Following this launch, the new solution will enable users and customers to securely store their Personal Identity Information (PII) in order to reuse across any device and browser, without the need for re-submitting the same information. This takes place while using Passkeys, a passwordless authentication method based on W3C and FIDO standards, which allows customers to authenticate across multiple devices while also operating systems without the need to install anything.
The service will also provide businesses with the possibility to maintain and run additional step-up verifications based on their already existing checks, as well as the silent usage-based signals that are stored on the Reusable Personal. Organisations and enterprises will be able to design a faster identity verification process for their clients, while also maintaining security, mitigating risks, and meeting compliance standards and requirements.
At the moment users opt to create a Reusable Persona, the PII they entered will be securely stored via Passkey, which the company will not be able to access without the client’s consent. The data can be then reused across the company’s network of customers, which is aimed to reduce friction for users, while also maintaining risk assurance for businesses and merchants.
Included in the list of Reusable Personas’ features is the holistic risk evaluation, which offers businesses a more detailed picture of user risk across the network with proprietary usage-based risk signals (such as how many times it had been verified in a successful manner, or whether it has been used on the specific device before), as well as the privacy-first approach.
At the same time, the solution will provide dynamic verification and universal compatibility, as the product can be used across several integrations, browsers, and operating systems.
Businesses will also be enabled to keep their IDV processes dynamic, in order to meet the needs of customers to shift over time. From the process of supporting the day-to-day changes in a client’s identity to offering longer-term risk signals on how they leverage the Reusable Persona, the company will continue to focus on providing customers with optimised client experience, as well as mitigating regulatory risk. Persona’s recent strategy of development
Persona announced a couple of partnerships and product launches in the last couple of months, covering different geographic areas around the world.
In May 2023, the company announced the release of its Know Your Seller (KYS) service in order to improve the manner in which marketplace businesses comply with the INFORM Consumers Act. KYS was purpose-built for marketplaces on top of Persona’s automated and secure Know Your Business (KYB) solution that was launched in 2022. By incorporating augmented features for bank account verification, KYS was set to give marketplaces the possibility to save time and reduce errors when onboarding sellers that are based in multiple locations around the world.
In addition, marketplaces were enabled to quickly comply with the INFORM Consumers Act without needing to have engineering or product resources, grow and move into new markets in an easy and secure manner, as well as leverage Persona’s system of record in order to minimise friction and maintain a robust audit trail.
At the same time, they were allowed to onboard, verify, and reverify more sellers throughout their life cycle with efficient flows and automatic decisions, while also finding and blocking any fraud rings that appeared, by using a consolidated platform.
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