FIS and Equifax want you to say goodbye to passwords
FIS has joined forces with information specialist Equifax to create OnlyID, a digital authentication solution that enables consumers to make secure transactions across multiple online accounts without passwords, reports Banking Technology‘s sister publication Paybefore.
OnlyID provides “a single, secure digital log-in,” consisting of the consumer’s thumbprint or another unique identifier. The two companies jointly offer the technology to financial institutions and e-retailers that participate in the OnlyID Network.
The network consists of authenticated consumers who use a universal digital representation of their identity to interact with businesses in the network, the companies say.
“Imagine if you no longer needed passwords to protect your digital identity because you had a unique, protected identifier that only you could use at the places where you bank and shop,” says Bruce Lowthers, head of FIS Payments.“OnlyID from FIS and Equifax brings the power of advanced authentication technologies to make consumers’ financial lives simpler while providing secure protection against fraud.”
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