Finovate Debuts: Authy’s Password Alternative

AuthyHomepage

The question isn’t whether the password’s dead, but rather, is it enough.

Authy Two-Factor Authentication (2FA) offers a scalable secondary authentication method that provides protection beyond the basic user name plus password. Only 36% of financial websites use a secondary authentication method. Authy seeks to improve that by offering an intuitive user experience that removes login friction while adding security.

Stats

  • 11,000+ applications protected
  • 2 million+ end users served
  • Available globally
  • ~10 million customers between Authy and Twilio combined
  • Access to Twilio’s developer ecosystem of 700k

Products

AuthyX3

The company, owned by Twilio, offers three products:

  1. Authy OneCode sends a one-time verification code via SMS or automated voice call (illustrated far left)
  2. Authy SoftToken is an app that runs on any device and generates a one-time code (illustrated far right)
  3. Authy OneTouch allows the user to approve or deny the authentication with a yes/no response (illustrated middle)

Authy OneTouch is the easiest to use since it requires only the push of a yes button rather than entering a code.

OneTouch has a variety of use cases, including:

  • Account login
  • Large-value transaction validation
  • Multi-approval solution:
    • Escrow model (both parties need to approve)
    • Sequential approval (manager’s manager’s manager approval)
    • Primary user approval (parent approval of child’s request)

Authy OneTouch example

AuthyApproveDenyHere’s how Authy OneTouch works to authenticate a high-value money transfer:

  1. Sender enters the amount to transfer, in this case $5,300
  2. Authy sends an approval request to the sender (pictured right) as well as to the recipient. The approval screen notes the institution, transaction amount, account number, and a request for the user to confirm or deny the transaction.
  3. If both parties accept, funds are transferred

For new or stolen devices, Authy offers the ability to add or replace devices to a trusted circle. This prevents fraudsters from confirming transactions using a stolen phone.

Twilio acquisition

Before it was acquired by messaging API provider Twilio in February 2015, Authy was a Twilio customer.

To preserve Authy’s product after the acquisition, Twilio incorporated Authy’s offerings into its developer portal to complement its own products. As Twilio’s founder and CEO Jeff Lawson states, “This isn’t a typical acquisition where the Authy team members will be absorbed into the borg and the product slowly forgotten. Nope. Just the opposite – we love the Authy product and are investing massively in expanding its footprint with developers of all kinds.”

The terms of the acquisition were not disclosed.

At its live demo at FinovateFall 2015, Authy was new to the Finovate stage but the technology was not. Alums Coinbase, Knox, Loyal3, and LendUp are all Authy customers. Dan Killmer (Lead Solutions Architect), Marc Boroditsky (VP and General Manager), and John Lindsay (CEO, Bitwage) debuted Authy OneTouch at FinovateFall 2015 in New York:

Finovate Alumni News

On Finovate.com

  • “Gusto, Formerly ZenPayroll, Closes on $50 Million Funding”
  • “U.K.-Based Yoyo Rolls Out Mobile Wallet in U.S.”

Around the web

  • B2B commerce technology company Handshake teams up with Xero.
  • Braintree launches new extension of its v.zero SDK in partnership with Magento Commerce.
  • CRIF Credit Solutions unveils new, fully responsive website geared toward international audiences.
  • Business Insider names Kabbage, Twilio, and Prosper as 3 of 42 startups that grew to be worth billions in 2015.
  • Top Image Systems to deploy eFLOW Digital Mailroom at GED Bulgaria.
  • NerdWallet’s five financial tips from robo-adviser CEOs feature insights from leaders of Betterment, Wealthfront, TradeKing Advisors, FutureAdvisor, and Personal Capital.
  • Nine months after launching, One Touch from PayPal reaches 10 million users in 23 countries.

