Experian has formed a strategic financial partnership with Danal, a mobile phone identity and authentication platform.
The two companies closed a preliminary strategic investment round, which will see Experian will combine elements of Danal’s Mobile Identity Platform within its CrossCore platform.
Experian, a global information services company, said this will enable it to deliver a more comprehensive identity offering to the market, enabling businesses to better authenticate identities and protect people’s information.
“Our primary focus has always, and will always be on helping businesses use data to better detect and prevent fraud,” said Steve Platt, Experian’s Group president of decision analytics and data quality. “The use of mobile phone information provides businesses with an additional layer of data to distinguish between legitimate customers and criminals. And that means added safety and protection for customer information.”
Danal’s Mobile Identity Platform leverages data, such as phone number, real-time mobile device/network attributes and most recent subscriber information, from mobile network operators and other authoritative sources, to authenticate and verify customer transactions. The company’s technology solves for multiple use cases across various industry verticals such as financial institution, healthcare, marketplaces, e-commerce, hospitality.
Its platform helps businesses in reaching compliance, including regulations such as GDPR, KYC, AML, TCPA, among others. It also assists with identity proofing (computer vision, video streaming, biometrics and machine learning) during registration, high-value transactions and access control plus user experience improvements (auto form-fill, instant enrollment, guest check-out, etc.) and fraud prevention (account takeover, SIM fraud, device spoofing, malwares).
To date, Danal has raised more than $14.5m from the likes of Discover Financial Services, Morgenthaler Group, Orange Telecom, Bangkok Bank and Danal Co.
“Experian is a global leader in credit reporting and information services. Working closely with them is a win for enterprises and consumers,” said Jim Greenwell, CEO of Danal. “There is a natural synergy between the world’s largest information services company and the world’s leading mobile identity platform.”
Experian claims the CrossCore platform is ‘a better way’ to manage fraud prevention and identity services. The platform claims to enable users to achieve a single point of access for fraud and identity solutions to protect the business and their customers. It allows the user to quickly respond to new threats and incorporate new solutions and manager their customers’ journey through the identity checking and fraud prevention process.
CrossCore cuts out the complexity and cost in the management of identity and fraud, while improving fraud detection, increasing efficiency and offering a friction-free customer journey.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
