Visa is backing LoginID’s efforts to improve security in the payments industry. To that end, Visa has made a financial commitment to LoginID, agreeing to invest an undisclosed amount of money in the company.
The Visa funds will supplement the $6 million that LoginID generated in a round of seed funding that closed in March. Visa cited LoginID’s biometric authentication technology as a major motivating factor in its decision, suggesting that the company’s technology will help support the FIDO authentication protocol and meet the growing demand for simple payment solutions.
In that regard, LoginID has developed a collection of SDKs and APIs that make it easier for companies to add biometric authentication to their various apps, websites, and branded financial platforms. The entire integration process can be completed in as little as 15 minutes, while the solutions themselves are FIDO-certified and compliant with the latest international regulations, including the PSD2 regulations that went into effect in January.
Biometric technology allows financial institutions to meet PSD2’s strong authentication requirements without compromising the customer experience. Industry experts believe that biometrics will be used to authorize 18 billion payment transactions in 2021, and LoginID’s solution will help reduce fraud and ensure that those transactions are as smooth as possible.
“Visa recognizes its role in promoting a secure payment experience for consumers and frictionless transaction processing for merchants,” said LoginID CEO Simon Law. “Together, we are helping companies integrate and scale strong authentication at low cost, while ensuring compliance with PSD2 and GDPR regulations.”
“Biometric technologies offer greater convenience and stronger security, and are the gold standard for online authentication,” added Visa Global Data, Security, and Identity Products SVP Melissa McSherry. “Visa’s investment and continued partnership with LoginID will help deliver innovative solutions that will improve convenience and payment security.”
LoginID has partnered with Ipsidy to deliver a more comprehensive biometric onboarding solution. The company has also released a new WordPress plugin to enable passwordless authentication on the platform.
June 3, 2021 – by Eric Weiss