NEW YORK, October 27, 2022 (Newswire.com) - Instnt, the AI-managed customer acceptance platform that helps businesses accept and onboard more good customers for good, with up to a $100 Million fraud-loss protection and liability shift, launched Instnt Access™, the first portable KYC SaaS solution that lets customers sign-up and sign-on to any product or service with a single click, without having to go through multiple sign-ups, repeated personal data collection and re-authentication friction.
When an end-user signs up for a product or service at a business' website or app and is accepted through Instnt Access™, Instnt processes the identity comprehensively. It filters bots, malware, trojans, and other automated forms of fraud, checking cognitive behavior to stop coached humans using stolen identities, KYC checking for global sanctioned entities, political exposure, and adverse news, OTP verifying devices, correlating personal information and running Instnt's proprietary dynamic loss optimizing fraud models.
If the user passes all of these checks, Instnt Access™ issues a secure verifiable credential pass that includes all of the user's verified identity information, a level of assurance for risk, expiry date for revocation and a PKI key-pair unique to the user that's silently pushed and stored in Instnt's cryptographically secure embedded white-labeled identity wallet on the user's own device; decentralized, protected with a PIN and biometric verification. Instnt Access also publishes a decentralized identity document about the accepted user into IBM's permissioned Hyperledger blockchain so their verifiable credential can be non-repudiated when subsequently presented as the user signs up for additional products or signs on for passwordless authentication by simply scanning a QR code or clicking a link and without sacrificing privacy, security or compliance. "Businesses can now put their products and services within a single click of their customers while eliminating data-breach risk, improving acceptance outcomes and shifting up to $100MM of their fraud loss liability off their balance sheets. That's baking your cake and eating it too," said Sunil Madhu, CEO, Instnt.
Instnt Inc. is a venture-backed public benefit corporation founded and operated by serial entrepreneur Sunil Madhu, founder and former CEO of Socure. Instnt is on a mission to bring frictionless inclusion and continuous identity assurance experiences for businesses and their customers through proprietary artificial intelligence technology, open standards, and a collaborative effort in the identity governance industry. Instnt powers various financial institutions, lenders, fintechs, banks, and credit unions across North America. For more information, please visit www.instnt.org/access.
Source: Instnt Inc.