Workday Buys Blockchain-Based Identity Management Innovator Trusted Key

Seattle, Washington-based Trusted Key will bring its innovations in blockchain-based, digital identity management technology to Workday, courtesy of a recently-announced acquisition. Terms of the deal were not disclosed.

“With our new platform, Workday wants to bring credentials into the digital age,” Workday SVP Jon Ruggiero wrote in a blog post discussing the role of credentialization in identity management. He highlighted the way that blockchain technology can help create “a new form of digital credential – one that puts individuals in control of their data, and is portable, authentic, and secure.”

Trusted Key’s digital identity management technology enables financial institutions to leverage credentialization and tokenization to provide a more seamless and secure authentication experience for users. The platform uses strong cryptography and blockchain technology to convert government-issued identity documents into secure, cryptographic credentials and tokens. These tokens can be used to securely establish identity to access both online assets as well as mobile apps, without relying on passwords. The credentials can also be used to authorize transactions and make digital signatures.

A leading cloud core financial management suite provider, Workday will use blockchain-powered credentialing technology to help companies improve their HR operations to more efficiently verify applicant skills and qualifications, as well as to onboard new workers. As Ruggiero noted, digital credentialing does more than just alleviate an otherwise time-consuming, error-prone manual process. It also makes it easier for firms to respond to a changing workforce that is both “more mobile, distributed, and diverse,” and helps companies in tight labor markets move faster and with less friction to attract and onboard their preferred candidates.

Launched in 2005 and headquartered in Pleasanton, California, Workday was featured this year by Gartner as a leader in cloud core financial management suites. This marked the third year in a row the company has been recognized in the category. With customers ranging from Bank of America and Thomson Reuters to Netflix and Denny’s, Workday has processed more than 100 million credentials and 70 million job applications – as well as employment records, certifications, licenses, and more. The publicly-traded company is listed on the NASDAQ under the ticker WDAY and has a market capitalization of $48 billion. Aneel Bhusri is co-founder and CEO.

Trusted Key demonstrated its Digital Identity Platform at FinovateFall 2017. The company is also an alum of our developers conference, winning a Crowd Favorite award at FinDEVr London 2017 for its presentation, Secure Digital Identity.

Founded in 2016 by Prakash Sundaresan and Amit Mital, Trusted Key picked up $3 million funding last spring. The round, led by Founders Co-Op, took the company’s total equity financing to more than $4 million. Trusted Key is the first exit for Kernel Labs, a Seattle startup studio with a focus on machine learning, computer vision, and security.

Finovate Alumni News

On Finovate.com

  • Workday Buys Blockchain-Based Identity Management Innovator Trusted Key.
  • nCino Acquires Analytics and Insights Specialist Visible Equity.

Around the web

  • Token.io announces partnership with U.K. property marketplaces StuRents and Mashroom.
  • Identity verification specialist Onfido partners with international payments provider Currencies Direct.
  • NewFi Wholesale implements LoanScoreCard’s automated underwriting system Portfolio Underwriter.
  • Apply Financial, Currencycloud collaborate to simplify cross-border payments.
  • Lending Club offers Levered Certificates backed by over $100 million in loans on its marketplace.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Trusted Key Raises $3 Million for Passwordless Authentication

Blockchain-based identity solutions company Trusted Key pulled in $3 million this week. The seed funding was led by Founders Co-Op with participation from Pithia, the venture capital company of The RChain Cooperative. Combined with the company’s $1.1 million debt round last April, Trusted Key’s total funding stands at $4.1 million.

Trusted Key will use the investment to accelerate innovation and business expansion to meet demand from enterprise customers. “Highly regulated enterprises want to bring their customer experience online but have significant drop-off rates during enrollment due to the cumbersome identity validation, or proofing, process,” said Amit Jasuja, CEO of Trusted Key. “Trusted Key’s platform protects the privacy of consumer data, while allowing enterprises to easily verify that their customers are who they claim to be. We are rebuilding digital trust.”

Today’s funding comes as the company wraps up a successful pilot project with healthcare consortium NH-ISAC in which Trusted Key facilitates identity proofing during the onboarding process. The company provides NH-ISAC clients with a single, reusable identity they can use to access all of their healthcare services. “We have been very impressed working with Trusted Key on the power of their platform around identity proofing and the creation of a secure digital identity that can be re-used by all of our healthcare partners with validation on the blockchain,” said Kurt Lieber, Chairman of the NH-ISAC Identity and Authentication Working Group.

Trusted Key’s solution leverages the blockchain to create a digital identity to prevent identity fraud and improve security. In the end, consumers receive a password-less login and enterprise businesses receive streamlined customer acquisition with a customizable authentication experience.

Its use of the blockchain makes Trusted Key well-positioned to scale up. And there is plenty of room to grow in this market– a recent report from Allied Market Research states that the global consumer identity and access management market is estimated to reach nearly $24 billion by 2022.

Founded in 2016, Trusted Key most recently presented at FinovateFall 2017. In November of that year, the Seattle-based company launched Secure SSH Key Management as part of its Trusted Key Digital Identity Wallet.

Finovate Alumni News

On Finovate.com

  • Trusted Key Raises $3 Million for Passwordless Authentication.
  • Student Loan Genius Picks Up $4.7 Million in New Funding.

