Payfone, a digital identity platform, has released its mobile authentication services into the UK, helping financial institutions improve customer experiences.
The mobile authentication service works through the use of a SMS one-time passcodes (OTPs) during customer onboarding, login and two-factor authentication, to ensure the customer is who they claim to be. Its service is used to help meet compliance with PSD2 Strong Customer Authentication (SCA), which requires online merchants to offer two-tier authentication processes for online transactions.
Last year, Payfone closed a $24m funding round from TransUnion, Synchrony, MassMutual Ventures, and Wellington Management. As part of the investment, Payfone formed a strategic partnership with Payfone to foster collaboration between the two. Through this, TransUnion integrated Payfone’s trust score solution with its own IDVision product.
Payfone VP Keiron Dalton said, “SMS OTP is a viable option for step-up authentication, particularly when secured using Payfone’s SIM swap protection. However, market demands placed on financial institutions in the UK are particularly acute, leading to a clamour of activity as these institutions search for what’s next in terms of authentication. Payfone’s Phone Intelligence-based Mobile Authentication is providing a game-changing experience for the consumer whilst increasing levels of security.
“Mobile Authentication has already seen huge success in the US, and having this now available for the UK market reinforces our unwavering commitment to providing our customers with the necessary solutions needed to secure their digital identity without compromise.”
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