FinTech solutions provider FIS and consumer credit specialist Equifax have teamed up to offer a new single sign on service called OnlyID.
The service is aimed at primarily at financial institutions and online merchants, and is meant to ensure a more convenient login process for their end users. According to a statement announcing OnlyID, the service replaces users’ passwords with a “thumbprint or another unique identifier,” and a single end user will be able to use the same credential to log into user accounts with all of the companies participating in the OnlyID network.
The companies’ emphasis on thumbprint identification appears to reflect a growing interest in biometric authentication on the part of Equifax, which launched a document verification system based on facial recognition earlier this year.
Elaborating further on OnlyID, Equifax USIS President Trey Loughran says the solution also “combines powerful predictive analytics with risk scoring models” to enable “frictionless fraud assessment” for clients.
Equifax and FIS haven’t disclosed which, if any, companies have already signed on for the OnlyID network, but say they will jointly market the solution going forward.
August 25, 2017 – by Alex Perala