Payfone, a global leader in identity verification and authentication, on Thursday announced the launch of its Mobile Authentication solution for businesses in the UK.
Payfone claims that the technology has already been adopted by one of the world’s largest banks based within the UK as a way to meet government regulations whilst also enhancing the customer experience.
Mobile Authentication provides a convenient and secure alternative to the use of SMS one-time passcodes (OTPs) during customer on-boarding, login and two-factor authentication. The technology is particularly relevant for PSD2 SCA (Strong Customer Authentication), where SMS OTP is used today. The technology has already been adopted by one of the world’s largest banks based in the UK, offering numerous benefits to the financial services community.
Identity verification and authentication solutions work best when they function across a large percentage of the population. Payfone claims that its Mobile Authentication is the first solution addressing those challenges within the UK, directly utilising the biggest four UK mobile operators.
According to Payfone, 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.
Keiron Dalton, VP, Payfone
Payfone’s technology offers instant and invisible identity authentication that is faster, safer, and easier to use than traditional methods such as passwords, security questions and SMS one-time passcodes.
