Zelle P2P Payment Network Selects Payfone for Mobile Authentification

Zelle P2P Payment Network Selects Payfone for Mobile Authentification
12.06.2017 10:45 am

Zelle P2P Payment Network Selects Payfone for Mobile Authentification

Authentication Technology

Payfone, a leader in mobile identity authentication for digital channels, today signed an agreement with Early Warning Services to provide mobile authentication technologies for Zelle. 

Payfone risk assessment solutions will help streamline consumer enrollment and transaction authentication processes, enabling more consumers to take advantage of the speed and simplicity of person-to-person (P2P) payments.

"Payfone's solutions will significantly simplify the enrollment processes for millions of Zelle P2P users, while adding another layer of non-intrusive protection behind-the-scenes for Zelle," said Eric Woodward, group president of the Risk Solutions business at Early Warning. "Payfone brings together data from across the mobile ecosystem - networks, devices, users - to help us assess enrollment and transaction risk almost instantly. This helps us balance the requirements for speed and security in the faster payments space."

"Faster payments require instant mobile authentication, which Payfone is uniquely positioned to provide," said Rodger Desai, CEO, Payfone. "Collaborating with Early Warning to help add further seamless security to Zelle is a shining example of how Payfone makes customer transactions safer and smoother."

Payfone processes over 10,000,000 transactions a day for the largest financial, healthcare and governmental organizations and is set to reach 50,000,000 transactions per day by year-end, enabling its clients to provide safer, faster and easier user experiences for their customers. The company's proprietary analytics engine processes millions of signals a day to authenticate and score transactions with unrivaled speed, safety and accuracy.

Payfone's investors include RRE Ventures, Opus Capital, Relay Ventures, Early Warning Services, American Express Ventures, Verizon Ventures, Rogers Venture Partners, BlueCross BlueShield Venture Partners, Andrew Prozes, Strauss Zelnick, Maclab Development Group and Transaction Network Services. Business Insider Intelligence recently highlighted Payfone's recent round of funding as one of the 10 largest US VC-backed fin-tech deals of Q1 2017.

Related News

iProov to provide biometric technology to challenger bank Knab, part of AEGON

Today, iProov is proud to announce that its technology is to be deployed by Dutch challenger bank Knab, to provide an effortless online biometric experience to its nearly 500,... Read more »

IDnow Accelerates Innovation in Identity Verification in UK as Brits Lose £6m to Coronavirus-related Scams

IDnow (www.idnow.io), a fast growing European identity verification provider, has... Read more »

iProov to provide contactless travel entry for Eurostar as part of railway innovation initiative

iProov, the world leader in spoof-resistant opt-in biometric authentication technology, today announced that its technology will be used to improve the speed... Read more »

Behavioural biometrics set to replace bank passwords

NatWest is developing behavioural biometrics technology which could replace banking passwords.

Next year, an additional form of authentication will be... Read more »

New data reveals bad habits leave Brits open to hacking online, despite feeling more vulnerable during the pandemic

New data from biometric authentication provider, iProov, reveals that despite 26% of Brits... Read more »

LexisNexis Risk Solutions Positioned as a Leader in Risk-Based Authentication Report

LexisNexis® Risk Solutions is honoured to announce it is named as a... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel