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Equifax and FIS have introduced an alternative to usernames and passwords, called Only ID, that will authenticate users in online banking and shopping sessions.

The solution crunches everything known about customers — like geolocation, device identification, biometric data, or behavioral patterns — to authenticate users. In certain high-risk or out of the ordinary transactions, OnlyID will prompt users for additional security methods. Speaking to BI Intelligence, Bob Legters, Chief Product Officer at FIS, shared that users of banks that support OnlyID will enroll customers through online or mobile banking sessions.

A solution like OnlyID is well timed as biometrics’ popularity eclipses that of passwords.

Passwords are ineffective. After years of data breaches, usernames and passwords, including many of those re-used at digital banking portals or e-merchants, have been pillaged relentlessly. OnlyID replaces user credentials with passive means of authentication and biometrics, and generates a unique identifier tied to customers, which FIS and Equifax keep secure.

After years of data breaches, usernames and passwords, including many of those re-used at digital banking portals or e-merchants, have been pillaged relentlessly. OnlyID replaces user credentials with passive means of authentication and biometrics, and generates a unique identifier tied to customers, which FIS and Equifax keep secure. Biometrics are catching fire. OnlyID could benefit from the growing popularity of biometrics in sensitive settings: According to 2017 UK data by Experian, fingerprint scanning is the method most preferred to access online banking over passwords or other methods. Furthermore, combined, 53% of customers would like to be authenticated with fingerprint, retina, or facial scanning in online banking.

But will all customers be able to trust giving up passwords?

OnlyID aims to replace passwords for millions of customers. Legters declined to name how many clients were onboard at this time, other than multiple in the contracting stage. But he did share that they aim to have the majority of FIS’ client banks online within the next 12 months — a large base of customers to switch from passwords in a short amount of time.

Legters declined to name how many clients were onboard at this time, other than multiple in the contracting stage. But he did share that they aim to have the majority of FIS’ client banks online within the next 12 months — a large base of customers to switch from passwords in a short amount of time. The solution will remind users that they’re secure. To help customers feel comfortable while banking and shopping without usernames and passwords, OnlyID will use messaging to remind users that their identity is being verified on the back end in place of log-in screens. However, whether that step is enough to assure all customers that they’re safe is an open question, and one that OnlyID will soon find the answer to as it hits the market.

European and North American countries with advanced economies often serve as bellwethers for the payments industry when it comes to introducing new and disruptive technologies.

However, some of the greatest examples of digital payments disruption can be found in developing nations. In some cases, these countries not only adopt certain aspects of a digital payments ecosystem faster, but they also do so with more efficiency than their Western counterparts.

The fact that digital disruption in these regions can be complex and varied, makes it difficult for the industry to devise effective strategies for international expansion — but understanding the drivers of this disruption can significantly aid payments companies.

Ayoub Aouad, research analyst for BI Intelligence, Business Insider's premium research service, has compiled a detailed report on payments disruption that:

Identifies the biggest drivers that are upending the payments industries in India, East Africa, Latin America, and Australia.

Discusses what pain points digital payment services are solving.

Details what specific technologies and services are being introduced that consumers are embracing, which can be leveraged by companies in these regions that are ripe for disruption.

Assesses how leaders in the space can leverage these trends to either improve their capabilities or to identify which markets may be ripe for disruption and worth exploring.

And much more

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