Instnt Launches Multipass: An Insured Decentralized Consumer Identity for One-Click Onboarding and Passwordless Authentication
NEW YORK, October 23, 2023 (Newswire.com) - Instnt, a leader in fraud insurance technology that helps businesses shift up to $100MM in annual fraud losses off their balance sheets so they can say yes to more good customers, is excited to introduce Multipass, a universal identity solution that revolutionizes customer acceptance. Businesses can issue Multipasses to their accepted good customers at onboarding or afterwards, enabling them to access products and services without having to repeatedly sign-up, as well as to authenticate themselves without the need for passwords or multi-factor authentication. Built on open standards including Verifiable Credentials and Decentralized ID, Multipasses avoid vendor lock-in with a truly portable, decentralized, self-sovereign identity that includes strong trust, level of assurance, and KYC bindings for better identity governance and continuous authentication. Multipasses also come with Instnt’s unique fraud loss liability protection for businesses that accept them, up to $100MM per year, so they can onboard more good customers without friction or fraud losses.
With Multipass, businesses can provide their customers with a frictionless, secure, and compliant onboarding experience that is as simple as a single click or QR code scan, instead of the traditional slow, friction-filled repeated sign-up and KYC user journeys. Users retain full control over their personal information, ensuring enhanced privacy and transparency. This empowers businesses to cross-sell products and services efficiently while remaining compliant with regulatory standards. Furthermore, