Saturday, November 25, 2023

Prove (formerly Payfone) Acquires Mobile Authentication Lines of Business from Early Warning Services

The acquisition will enable more than 1,000 financial institutions to access a broad range of consumer identity and authentication solutions directly from Prove

Prove (formerly Payfone), the modern platform for continuous identity authentication, today announced the acquisition of mobile authentication lines of business from Early Warning Services, LLC, a consortium owned by seven of the country’s largest banks. The acquisition includes Early Warning’s mobile authentication business, Early Warning’s multi-factor authentication, and orchestration solutions, and the Authentify® line of business.

Prove and Early Warning have partnered since 2013 to deliver authentication solutions to the U.S. financial services industry. With this transaction, Prove has assumed direct support for the customers sourced through this partnership, bringing the total number of top 10 U.S. banks served directly by Prove to seven. Geoff Miller, former SVP of Global Fraud and Identity Solutions at TransUnion, and former Payfone board member, has joined Prove as SVP and General Manager of the newly acquired multi-factor authentication business.

“When you are trusted and relied upon by the world’s leading financial institutions, other industries notice and want the same protections for their customers,” said Rodger Desai, CEO of Prove. “This acquisition will further accelerate our rapid growth and penetration into financial institutions around the globe, positioning Prove as the global standard for customer identity and authentication.”

Prove’s cloud solutions and mobile intelligence-driven APIs can be easily orchestrated to increase Approve Rates to 90%+, enabling companies to authenticate customer identities accurately, effortlessly and privately, while preventing fraud caused by false positives. Prove serves the financial, healthcare, insurance, retail, technology, and telecommunications industries with solutions that are available in 195 countries.

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