About Alloy

Alloy is an identity decisioning platform that helps financial institutions (FIs) automate their decisions, approve more good customers, and prevent fraud. Narmi uses Alloy to complete Know Your Customer (KYC), Bank Secrecy Act (BSA), and anti-money laundering (AML) processes within Narmi’s Account Opening workflow.

Alloy Key Benefits

• Automation / Significant Cost Savings – By combining multiple data sources and fraud scores, authentication tests are aggregated into a single rules engine. Customer onboarding decisions are optimized and made in seconds, significantly reducing manual review time and costs.

• Customizable – Alloy’s API is fully customizable to meet any risk criteria or use case. Your FI can customize which data source to use, your account approval thresholds, and more in Alloy’s aggregated API. This powerful tool enables accommodation for every individual onboarding case. New data sources can be added by a few clicks with no development work. This flexibility enables your FI to create a risk decision scorecard that can be tested and modified in real-time.

• Transparent – Alloy encrypts and stores all identity evaluation data in the cloud, with a direct download link, giving your FI full digital paper trails when audits take place.

How does Alloy work?

A Workflow is a set of rules built and put in place by you on how to decision an application for a desired outcome. The Workflow represents and visualizes the orchestration and integration logic that Alloy uses to reach out to major Data Services and provide a unified decision. So what does that mean? 

The Alloy decision engine utilizes multiple third-party Data Services (green nodes) that will be run and used to decision an Outcome for the decisions that need to be made on the data being retrieved about the Applicant (gray nodes). The engine waterfalls the decisions until a common Outcome of either Approved, Denied, or Manual Review is triggered.

In the overly-simplified formula above, an Applicant would submit their application which would then enter our system as an Evaluation. This Evaluation would then be processed and evaluated against a custom Workflow to eventually decide on a desired outcome such as instantaneously Approved, Denied, or sent for Manual Review.