Transmit Security, the programmable authentication company, announced a $40 million self-funded round of financing. In conjunction with the fundraising, the company also announced a new platform aimed at disrupting the $10 billion authentication software market.
In a press release, Transmit Security said the technology platform enables companies to get rid of passwords and implement any form of identification verification on any device across all customer-facing channels. According to the company, the Transmit Security Platform (SP) uses mobile devices as the main delivery method to add any form of primary or secondary identity verification, including facial/selfie, eye, touch ID and fingerprint, voice biometrics and SMS, to any application — be it web, mobile, call center, point of sale or ATM. Once deployed, a company can make changes to all their authentication methods and identity risk flows without any code changes to their applications.
“After working with more than 400 of the world’s largest financial institutions, we identified authentication as the next major hurdle they, and other industries, face from a security, fraud prevention, regulatory and customer experience perspective,” said Mickey Boodaei, CEO of Transmit Security, in the press release. “By decoupling authentication and anti-fraud from the application, we’ve built a platform that allows any form of identity verification, as well as anti-fraud measures, to be instantly delivered on any web, mobile, branch, call center or other application. The benefit of our approach is that customers can execute on unique and complex projects in a matter of minutes or hours.”
Citing research and consulting company Goode Intelligence, by 2020, biometric authentication is expected to be the main way financial, health care, telecommunication and retail enterprises verify customers. The current approaches require each authentication technology be individually integrated with each application, which creates an expensive and time-consuming process, Transmit Security said. To eliminate the need to embed authenticators into each individual application, Transmit SP uses a simple interface to offload all authentication and provisioning tasks. It provides a wide set of built-in authentication methods that enable organizations to mix and match any combination of facial, eye, voice, fingerprint recognition, one-time passwords (OTP), push notifications, pattern drawing, Device ID and other third-party or internally developed authenticators. Once an application is connected to Transmit SP, any of the authenticators and any authentication process can be changed, added or removed without any software. Transmit SP also supports any existing third-party authentication or anti-fraud products in use and can orchestrate real-time responses based on customer configured policies, the company said.