Magazine article American Banker

Heavyweight Bank Tech Vendors Enter Digital ID Fray

Magazine article American Banker

Heavyweight Bank Tech Vendors Enter Digital ID Fray

Article excerpt

Byline: Penny Crosman

The bank technology provider FIS and the credit bureau Equifax are jointly launching an authentication platform called OnlyID for banks and retailers Wednesday.

The idea is, consumers could have one set of credentials -- a combination of biometrics, behavior analytics, and identity information -- with which to identify themselves wherever they shop or bank online. They would no longer have to remember or keep lists and sticky notes of their user names and passwords for all the websites and apps they use.

Years ago, at one of the first Finovate conferences, the fintech startup AnchorID launched the same thing. But the company quickly pivoted to becoming an enterprise authentication software vendor, providing technology companies could use to authenticate employees. More recently, scores of digital identity startups and open-source projects have emerged, all trying to improve a system that inconveniences people without protecting their information particularly well.

"I use a password keeper, there's no way for me to remember the passwords for all the sites I use," said Ken Allen, Equifax's senior vice president of identity and fraud. "This is a path to an easier user experience. There's a consumer value proposition of being in control of their data any time they visit any site."

The two vendors say they are talking with the many authentication software vendors out there, which include the biometric authentication providers Socure, EyeVerify, EyeLock, Nuance, and Daon; behavioral biometrics providers like BioCatch and SecuredTouch; and vendors that offer several authentication forms in one solution, including Socure, Trusona, SecureKey and Bioconnect. …

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