Terms were not immediately available, but the investment was described as “significant” by IDology, according to reporting at American Banker. And as part of the investment, IDology has integrated Payfone’s network authentication into its ExpectID Mobile solution.
With this move, IDology will add both network authentication and transaction monitoring to its ID verification and anti-fraud solutions. ExpectID Mobile works by establishing a persistent mobile identity for each consumer that can be maintained through multiple life cycle change events. The mobile identity is resistant to mobile fraud tactics and can be created with or without ID verification.
IDology CEO John Dancu added that the partnership reflects IDology’s commitment to mobile technology that “strike(s) a balance between convenience and security” and provides “frictionless access to products and services.” Payfone CEO Rodger Desai called IDology an “excellent strategic partner” and said the new relationship also would be an opportunity for his company to fight fraud in markets such as alternative finance and payment gateways.
Recent headlines for IDology include the fall 2015 launch of its email validation technology, ExpectID Email in September, and picking up the Southeastern Software Association Impact Award from the Technology Association of Georgia in the Technology Solutions Provider category in May. A finalist in the 2015 Business Intelligence Group (BIG) Innovation Awards, Payfone made a major pivot two years ago to focus its technology away from payments and toward authentication. Read more about Payfone in an interview with Desai in the New York Business Journal.
Founded in 2003, IDology demoed its ExpectID Enterprise solution at FinovateFall 2012 in New York. Payfone also made its Finovate debut at the fall conference in New York in 2012. Founded in 2008 and headquartered in New York City, the company demonstrated its 1 Touch Checkout solution.