Identity assurance provider Signicat added a new tool this week to help banks meet new PSD2 standards and reduce customer abandonment. The mobile authentication solution, MobileID, leverages the user’s device to offer fast onboarding while providing strong customer authentication and identity assurance.

MobileID’s multi-factor authentication offers a low-friction way for banks to get ahead of upcoming PSD2 compliance standards, which mandate that the consumer must authorize transactions over €30 with at least two-factor authentication. The new solution supplies three factors of authentication: the device (something the user has), a PIN (something the user knows), and a biometric fingerprint (something the user is).

“A speedy onboarding and application experience is a must for financial services providers who don’t want to lose 40% of their potential customers at this stage,” said Gunnar Nordseth, CEO, Signicat. “Keeping these customers means giving them the best experience possible when accessing services and authorizing transactions – MobileID gives customers that simple experience while meeting PSD2 requirements way ahead of these regulations being adopted.”

At FinovateEurope 2017, the company demonstrated Signicat Assure, which combines national e-identities, commercial e-identities, and multiple other methods that offer a fast way to verify the customer’s identity for onboarding. Signicat also showed off Signicat Sign, a digital signature solution that ensures the origin and integrity of the document while maintaining non-repudiation from the sender.

Earlier this month, the Norway-based company teamed up with Rabobank to launch a joint Digital Identity Service Provider branded as Rabo eBusiness. For more on Signicat, check out our overview of the company’s on-demand, digital identity verification service. Signicat was founded in 2007.