Hypr deploys passwordless authentication for UK bank, expands executive roles
Hypr has announced the appointment of Co-founder and CTO Bojan Simic as its permanent chief executive officer, and Roman Kandinsky as company president. This, at a time when the company has been picked by Oxbury agricultural bank to provide a passwordless authentication solution for the bank’s customers.
The company announced in a tweet that Simic will be assuming the role of CEO after holding the position on an interim basis in the past seven months.
The tweet congratulated Simic and the entire Hypr team and hinted that big things are coming following the executive change.
A separate tweet announces that Hypr Co-founder and COO Kandinsky has also taken on the position of president, reflecting the company’s anticipated growth and Kandinsky’s prioritization of day-to-day operations.
Oxbury picks Hypr solution for secure customer authentication
According to a blog announcement from Hypr, the deal is to enable Oxbury Bank customers to easily and securely access to their bank accounts without passwords, thus avoiding the risk of sharing personal credentials.
The deal means that Oxbury will integrate Hypr’s Passwordless Customer Authentication solution to its iOS and Android mobile applications, allowing the bank to streamline its login procedures without compromising security or making authentication more difficult to complete, the announcement explains.
This process will enable the bank’s customers to enjoy simplified account management and digital onboarding processes, according to the company.
No passwords for Oxbury customers also means they will be able to log into a range of digital services, including the bank’s range of competitive savings accounts and farmer-focused Oxbury Farm Credit and Oxbury Farm Loans, up to three times faster.
Tim Coates, co-founder and chief customer and regulatory officer at Oxbury, says it is incumbent on them to provide secure and seamless services especially at a time when more people are opting for online and mobile banking. “By removing the headaches of administration and password management, we are modernizing banking, without compromising security. We are giving our customers the time back to concentrate on running their busy lives and growing their businesses.”
“Organizations want scalability without fear of threat, simplicity without compromise and innovation without complexity, and the agriculture sector is no exception,” Simic adds. “Oxbury Bank is setting the pace for other challenger banks, those that are adopting technologies that challenge legacy, password-based multi-factor authentication methods. By embarking on this journey together, we are accelerating the elimination of passwords.”
HYPR in July concluded a partnership with Microsoft in a bid to advance its passwordless multi-factor authentication (MFA) adoption plans.