Wibmo launches Tridentity, a multi-factor authentication solution
By Léandra Monteiro
- Digital payments
- Mobile banking
Consumers today are always on the move and expect it to be done quickly. Failure or delay in SMS delivery is inconvenient for end customers. On the other hand, a biometric notification, push notification or offline OTP is a quick and easy way to authenticate the transaction and complete it securely, which makes the customer happy.
In this context, Wibmo, a provider of business-critical digital payment solutions, launched its latest service, Tridentity, an out-of-band multi-factor authentication solution. Tridentity integrates with mobile banking applications. The solution offers authentication methods such as offline OTP, push notifications, biometrics. The solution can be integrated as an SDK to perform uniform authentication for digital payment channels.
Wibmo’s Tridentity is a next-generation multi-factor authentication solution that strikes the perfect balance between the convenience consumers need and the security demanded by banks and regulators. The innovative solution enables much more than simple OTPs, improving the shopping experience for consumers and speeding up purchases. Tridentity offers iOS and Android support.
Banks are always looking for ways to deliver a smooth customer experience with smooth transactions. Tridentity combined with Trident, Wibmo’s fraud and risk management platform, creates an experience that combines risk assessment, authentication security providing an industry-leading payment experience.
The reach of Tridentity not only helps payment transactions but adds to multiple use cases like adding payees, transferring funds, logging into a bank account, etc., making it simpler and more secure than ever with the multi-faceted solution.
Speaking at the launch, Suresh Rajagopalan, CEO of Wibmo, said, “The security challenges of SMS delivery, abandoned carts and low success rates have been intrinsic to the SMS OTP model since its inception. It’s a time when consumers want convenience as well as speed and security; if SMS delivery fails or is delayed, the consumer’s experience is impacted.
With Tridentity, this is precisely the problem that Wibmo intends to answer. Now consumers can authenticate seamlessly across all payment channels using an array of customizable solutions. We believe Tridentity will unlock the next phase of evolution in the identity verification space and change the way we access and authenticate transactions. “
SMS is expensive in many countries, and the reliance on SMS for OTP delivery to authenticate a transaction is a costly affair, even in India the cost of priority SMS has increased. Ironically, sometimes the cost of SMS is greater than the cost of transactions. So now is the right time for companies to move away from SMS-based OTP. Tridentity’s solution offers both cost savings and an improved customer experience.
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