ID assurance provider Signicat, one of the largest identity assurance providers in the world, has launched MobileID, a mobile authentication product. In addition to offering financial service providers speedy onboarding and identity assurance using a number of digital identity plans, Signicat now also offers Strong Customer Authentication (SCA) using the end-user’s smart device.
Forthcoming PSD2 legislation will require that many transactions over €30 must be authorized with at least two-factor authentication. MobileID was launched to put financial services providers ahead of this legislation by offering multi-factor authentication.
Signicat explains that MobileID works by turning a consumer smart device into a security credential. The device becomes the “something you have” factor for authentication. A PIN code becomes the “something you know” and biometric data such as fingerprints can be used as a third factor.
MobileID allows financial service providers to offer multi-factor authentication without the need to provision additional hardware or demand that customers copy and paste a one-time password from an SMS or a separate application. MobileID leverages smart device capabilities, including biometrics, to deliver simple but secure access to digital channels.
“A speedy onboarding and application experience is a must for financial services providers who don’t want to lose 40% of their potential customers at this stage,” explained Gunnar Nordseth, CEO, Signicat. “Keeping these customers means giving them the best experience possible when accessing services and authorizing transactions – MobileID gives customers that simple experience while meeting PSD2 requirements way ahead of these regulations being adopted.”
Based in Trondheim, Norway, Signicat was founded in 2007.