Au10tix collaborates with Microsoft on reusable decentralized digital ID for enterprises
Au10tix is working with Microsoft on decentralized digital identity based on verifiable credentials to make ongoing ID verification, onboarding, workflow automation and securing sensitive data easier and less costly for enterprises.
The new Reusable ID from Au10tix uses Microsoft’s Entra Verified ID, which was introduced as the software giant’s entry into decentralized identifiers in late-2022.
Reusable ID also features Au10tix’ ID document and biometric verification technology, and its identity monitoring tool Instinct, with assets encrypted as verifiable credentials.
Au10tix was among the biometric providers Microsoft partnered with two years ago as it prepared for the emergence of decentralized digital ID.
Applications for Reusable ID noted in the announcement include fraud detection, KYC reuse, money transfers, legal identities, user verification, insurance claims and more for finance, healthcare, education, hospitality, telecom, entertainment, and other sectors, according to the announcement.
“Microsoft plans to include the Reusable ID technology in its third-party onboarding flow to streamline repeated validation of user identity verification at critical steps while preventing fraudulent activity and ensuring regulatory compliance,” says Deepak Marda, senior product manager at Microsoft, in the announcement. “Decentralized ID verification is a key imperative in the digital world, and the AU10TIX solution will increase security while reducing friction in the process of online ID verification.”
Mark Brady, VP of Emerging Product at Au10tix, says the first use cases of Reusable ID involve enterprise “employee and third-party employer onboarding and access management.”
Demand is growing for technologies that can help secure company IP while employees are working from home, Brady says.
“Microsoft surveyed 3,000 enterprises and found that 82 percent of companies want a better way to address these changes and concerns,” Brady tells Biometric Update in an emailed statement. “This makes it a priority vertical as we partner with Microsoft to offer this solution to its Azure Active Directory community. That being said, many of our current customers are in the consumer fintech space, and there is an unquestionable interest and curiosity about the characteristics of this solution and how it can add value to their business operations and deepen engagements with consumers. However, there are challenges to adoption, one of which is the fundamental shift in how fintechs and others manage consumer data if they follow the principles of verifiable credentials.”
Brady says the partnership is reflective of Au10tix’ and Microsoft’s shared prioritization of an “ethically responsible approach to managing user data.”
“There are also a growing number of VC providers in this space that have approached Au10tix seeking IDV expertise to serve their solutions,” he says in response to a question about the possibility of further partnerships on decentralized ID. “There is clearly an opportunity for Au10tix to be an enabler of other VC providers and we will partner with those that share the values (privacy preservation, enhanced security and operational efficiency) of this identity management solution.”
Microsoft and Au10tix are holding a joint webinar on Tuesday, March 28 on ‘Next IDV – Verify Once, Use Everywhere.’