Around the web

  • Argentine prepaid services provider Nubi partners with Mambu.
  • Mitek to provide KYC for cryptocurrency broker BTCDirect.
  • Flywire and Billtrust collaborate to improve cross border accounts receivable for Billtrust customers.
  • BioCatch offers its behavioral biometrics solution as an integrated module to the ForgeRock platform.
  • Personal Capital partners with benefits firm Alight Solutions and asset manager AllianceBernstein.
  • OurCrowd is set to hit $1 billion in crowdfunded assets in 2018.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

FinovateFall Sneak Peek: Trusted Key

A look at the companies demoing live at FinovateFall on September 11 through 14 in New York. Pick up your tickets today and save your spot.

Trusted Key helps financial institutions meet today’s top identity and security challenges: changing customer expectations, increasing regulatory requirements and a growing number of security threats.

Features

  • Enable users to sign up for financial services online while meeting KYC requirements
  • Provision users with secure password-less login
  • Prevent fraud by digitally signing card-not-present transactions

Why it’s great
The Trusted Key Digital Identity Platform leverages modern mobile phones, strong cryptography, and blockchain technology to provide a secure, easy-to-use, and flexibile identity management solution.

Presenters

Prakash Sundaresan, CEO
Co-founder and CEO of Trusted Key, Sundaresan is an enterprise technology leader with 20+ years’ experience building world-class products. He was formerly GM and CTO at Microsoft in the Server & Cloud Division.
LinkedIn

 

Amit Mital, Chairman
Co-founder and chairman of Trusted Key, Mital is a technology innovator with 25 years’ experience building world-class teams and driving innovation. He was formerly CTO at Symantec and Corporate VP at Microsoft.
LinkedIn

FinDEVr London: Crowd Favorites and Top Tweeters

FinDEVr London is a wrap! Big thanks to all those who attended our first developers conference in the U.K. We had a great time meeting developers and software engineers from around the world who had come to London to find out more about the technologies that are driving the latest innovations in fintech.

We would also like to thank our sponsors and partners, our AV team and volunteers, and everyone else who came out and made FinDEVr’s London debut a success. We are looking forward to coming back!

And last but not least, let’s give a tip of the hat to FinDEVr London’s Crowd Favorites. Chosen exclusively by our attending audience, four companies were selected: a Crowd Favorite and a Runner Up for both Day One and Day Two.

Day One Crowd Favorite: HackerOne 

Day One Crowd Favorite Runner Up: Trusted Key

Day Two Crowd Favorite: IdentityMind Global

Day Two Crowd Favorite Runner Up: Streamdata.io

Thanks to our followers on Twitter, who were an active part of FinDEVr London. Whether you were able to join our live audience or followed the conference online or on your mobile phone, the #FinDEVr hashtag @FinDEVr was a great way to make your opinions heard and learn from the observations of the fintech professionals among our followers.

Again this year we awarded a pair of Twitter prizes. Taking top honors for Best Use of #FinDEVr was Jimmi Bram (@JimmiBram) of Copenhagen, Denmark, with his especially keen eye on cryptography and ID verification technologies.

Earning Runner Up was Simon Bussy (@SimonBussyAltus) of the U.K. Simon won not only for his best practices strategy of including photos with his tweets, but also for tweeting the equation all of us at FinDEVr live by: “fintech + great venue + good coffee = great morning.”

And speaking of Twitter photos and best practices, our winner for the Best #FinDEVr Photo went to Sofia Mashovets (@SofiaMashovets) of Harborx.

Sofia accompanied her Twitter photo (below) with the note: “My super power? Making the CEO and CTO take silly pics at 💪🏻they’re the best, really (these guys, not the pics).”

 

Finovate Alumni News

On Finovate.com

  • StockViews Closes Second Round Equity Funding, Earns FCA Authorization.

Around the web

  • EverSafe picks up $250,000 in capital from JP Morgan as one of eight FinLab startup winners.
  • Affinity Plus FCU ($2 billion in assets) to deploy Fiserv’s Architect platform to power its online and mobile banking services.
  • Trusted Key CEO Prakash Sundaresan looks at changing customer expectations, security challenges, and the shifting regulatory landscape through the lens of FinDEVr London.
  • Payfone wins patent for technology that fights SIM swap fraud.
  • Ghana’s Premium Bank chooses NetGuardians’ anti-fraud solution, FraudGuardian.
  • LendingTree acquires DepositAccounts for undisclosed sum.
  • AutoGravity unveils partnership with Fletcher Jones Auto Group.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

FinDEVr Preview: Trusted Key

FinDEVr Previews highlight companies presenting new developer tools, platforms, and integrations at FinDEVr London 2017, 12  & 13 June. Visit our registration page and save your spot today. 


Trusted Key
‘s
presentation will cover:

  1. Top identity management challenges now facing financial services institutions.
  2. How the combination of mobile-centered technology, strong cryptography and blockchain uniquely address those challenges.
  3. How the Trusted Key Platform allows financial institutions to deploy much more secure and reliable identity management solutions.

Why it’s a must-see

Global financial institutions face increasing challenges in a world in which identity fraud is rampant, KYC and AML regulations are becoming more complex, and millennials ONLY want to interact with their banks on their mobile devices. Trusted Key Platform addresses these challenges and more.


Check out more previews of upcoming FinDEVr London 2017 presentations. Visit our registration page to save your spot.