Big Banks Enter Identity Race With Early Warning

Borrower consent services are riding a huge wave of growth and this week there was some big news.

Early Warning Services, LLC and seven of the largest banks in the U.S. today introduce Authentify®, a new identity verification service for consumers and businesses.

While on a participating business’ website or app, consumers can choose to be redirected to log into their online or mobile banking experience. The consumer can then share their bank-trusted data with that company, helping them streamline their identity verification process.

“A trusted identity is the key to safe, online transactions,” said Al Ko, CEO at Early Warning. “Authentify® gives companies and consumers the ability to leverage bank-trusted data to help provide even greater levels of identity assurance. Businesses are able to enhance their customers’ experience, while helping reduce friction, abandonment rates and operational costs.”

Similar To “Sign in With Google” But For Identity

Google changed the game with “sign in with Google” which allowed users to quickly and securely use a registration system they use and trust; their Google account.

Authentify appears to be trying the same approach but with your identity and your trusted bank account.

It’s unclear how the system will interact with websites and how the data will be shared but apparently EWS and the banks think they have something here that could resonate in a world fraught with identity fraud.

The key to the system is that users will be required to provide consent to the website to let their bank securely validate your identity against their records.

How The Authentify App Works

The Early Warning Widget will pop up on the participating website or application and then you will follow a series of steps.

First, you’ll be prompted to login to your chosen financial institution’s online banking experience or mobile banking app. Your banking credentials are never shared with Authentify® or other companies.

Next, you will be prompted to accept terms and conditions to allow your financial institution to share your information through Authentify®.

Every time you use the service you will confirm your personal information with your financial institution is correct and provide consent to share specific information with the companies you choose.

Finally, your financial institution will encrypt and securely pass your information to Authentify® and we will securely share it with the company of your choice, enabling you to quickly sign up or access new accounts and services.

Backed By Big Banks – It’s Like Plaid for Identity

Bank of America, Capital One, Chase, PNC Bank, Truist, US Bank, and Wells Fargo are all backing the Authentify service.

This means that a large population of the US could be covered under this cool new widget service.

Integrated With Docusign

DocuSign is the first of a growing list of companies that are turning to Authentify® for identity verification.

Customers of DocuSign Identify, DocuSign’s identity framework for eSignature, will have the option to use Authentify® so signers can verify their identities by simply logging into their financial institution. The result is a fast, familiar experience for consumers, and an additional level of assurance for businesses.