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.

London UK, April 30, 2020 – Payfone, a global leader in identity verification and authentication, is pleased to announce its award-winning convenient and secure solution, Mobile Authentication, is now protecting UK financial institutions and their customers.

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. Notable highlights include:

• Significantly improved customer experience over traditional SMS OTP.
• Complete ease-of-use with no software required on the device.
• Stops SMS forwarding and OTP interception.
• Reduced exposure to social engineering as no OTP is passed to the consumer.
• Real-time authentication, ensuring no time is lost.

Identity verification and authentication solutions work best when they function across a large percentage of the population. Payfone’s Mobile Authentication is the first solution addressing those challenges within the UK, directly utilising the biggest four UK mobile operators. The technology’s ability to operate directly with the underlying mobile networks provides enormous opportunities for both scale and inclusion, ensuring a completely secure experience for all customers.

“Our direct connection with UK mobile operators creates propositions that truly change the way consumers can authenticate online and on their phones. 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,” said Keiron Dalton, VP at 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. 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,” Dalton concluded.

UK enterprises interested in Payfone’s frictionless identity authentication solution can learn more here: https://info.payfone.com/psd2-sca-uk-mobile-authentication.

ENDS

About Payfone
Payfone’s award-winning Phone Intelligence technology replaces traditional identity verification processes such as easy-to-forget passwords, cumbersome security questions, and clumsy SMS OTPs with a solution that is both more secure and easier for end-users. Through Phone Intelligence and its patented Trust Score™, Payfone is able to verify consumers’ identities in an instant, invisible, and inclusive way across mobile, web, and call centre interactions. Payfone serves a significant number of US, UK and global financial institutions, as well as leading healthcare, insurance, technology and retail companies. Learn more at payfone.com and linkedin.com/company/payfone.

Press contact:
Email: pr@payfone.com

Source: http://www.realwire.com/releases/Payfone-announces-UK-launch-of-Mobile-Authentication