Risk management platform provider Coris has raised $3.7 million in its first funding round.
The company has also introduced two new products — a fraud model and a know-your-business (KYB) offering — that it will offer alongside its centralized risk management platform, Coris said in a Thursday (Feb. 1) blog post.
“Our three products help companies automate fraud and risk strategies across the SMB [small- to medium-sized business] customer journey, from onboarding to ongoing monitoring,” the company said in the post.
The new fraud model, CorShield, focuses on SMBs and is designed to prevent business impersonation fraud and first-party fraud at sign-up, according to the post. It automatically triangulates known information on SMBs, checks applicants’ data against this and generates a fraud score and the top reasons for that score.
Coris’ other new offering, MerchantProfiler, is a KYB solutions that uses real-time KYB data on SMBs in 46 countries, automated analysis of SMB websites and third-party consumer reviews, and instant, accurate SMB classification, the post said.
These new products join the company’s centralized risk management platform, Fuzio, which automates monotonous tasks by consolidating data from MerchantProfiler and external data sources, setting up custom risk rules and actions, and automatically executing actions based on configured rules or forwarding them to manual review, per the post.
Coris’ solutions use artificial intelligence (AI) to help enterprises onboard, underwrite and monitor SMBs without having to manually verify business identities and work with SMB data that may be unstructured and stored in different places, according to the post.
“Coris is addressing this data problem and fostering greater trust between SMBs and the companies that serve them,” the company said in the post. “We’re aggregating global SMB data and generating novel risk and fraud decisioning insights from this data using AI.”
PYMNTS Intelligence has found that proving and authenticating an organization’s digital identity is one of the biggest struggles for companies mitigating B2B payments fraud.
Forty-nine percent of the firms surveyed said that verifying new business customers’ identities is an important challenge they have to face, and 16% said this is their most important challenge, according to “The New B2B Authentication Standard: The Shift Toward Automated Digital Identity Verification,” a PYMNTS Intelligence and TreviPay collaboration.
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