Instnt Partners with Identity Verification Platform Prove

A new partnership will enable customer onboarding platform Instnt to leverage phone intelligence-based authentication to enable firms to “green light” more customers without having to resort to time-consuming, knowledge-based authentication protocols. The company announced that it has teamed up with Prove, whose technology is used by more than 1,000 businesses and 500 bank clients to provide frictionless, passive authentication to their customers.

“As mobile devices have become the de-facto second-factor authentication tool, Prove’s robust phone intelligence technology becomes a crucial component to enable frictionless digital acceptance and authentication of consumers on Instnt’s digital customer onboarding managed service,” Instnt CEO and founder Sunil Madhu explained. “Through this partnership, Instnt aims to bring digital inclusion and one-click federated sign-up to consumers across mobile apps and websites on the internet.”

Instnt enables retail financial institutions and e-commerce merchants to sign up more customers with less risk and fewer fraud losses. Using Instnt’s technology, companies follow a simple, three-step process to create their digital sign-up form and generate a single line of code. This code is added to their website or app to create the onboarding functionality. Instnt leverages AI-powered predictive analytics to validate the user and the device being used during the onboarding process, conducting device and cohort analysis, network analysis, and data validation and verification to provide high accuracy and “requirement levels of compliance.” Instnt goes so far as to indemnify users of its customer onboarding offering for up to $100 million in annual fraud losses.

Instnt’s partnership with Prove comes just weeks after the company announced that it was collaborating with ComplyAdvantage. The partnership will bring machine learning and natural language processing-powered financial crime detection capabilities to Instnt’s onboarding and verification platform. Instnt began the year raising $2.9 million in seed funding from Charge Ventures, Fantail Ventures, Third Prime, and Revel Partners.

Based in New York City, Instnt made its Finovate debut last year at FinovateFall. The company returns to Finovate’s all-digital stage in November for FinovateWest Digital. Find out more about our upcoming live and on-demand fintech event, November 23 through 25.

Photo by Magda Ehlers from Pexels