Instnt launches universal identity solution

The solution was built on open standards, including Verifiable Credentials and Decentralised ID, avoiding vendor lock-in with a portable, decentralised, self-sovereign identity that includes trust, level of assurance, and KYC bindings. Multipasses can also be integrated into Instnt’s fraud loss liability protection for businesses that accept them, so they are able to onboard more viable customers without friction or fraud losses.

By launching Multipass, Instnt aims to enable businesses to provide their customers with a secure and compliant onboarding experience, replacing the traditional repeated sign-up and KYC user journeys. Customers receive and maintain full control over their personal information, ensuring privacy and transparency. Through this, businesses can cross-sell products and services while remaining compliant with regulatory standards. Multipass also provides businesses with the option to avoid centralised consumer personal information data storage and management, aiming to reduce infrastructure operational costs, cyber liability, and reputational risks associated with data breaches.

According to officials, the launch of Multipass aligns with the company’s commitment to improve customer acceptance while eliminating losses from fraudulent activities and friction. The solution aims to provide a secure and efficient universal identity solution that enables both businesses and customers. Instnt plans to introduce Multipass with its partners. Representatives also stated that Instnt aims to advance blockchain-based decentralised identity as a business solution, introducing open source and open development for creating universal platforms. With the solution being built using Hyperledger Aries and Hyperledger Indy, Multipass is a community-developed software aiming to serve as a foundation for new applications. 

With its fully managed acceptance platform, Instnt enables businesses to offer an improved user experience, allowing them to verify, accept, and onboard online customers. The company aims to help businesses reduce costs and increase revenues by employing fully integrated and automated AI technology.

Through Instnt Accept, businesses can enhance their digital services and experience growth by implementing security defences, fraud prevention, loss liability shift, and KYC checks. Some of the platform’s features include continuous identity assurance with Instnt Verify, one-click sign-up with Instnt Access, collective intelligence fraud prevention, account takeover protection, botnet and automated attack safety, and behavioural and device intelligence. 

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