Some of America’s largest lenders have teamed up with Early Warning to introduce a service that enables users to verify their identity on participating businesses’ websites and apps using their bank login information.
Bank of America, Capital One, Chase, PNC Bank, Truist, US Bank, and Wells Fargo are all supporting the Authentify service. When on a participating business’s site or app, consumers can opt to log in via their online or mobile banking, allowing them to share their bank-trusted data with that company.
Early Warning, which is owned by the participating banks and operates the Zelle P2P payments network, states that businesses that adopt this service can decrease abandonment and fraud rates while enhancing their digital experience.
DocuSign is the first company to implement Authentify, providing customers the option to verify their identities simply by logging into their financial institution.
Al Ko, CEO of Early Warning, remarked, “Authentify gives companies and consumers the ability to leverage bank-trusted data to help provide even greater levels of identity assurance.”