An Irish phone verification specialist has garnered some industry acclaim at this year’s Deloitte Financial Services Innovation Awards. The Awards are now in their third year, and are presented in collaboration with Banking & Payments Federation Ireland (BPFI) and Financial Services Ireland (FSI).
Phonovation was the standout of the night after being selected as the overall winner. The company also took home the top prize in the most disruptive fintech category.
Both accolades were handed out in recognition of Phonovation’s Mobile ID identity verification service. Mobile ID leverages a user’s SIM card to bind a device to a mobile app, and to establish a trusted connection that can be used to send secure SMS codes in situations that require two-factor authentication. The service has already become popular with several financial institutions in Ireland, and is now providing coverage for more than six million customers.
The judges praised Phonovation for its simple onboarding process, which makes it easier to secure a bank account for a new or existing customer. Phonovation’s services are available in the UK in addition to Ireland, though the company itself is based in Dublin.
“Businesses should take pride in the resilience and innovation they have shown over the last few years, and as they look forward to new challenges, innovation will be central to adapting product lines and maximising customer experience and engagement,” said Deloitte Ireland Financial Services Head Donal Lehane. ““The companies both shortlisted and awarded this year showcase the breadth of innovation happening across the financial services sector in Ireland.”
Phonovation is not the only company leveraging SIM cards to increase mobile security. IPification looks at SIM information to guard against SIM swap fraud, and recently expanded its services to the UK. 1Kosmos’ BlockID offers a similar SIM binding feature that links an account to a single mobile number.