February 24, 2016
Payfone, a leading mobile authentication company, has just announced an additional deployment to its growing list of Tier-1 US Bank wins, ahead of the live demonstration of its capabilities at the Mobile World Congress, in partnership with the GSMA's Mobile Connect. Payfone is now leading the way in mobile authentication to secure transactions globally by using the same capabilities trusted by the largest banks in the United States
[Press Release] New York, NY – February 23, 2016 – Payfone, a leading mobile authentication company that helps financial services customers identify their mobile users, made two major announcements at this year’s Mobile World Congress event in Barcelona. First, the company announced that they have deployed at an additional tier-1 Bank in the US, bringing the total number of active mobile banking accounts protected by Payfone in the United States to over 50,000,000. Second, they announced that they would be demonstrating how these capabilities can be used in concert with the GSMA’s Mobile Connect platform at this year’s Mobile World Congress event.
We consider getting each bank live to be a major milestone, said Payfone CEO Rodger Desai, and we are excited to announce that with the most recent US tier-1 bank going live on our platform, we are well on our way to our goal of authenticating 50,000,000 transactions daily in the United States for our banks and other customers. At Money20/20 last year, Payfone announced that they plan to process over 3 billion authentications in 2016. Adding an additional tier-1 bank is strong evidence of progress towards that goal and speaks to the strength of Payfone’s strategic alliance with Early Warning.
Having worked closely with dozens of mobile networks operators around the world on secure integrations for more than five years, Payfone is now working with the GMSA, the association that represents the interests of all mobile operators worldwide, to bring its authentication and mobile intelligence services to their Mobile Connect platform. Mobile Connect creates a unified global sign-on platform that service providers can use to authenticate consumers.
At the Mobile World Congress, Payfone and the GSMA will showcase a live demonstration of how Payfone’s Mobile Intelligence Attributes can provide best-in-class security to Mobile Connect logins. While the login is in process, Payfone’s Mobile Intelligence will utilize the mobile network operator's network attributes and Payfone’s proprietary engine to delineate between good customers, who should receive a VIP path, and likely fraudsters, who should be flagged for further authentication. This information is passed via JSON API to Payfone’s customers.
A live demonstrations can be observed at the Mobile Connect booth inside Innovation City at the Mobile World Congress in Barcelona.
Payfone is a leader in mobile identity authentication. Payfone’s suite of network authentication services provides unparalleled mobile security while eliminating friction from the customer experience. The company is backed by leading venture firms, financial institutions, mobile network operators, and Early Warning and is based in New York. Follow Payfone on Twitter @payfone.