Online Identity as a Service (IDaaS) innovator miiCard announced the launch of DirectID, a technology that provides an embedded, integrated verification solution that makes it easier for financial services providers to securely and swiftly process high value transactions online.
miiCard CEO James Varga said, “DirectID allows business to unlock the incredible potential of new consumer finance offerings by eliminating fraud, meeting complex new regulatory requirements, and saving time and money.”
DirectID is a single-use sign-on that leverages the customer’s bank credentials and credit bureau data to verify both identity and transaction data. What’s key is the fact that DirectID provides what Varga referred to as an “all-in-one solution” that is especially helpful for the kind of affordability and other testing often involved in high value online transactions.
And many of those high value transactions are likely to come from alternative lenders, which helps explain why Landbay and eMoneyUnion.com, a pair of P2P lenders, are among DirectID’s early adopters. DirectID is available as a white label solution, as well. Read more about the technology here.
miiCard also announced on Thursday that the company was opening an office in St. Louis, Missouri, and appointing Peter Esparrago as President of North America. Esparrago is a former Accenture Partner, as well as Co-Founder and General Partner of venture capital firm, Cultivation Capital.
miiCard was founded in September 2011, and is headquartered in Edinburgh, Scotland. See the company’s FinovateFall 2013 demo here. And get to know miiCard CEO James Varga in our Finovate Interview.
And for developers and other fans of enabling technologies like this, remember that FinDEVr less than a month away on September 30 and October 1. Find out more here.