Prove Identity, a provider of phone-centric identity tokenisation and passive cryptographic authentication solutions, has partnered with Visa to make customer onboarding faster.
Prove’s phone-centric identity tokenisation and passive cryptographic authentication solutions aim to reduce friction, enhance security and privacy across all digital channels, and accelerate revenues while reducing operating expenses and fraud losses.
The partnership sees Visa clients now have access to Prove’s identity verification solution, which enables consumers to opt into pre-filling registration forms securely and with ease. Prove said brands benefit by driving loyalty accounts while also preventing identity bot fraud.
FinTechs, banks, and merchants use Prove’s Pre-Fill solution to reduce fraud, deter abandonment during the registration process and increase revenue by pre-populating application forms with verified and authenticated information.
According to Prove, loyalty programs are a vital part of many businesses, as 77% of consumers say loyalty programs make it more likely they will continue to do business with a brand.
However, traditional onboarding experiences for loyalty accounts can be cumbersome and deter new enrolments because of the significant amount of data required to be manually entered by the consumer. Prove pointed to a study which revealed users are 76% more likely to join a loyalty program if it only takes a name and phone number. Advanced onboarding solutions like Prove Pre-Fill® that leverage mobile-centric identity verification provide that exact experience and have also been shown to reduce fraud by as much as 75% (relative to attack rate).
Jack Funda, SVP at Visa, said, “Visa’s and Prove’s vision is to empower companies with differentiated solutions that will improve the customers’ full commerce experience and drive brand loyalty. Through Prove’s unique Pre-Fill technology, we can now help merchants and other brands grow their loyalty membership quickly and securely.”
Earlier this year, IDPartner, a company that optimises online identity verification, bagged $3.1m in a seed round.
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