SingularKey: Strong Customer Authentication & Frictionless Digital Journeys and deployments made easy, 10x faster and at 1/10th the cost with a no-code identity and passwordless orchestration hub
Next-gen authentication should work to prevent bad actors from moving funds or spoofing authorization. “Our goal is to democratize security so that large and small fintech companies can meet regulatory requirements of strong customer authentication without unnecessary friction, give user choices beyond SMS and minimize any impact user engagement. The goal is to make deployment & future changes possible instantly,” says Jatin Maniar, the CEO, and Founder of SingularKey. California based SingularKey also harnesses the power of hardware-grade (HSM) security and biometrics available on today’s mobile devices and open standards to affordably create secure password-free authentication solutions and reduce reliance on proprietary products and vulnerable SMS-OTP options.
Maniar highlights that Digital business, product owners and security leaders are vigilantly looking for simple solutions to accelerate digitization of their businesses. They also need agility to continue to eliminate friction, meet regulations and free up devops resources to focus on the core business. In addition to modernization, their main aim is to protect the client from frauds by early detection of-phishing attacks, credential theft and data breaches. This also indicates a pressing need to have a holistic and integrated approach in identification and verification of a client, be it in person, on the web or on a mobile application. Business, therefore, have added many interesting factors for authentication for different platforms, in addition to passwords. Some of the most popular ones are - SMS-OTP, and knowledge-based authentication. Nevertheless passwords are and remain a weak link. Implementation of multi-factor authentication for all proximity and remote transactions performed on any platform or channel ensures reliable security and builds trust.
Also, organizations today are plagued with a lack of trust in user and device identities every time they connect and engage. The pain of multiple point solutions to address digital trust results in increased cost and complexity of integration. Singular Key makes it easy to deliver better security and user experience. Singular Key simplifies the deployment of onboarding, authentication, and account recovery experience. It empowers the user with a set of authentication choices. The platform accelerates deployment of modern identity verification solutions at a fraction of the cost by eliminating the need for significant development, UX design, integration, DevOps, and licensing fees.
SingularKey’s FIDO certified solution provides a no-code identity and authentication system that is built to be passwordless and highly secure.
It addresses each of the challenges faced by current authentication methods. Singular Key’s no-code approach saves upto 90%, highly secure, and suitable for all applications, systems, entities, and network types. All this and that too without the cost or need for additional hardware.
Our goal is to democratize security so that large and small fintech companies can meet regulatory requirements of strong customer authentication without unnecessary friction, give user choices beyond SMS and minimize any impact user engagement
SingularKey is laser-focused on solving customer authentication, identity verification and orchestration of digital identity flows.“With our no-code approach, we give our clients the agility to do A/B testing, hot-swap 3rd party service providers without vendor lock-in and do what’s right for their customer experience, fraud risk and business economics,” asserts Maniar. He also adds, “Our strategy is to empower businesses to identify their users when they connect, engage, transact, or service.”
To further exemplify SingularKey’s efficacy, Maniar mentions a case study, where one of their customers wanted to facilitate frictionless onboarding for its client’s login from a mobile. They needed an identity proofing to enroll them for on-device biometrics like FaceID. SingularKey provided its low-code/no-code platform and made it easy for them to define the user experience and integration flows to verify phone, documents, and leverage the latest FIDO/ WebAuthN. The customer was also able to support cross-channel authentication when the same user engages them via other channels. Typically, it would have taken a few months, as the onus of connecting all the different APIs of different service providers would fall on the UX, product, and development team. But with Singular Key, they were able to onboard a client seamlessly, verify identity, and meet strong customer authentication requirements in one session that lasted only a couple of minutes.
Further on, SingularKey currently has a strong presence in APJ, India, and the U.S. The company is planning to expand its footprints in Europe and Latin America (LATAM) region. The future is extremely promising and the company’s decision to bank on open standards like OIDC, OATH, FIDO/WebAuthN, and focus on solving deployment complexity is paying off. Looking at their future at 30,000 ft. level, Maniar says, “We will continue to strategically pick and choose right partners to do performance evaluation and build out an expanding ecosystem of data, identity proofing, authentication, fraud/risk, IAM and public/private identity providers will help us in the long term to focus on our customer.”