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AnchorID Brings Custom Authentication to Credit Unions

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CU Wallet, a Los Angeles-based provider of white-label digital wallet solutions for regional and community FIs, has picked Finovate Best of Show winner AnchorID to provide multifactor authentication. Pointing to the unique challenges of small and midsize banks and credit unions, CU Wallet CEO Paul Fiore praised both the level of KYC compliance and variety of authentication solutions available via AnchorID. Specifically, Fiore credited the enterprise-grade authentication specialist for developing a platform that does not require having access to core processor data. Fiore says AnchorID “levels the playing field.”

AnchorID CEO David W. Schropfer added that his company’s technology also makes it easier for FIs to keep up with new technological challenges. “Our proprietary platform solves the authentication problems of today and tomorrow by enabling access to new technology as it becomes available,” he said. This helps smaller banks and credit unions in particular take advantage of innovations in authentication and security without worrying about the spending money on soon-to-be-obsolete technologies.

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CEO David Schropfer demonstrated AnchorID at FinovateFall 2014 in New York.

An innovator in the field of global access and identity proofing, AnchorID’s authentication solutions include a wide variety of technologies for the enterprise. From biometric solutions using fingerprint, voice and iris, to PIN, and soft token, and device-based authentication strategies, AnchorID’s multifaceted approach allows enterprises to experiment and select the authentication strategies that fit them best. The technology integrates readily with Microsoft Active Directory and Azure, Linux, LDAP, and SAML. As part of AnchorID’s new partnership with CU Wallet, more than 100 regional and community banks and credit unions will get access to AnchorID’s authentication solutions.

Founded in 2014 and headquartered in Kingston, New York, AnchorID demonstrated its technology at FinovateFall 2014, where it won Best of Show. The company was featured in Mergermarket and highlighted by Consumer Reports in its “Bright Ideas” column in December 2014. AnchorID has raised more than $1 million in funding.