Banking innovation and the fight against Internet fraud moves forward today with digital identity company miiCard's announcement of a strategic development and distribution relationship with Yodlee, Inc., the leading provider of online and mobile personal finance management (PFM) solutions.
miiCard, a patent pending, global, digital identity solution, is soft launching to the financial services industry in Amsterdam, at Sibos, October 28th. miiCard's aim is to eradicate the final barrier to global trade in financial service products - the often cumbersome and always time consuming need for offline proof of identity before a financial product can be purchased.
Powered by Yodlee, the miiCard Digital Passport enables consumers to prove "they are who they say they are" online, in real-time; enabling them to buy financial products completely online for the first time, in a fashion that meets Anti-Money Laundering laws, Know Your Customer regulations and the Proceeds of Crime Act standards.
Making the announcement at Sibos where miiCard was invited by SWIFT to present at the Innotribe Challenge, James Varga, miiCard's Founder explains: "Online authentication has become the holy grail for all financial institutions. Proving online identity is the final barrier to global trade in financial services products; and while consumers fall victim to fraud every day, it is critical that we as an industry address the issue and offer a solution fast, and that's what miiCard, working with Yodlee, intends to do."
Every day between 70% and 90% of online financial transactions are abandoned when the customer is asked to complete the transaction offline by taking their driving licence, passport or utility bill into their local bank branch to prove identity.
Varga adds: "The Internet world facilitates anonymity, not trust. Our challenge today when conducting business, fighting fraud and protecting the customer, is to create trust between business and consumer without resorting to physical offline identity validation".
miiCard will be built on the Yodlee 10TM personal finance platform, the first patented, customizable, web platform for financial services. Yodlee is the leading provider of secure, personalized onlinne and mobile PFM services, powering more than 85% of online PFM users at leading bank and portal sites worldwide.
Joseph Polverari, Chief Marketing and Strategy Officer, Yodlee states: "Safer, more efficient online transactions are in ever increasing demand by financial institutions and consumers alike, presenting a significant opportunity. The miiCard Digital Passport is another terrific example of an innovation on the Yodlee 10 platform that we believe will help bring consumers and financial services providers closer together, in a way that is beneficial to both."
Owned and managed by the individual, miiCard allows the consumer to track, monitor and so take control of their online identity for the first time. miiCard is free to the consumer and charged to the vendor on a transactional basis.
miiCard introduces the concept of online trust, enabling customers to buy financial products completely online, in a single session, for the very first time. Participating financial services providers can expect improved customer conversion rates, reduced abandonment, lower operational costs and fewer incidents of fraud.