Daon, the Digital Identity Trust company, and CU*Answers, the cooperative Credit Union Service Organization (CUSO) headquartered in Grand Rapids, Michigan, today announced they are providing digital identity proofing, authentication, and onboarding solutions to CU*Answers’ network of over 350 credit unions through Daon’s IdentityX® platform.
Daon’s IdentityX combines multi-factor authentication capabilities with document-centric identity proofing, creating a solution that spans the entire customer identity lifecycle and serves over 200 credit unions.
“We’re seeing a surge of organizations across industries recognizing that siloed identity capabilities are a thing of the past, and credit unions are no exception,” said Conor White, president of the Americas at Daon. “Together with our partners at CU*Answers, we’re making sure the benefits of our identity assurance technologies extend to credit union members everywhere.”
For the credit union member, identity proofing with IdentityX is a simple process that takes approximately one minute. Members simply find their government-issued identity document, like a driver’s license or passport, snap some photos of the document, and then take a selfie. In seconds, Daon’s artificial intelligence/machine learning algorithms verify the document’s integrity and match the selfie to the document image, all while using industry-leading liveness detection to prevent spoofing 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 start of establishing a relationship,” says Geoff Johnson, CEO of CU*Answers. “Our aim is to increase our clients’ level of satisfaction by providing as seamless of 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 proofing and authentication processes for fraudsters to 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 enhance the member experience.
To help credit unions integrate and deploy identity proofing and authentication capabilities as quickly and affordably as possible, Daon and CU*Answers are providing the solution as a fully hosted, no-code/low-code web application with snap-in integration through the popular Open ID Connect (OIDC) protocol. Using this deployment model, credit unions can begin authenticating member identities in a matter of 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).