Authentication of Daon and CU*Answers addresses for credit unions
Daon, the Digital Identity Trust company, and CU*Answers, the cooperative Credit Union Service Organization (CUSO) headquartered in Grand Rapids, Michigan, today announced that they provide solutions for verification, Authentication and digital identity integration to CU*Answers’ network of over 350 credit unions via Daon’s IdentityX® platform.
Daon’s IdentityX combines multi-factor authentication capabilities with document-centric identity verification, creating a solution that spans the entire customer identity lifecycle and serves more than 200 credit unions.
“We’re seeing an increase in organizations across industries recognizing that siled identity capabilities are a thing of the past, and credit unions are no exception,” said Conor White, President of Americas at Daon. “Together with our partners at CU*Answers, we are ensuring that the benefits of our identity assurance technologies extend to credit union members around the world.”
For the credit union member, verifying identity with IdentityX is a simple process that takes about a minute. Members simply find their government-issued ID, such as a driver’s license or passport, take a few photos of the document, and then take a selfie. Within seconds, Daon’s AI/machine learning algorithms verify document integrity and match the selfie to the document image, while using industry-leading liveness detection to prevent identity theft with a photo or video recording. If desired, additional third-party data sources can also be leveraged as part of the KYC/AML requirements for the credit union.
“CU*Answers is excited to add this extra layer of security on behalf of our clients and their member base to reduce fraud at the very beginning of building a relationship,” says Geoff Johnson, CEO of CU *Answers. “Our goal is to increase our customer satisfaction levels by providing as seamless a user experience as possible while keeping fraudsters out, and Daon has been a great partner in facilitating that.”
Daon’s platform enables identity continuity – seamless end-to-end identity experiences across all devices and channels. With no gaps between identity verification and authentication processes that fraudsters can exploit, credit unions can better prevent fraud within and across channels, gaining a more unified view of their members and more opportunities to personalize, streamline and improve the member experience.
To help credit unions integrate and deploy identity verification and authentication capabilities as quickly and cost-effectively as possible, Daon and CU*Answers provide the solution as a fully hosted, web-based application. no-code/low-code with pluggable integration via the popular Open ID Connect Protocol (OIDC). With this deployment model, credit unions can begin authenticating member identities within hours.
Daon and CU*Answers first partnered in 2018 when CU*Answers introduced its Multiple Authentication Convenience Options (MACO) product, powered by Daon’s IdentityX®, in its Internet Retailer Support Center (IRSC).