Early Warning is partnering with Payfone to bring advanced authentication services to Zelle, its forthcoming P2P mobile money transfer system.
Payfone’s technology is designed to analyze contextual data pertaining to user’ devices and networks to fraud risks in digital transactions. For Zelle, it could prove important. The system is designed to let users transfer money directly to and from their bank accounts, and will operate through participating banks’ mobile apps. Those banks and end users are going to expect high levels of security for these transactions, but will also demand convenience in using the mobile system, especially when Apple starts letting its iPhone users send money to each other by instant message this autumn.
As Early Warning Risk Solutions group president Eric Woodward explained in a statement announcing the partnership, “Payfone’s solutions will significantly simplify the enrollment processes for millions of Zelle P2P users, while adding another layer of non-intrusive protection behind-the-scenes for Zelle.”
Early Warning has demonstrated a strong interest in digital security before, having acquired Authentify, Inc. back in 2015 as part of an effort to enhance its digital channel authentication capabilities. With Payfone laying claim to processing more than 10 million transactions per day (and having worked with Early Warning before), it should prove to be a strong partner for the company in this endeavor.