Feedzai, a data science company that says it uses real-time, machine-based learning to analyze big data and minimize risk in the financial services industry, Thursday announced a partnership with Socure, which provides real-time online identity verification products. As a part of the agreement, the two companies will provide their mutual clients with a "plug-and-play" product that combines online and social data-based authentication with fraud risk scoring.

Feedzai will incorporate its Socure Social Biometrics product as part of its Fraud Prevention That Learns software to provide what it calls ultra-fast processing of Big Data to minimize fraudulent transactions, chargebacks and reduce manual reviews costs for financial institutions, according to a press release.

Feedzai also announced updates to its software platform that provide improved risk management and fraud prevention solutions, according to the announcement.

"Financial organizations today face many risks that were not present even a few years ago, like 'card not present' fraud and the large number of consumers who are creditworthy but credit history-poor," said Nuno Sebastiao, co-founder and CEO of Feedzai. "At the same time, there is an enormous amount of data that these organizations can use, not only to provide better experiences for their customers and prospects, but to differentiate themselves in the marketplace as well. Over the last year, we've fine tuned our machine learning platform to help organizations manage risks and rationalize data output from various internal systems."