Modern technology gives us many things.

Trusona – Passwordless Open Banking

Trusona is a pioneer of passwordless multi-factor authentication for Open Banking.

As Bloomberg writes logging into your bank account is now a $3 billion business.

They were writing about the super heated segment of the tech sector that forms a keystone component part of Open Banking: Identity authentication.

In this case reporting on Plaid enjoying a VC frenzy to invest in their company, to facilitate their acquisition of QuovoTechCrunch writes the deal will enable a merged synergy between the two complimentary areas of focus for each:

While Plaid helps link your checking and savings account to modern financial apps like Venmo, Acorns and Robinhood, Quovo’s APIs are aimed at the investment side of the financial services market with up and coming customers like Betterment, Wealthfront and SoFi, and established players like Stifel, Vanguard, Empower Retirement and John Hancock.

Payment Source writes about the critical foundation role of Digital Identity plays in facilitating Open Banking services, highlighting how more than 120 countries have digital passports and more than 60 countries have national ID cards, and that ultimately synthesis of them all into a single global Identity framework is a shared goal for many sectors such as government as well as banking.

Major initiatives include ID2020:

And the ID2020 initiative aims to use digital ID to boost financial inclusion, noting World Bank figures that show more than 1 billion people do not have a reliable ID. The ID2020 initiative, whose supporters include Accenture, Microsoft and the Hyperledger project, plans to use blockchain and the wide availability of smartphones to build sharable identity.

Featured Vendor: Trusona

Trusona is a pioneer of passwordless multi-factor authentication. They enable rapid delivery of Open Banking compliant authentication services via your existing mobile apps enabling Third Party Providers to seamlessly authenticate your customers and capture consent.

The company was founded in 2015 by cybersecurity expert Ori Eisen, is funded by Kleiner Perkins and M12 (Microsoft Ventures) and advised by Frank Abagnale, renowned fraud prevention expert, and the subject of Catch Me If You Can.

Their PSD2 solution offers:

Trusona For Your Organization

Trusona’s passwordless multi-factor authentication (MFA) offers a PSD2 compliant blend of dynamic authentication and patent-pending anti-replay technology embedded in your existing mobile apps, making it the most secure and seamless way to enable strong authentication of your customers across any channel.

Trusona For Your Customers

Designed with the user experience in mind, Trusona’s industry-leading, passwordless MFA is preferred by 7 out of 10 people to legacy usernames and passwords. Trusona means your banking customers never need to remember or type anything to authenticate. Bulletproof security and happy users.

Passwordless Open Banking

In their white paper Where to Start on Your Passwordless Journey they offer a number of example use cases for this approach, including New Account Opening:

With Trusona, businesses can offer their customers a digital account opening experience using their own government-issued ID which is scanned and validated to confirm its authenticity. By integrating with 3rd party verification services, such as AAMVA’s U.S. Driver’s License Data Verification Service (DLDV), Trusona enables businesses to accelerate the account opening process as well as increase the adoption of their mobile apps by no longer requiring customers to create and manage account credentials.

 

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