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

Finovate Alumni News

On Finovate.com

  • “Take Two: Toshl Launches Version 2.0 for iOS and Web”
  • “Ripple Technology Drives Invoice Trading Platform”
  • “Moven to Forgo Username, Password for 80% of Mobile Account Interactions”

Around the web

  • FIS launches new fintech accelerator in collaboration with Arkansas-based Venture Center.
  • Prosper Marketplace taps Kunal Kaul as its new EVP of Operations.
  • Newsfactor Business Report looks at prepaid debit cards for businesses offered by Green Dot, Karmic Labs, and Bento for Business.
  • eSignLive from Silanis Technology named a leader in digital transaction management by Aragon Research.
  • Azimo and TransferWise featured in The Telegraph as safe ways to give money during the holidays.
  • The Asset highlights Fastacash in a review of how fintech is changing finance in Asia.
  • Twilio Video now available to everyone in public beta.
  • PayPal’s Braintree now powers Facebook payments.
  • Dwolla introduces Dwolla.js javascript library that allows platforms to verify bank accounts and transfer funds without storing sensitive information.

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

Finovate Alumni News

On Finovate.com

  • “Mark Shifke Named Green Dot CFO After Interim Term”
  • “PaySwag Helps Cloud Lending Solutions Go Mobile”
  • “Finovate Debuts: DAVO Automates Sales Tax”

Around the web

  • Utah Community Credit Union chooses DNA(R) account platform from Fiserv.
  • TechEU interviews Sebastian Siemiatkowski, Klarna CEO.
  • Tactile Finance CEO Nicole Hamilton earns spot in The Inman Group’s Top 101 innovators.
  • VentureBeat names Twilio as 1 of 36 tech companies that could go public in 2016.
  • Bankless Times: Pindrop can tell you who is really on the phone.

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

FinDEVr APIntelligence

FinDEVr2016-NY-(Stacked)V2

Building a new financial technology? Mark your calendars for our spring developer event in New York City, 29/30 March 29, FinDEVr 2016 and check out the first round of FinDEVr New York presenting companies.

The latest from FinDEVr San Francisco 2015 presenters

  • Modest Money asks: “Are Personal Capital’s Financial Advisers for the Small-time Investor?”
  • Let’s Talk Payments features BehavioSec in a roundup of top Nordic fintech startups.
  • JPMorgan announces partnership with OnDeck Capital.

Alumni updates

  • Xero adds two-step authentication to its accounting platform.

Stay current on daily news from the fintech developer community! Follow FinDEVr on Twitter today!

Finovate Alumni News

On Finovate.com

  • “CAN Capital’s CAN Connect APIs Now Offer iPayment Merchants Access to Funds”
  • “Lenny Loves Dwolla: Digital Payment Network Helps Bring Microloans to Millennials”
  • “BankersLab Closes on Undisclosed Amount in Angel Funding Round” Come to FinovateEurope 2016 to see their live demo.

Around the web

  • TransferWise chooses UP Framework from ACI Worldwide to enhance its ability to grow network and add payment types.
  • Fenergo launches its Data Integration Manager, integrates with Avox, Omgeo, and Clariet Global.
  • Pakistan’s Habib Bank (HBL) to implement FusionBanking Corporate Channels from Misys.
  • TechCrunch interviews CEO Jeff Lawson of Twilio.
  • ThetaRay CEO Mark Gazit talks about the cyber attacks of the future for Infosecurity Magazine.
  • Coinbase to offer volume-based rebates for trades placed on Coinbase Exchange starting next week.
  • Kony launches Mobile Field Service solution to help enterprises mobilize and modernize their field service operations.
  • Microsoft’s Azure blockchain-as-a-service partners with Ripple, now operating a Ripple validating node for Ripple’s bank users.

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

 

FinDEVr APIntelligence

FinDEVr2016-NY-(Stacked)V2Are you building new financial technology? Be sure to check out coverage from our recent developers conference in San Francisco. We’re taking the fintech developer tool showcase to New York on 29/30 March 2016. Stay tuned for details.

Developer news

  • “The Next Web: How to Design with Developers”

The latest from FinDEVr San Francisco 2015 presenters

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  • Arxan Technologies extends its app-security protection to Apple TV.
  • “Digital Asset Holdings Acquires Blockchain-as-a-Service Innovator, Blockstack.io
  • Security solutions from Arxan Technologies now running on more than 500 million devices.

