Payfone to provide mobile authentication for Zelle P2P payment network
12 June 2017 | 5156 views | 0
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.