Oxbury Bank is the first bank in the UK to turn to HYPR for passwordless security. The financial institution will specifically deploy HYPR’s Passwordless Customer Authentication solution for customers using its OxP banking platform on iOS and Android devices.
Oxbury bills itself as an agricultural bank, which is to say that it provides services that are tailored to the unique needs of farmers and other people in Britain’s rural economy. It offers specialized products like Farm Credit and Farm Loans, and is hoping that the HYPR solution will allow it to spend less time worrying about security and more time focusing on its customers.
To that end, Oxbury will leverage HYPR to speed up customer onboarding and authentication. HYPR’s platform offers passwordless multi-factor authentication, and verifies people’s identities with smartphone biometrics and public-key encryption.
At the moment, Oxbury is working with customers on an invitation-only basis, but is planning to open to the wider market in the winter of 2020. The bank gained its full license earlier in the year, and believes HYPR will give it the flexibility it needs to compete in a digital environment.
“Customers are choosing online and mobile banking over brick-and-mortar services, and it’s imperative that we provide seamless and secure access,” said Oxbury Co-Founder and Chief Customer and Regulatory Officer Tim Coates. “By removing the headaches of administration and password management, we are modernising banking, without compromising security.”
“Oxbury is setting the pace for other challenger banks,” added HYPR Co-Founder and CTO Bojan Simic. “By embarking on this journey together, we are accelerating the elimination of passwords.”
The news comes shortly after HYPR launched a new Velocity Partner Program in an effort to reach new customers with its True Passwordless Authentication Platform. Before that, the company partnered with Redrock Biometrics to add support for contactless palm vein authentication.