Alumni updates

  • Tradier teams up with Equities Lab to bring real-world trading experience to college students.
  • Google appoints Entersekt CTO Christiaan Brand as product manager for security and identity teams.
  • Pymnts looks at how SimplyTapp is addressing host card emulation.
  • Visa Inc. to Acquire Visa Europe.
  • Fierce Finance IT features BehavioSec.
  • Avoka partners with Trulioo to provide digital identification authentication to international banks.

Stay up-to-date on daily developments by following FinDEVr on Twitter.

Finovate Alumni News

On Finovate.com

  • “Hip Pocket Introduces its New PFM Solution, Hip Money
  • “FinDEVr Newcomer Praesidio Rakes in $3 Million Investment”

Around the web

  • Cachet Financial Solutions to deploy its Select Mobile Money platform with a global payment solutions provider seeking U.S. expansion.
  • Currency Cloud launches its Payment Engine Two API to enable faster payments and greater scalability.
  • D+H Global PayPlus teams up with Ripple, integrating its payment-services hub with Ripple’s distributed-ledger technology.
  • Thomson Reuters announces content update to its Checkpoint Catalyst FASB reporting solution.
  • Ahead of its impending IPO, Worldpay firms up IPO price range.
  • Self Lender names MX as one of three startups “absolutely crushing it” in fintech.
  • Wealthfront lists App Annie, Avalara, Credit Karma, and Twilio on its list of career-launching companies.
  • Expensify launches new integration features for Xero.

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

Finovate Alumni News

On Finovate.com

  • “InforcePRO Rakes in $4 Million Following Finovate Debut”

Around the web

  • Jumio brings its ID verification technology to Loot, a prepaid card and money-management app.
  • Let’s Talk Payments looks at the Venmo-powered Ledge, a mobile P2P lending app.
  • CardFlight mPOS solutions certified by First Data to accept EMV chip card payments.
  • Re/code profiles Twilio as part of its new “Lunches with Unicorns” series. Join Twilio’s Authy at FinDEVr 2015 in San Francisco next week.
  • Fortune Magazine lists OnDeck on its list of 100 Best workplaces for millennials.
  • Hyperwallet’s founder, Lisa Shields, wins EY Canada’s Entrepreneur Of The Year award.
  • FamZoo wins The People’s Choice Award at FinCon15.

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

FinDEVr APIntelligence

FinDEVr2015LogoV2DateAre you building new financial technology? Be sure to register soon for the only event exclusive for fintech developers, FinDEVr 2015, 6/7 October (just a few days away!) in San Francisco.

Developer news

  • “Thomson Reuters considers how APIs are changing the fintech narrative”

The latest from upcoming FinDEVr 2015 presenters

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  • Hyperwallet counts down to next week’s FinDEVr developer conference.
  • Munich-based Fidor Bank Launches in the U.K.
  • OnDeck partners with Association for Enterprise Opportunity to facilitate up to $10 million in small-business loans.
  • Aerospike releases version 3.6 of its NoSQL operational database.
  • TechCrunch: Klarna adds American Express as a partner.
  • Emerging Payments Awards selects Hyperwallet as a finalist for the Best Corporate/Government Payments Program award for 2015.
  • Braintree and PayPal reflect on their two-year anniversary.
  • CNET features Personal Capital in a look at investment in robo-advisers.
  • Kaspersky’s blog mentions Twilio’s Authy as a way to protect your ID on a smartphone.
  • Avalara announces the availability of a benefits program exclusively for U.S. QuickBooks ProAdvisors® and their clients.
  • Celent advises banks to be more like Fidor Bank in order to remain relevant.
  • The Neutral Internet Exchange NL-ix will use Interxion Cloud Connect to connect to Microsoft Azure as a part of its new cloud connectivity services.
  • MX Lands $4 Million from CheckFree Founder Pete Kight.

Alumni updates

  • Xero surpasses milestone of 100,000 subscribers in the U.K.

Stay up to date on daily developments by following FinDEVr on Twitter.