In a major new deal, Encap Security will provide secure authentication technology for a growing fintech startup. Mydesq, the provider of a digital workbench platform for wealth managers, will integrate Encap’s Smarter Authentication platform into its own solution.
Essentially, Encap’s platform is designed to turn smartphones into security credentials. It uses contextual data like geolocation in combination with the biometric capabilities of newer smartphones – such as the iPhone’s Touch ID fingerprint scanning – to authenticate users.
By integrating it into its wealth management platform, Mydesq will be able to offer a more streamlined and secure means of user login. Additionally, it will also allow Mydesq to use Encap’s PKI key generation to provide e-signature functionality to customers.
In a press release, Mydesq CEO Milan Vora explained that a “new generation” of wealth managers “wants to interact securely online and via mobile with their advisors,” and as such “Encap Security was a natural fit for our philosophy – it enables easy, intuitive access that users don’t find painful and frustrating while ensuring banking-grade security to protect valuable data from attack.”