iSignthis Ltd, the Melbourne, Australia based Evidence of Identity (EOI) and Strong Customer Authentication (SCA) service provider has joined the Open Identity Exchange (OIX), a non-profit organization dedicated to building trust in the exchange of online identity credentials across public and private sectors.
“We are pleased to bring the iSignthis “MerchantProtect” suite of automated online identity authentication services, with its global footprint, to the OIX trust framework. iSignthis combines the act of authenticating routine online e-commerce payments with that of establishing identity. We leverage the existing global financial network, which reaches more than 3 Billion online accounts, in order to authenticate and trace identity dynamically on demand. Our EOI process reduces customer friction, whilst at the same time eliminating 3rd party payment fraud via SCA.” said iSignthis Executive Director John Karantzis. “We are excited to be involved with OIX to provide our input to the framework that will enable companies, organizations and government agencies to operate in a trusted environment.”
OIX is building an underlying system of protocols and processes so that identity service providers and relying parties can interact within trusted frameworks. OIX follows an open market model to provide the trust framework and OIXnet listing services to deliver the levels of identity assurance and protection needed by private industry and public/governmental institutions worldwide. OIX is an international organization based in the United States, initially developed in response to the White House’s National Strategy for Trusted Identities in Cyberspace (NSTIC).
“The patented iSignthis’ technology enables traditionally bricks and mortar bound AML/BSA/Patriot Act regulated eMerchants to migrate fully online, and decrease or replace their reliance on face to face Know Your Customer (KYC) identity checks. For example, online financial services, wagering/gaming websites, and eMoney, m-Wallet, e-Wallet operators can now on-board customers for products and services that have historically required offline identity checks.”
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