 10 insurance companies in the U.S.

To learn more about Prove's solutions for financial services, visit:prove.com/industries/fintech-lending.

About Prove Identity, Inc. ("Prove")

As the world moves to a mobile-first economy, businesses need to modernize how they acquire, engage with and enable consumers. Prove's phone-centric identity tokenization and passive cryptographic authentication solutions reduce friction, enhance security and privacy across all digital channels, and accelerate revenues while reducing operating expenses and fraud losses. Over 1,000 enterprise customers use Prove's platform to process 20 billion customer requests annually across industries, including banking, lending, healthcare, gaming, crypto, e-commerce, marketplaces, and payments. For the latest updates from Prove, follow us on LinkedIn.

About Synchrony

Synchrony (NYSE: SYF) is a premier consumer financial services company delivering one of the industry's most complete digitally-enabled product suites. Our experience, expertise and scale encompass a broad spectrum of industries including digital, health and wellness, retail, telecommunications, home, auto, powersports, pet and more. We have an established and diverse group of national and regional retailers, local merchants, manufacturers, buying groups, industry associations and healthcare service providers, which we refer to as our "partners." We connect our partners and consumers through our dynamic financial ecosystem and provide them with a diverse set of financing solutions and innovative digital capabilities to address their specific needs and deliver seamless, omnichannel experiences. We offer the right financing products to the right customers in their channel of choice.

For more information, visit www.synchrony.com and Twitter: @Synchrony.

Contacts:

Prove:
[email protected]

Synchrony:
Tyler Allen
Synchrony
[email protected]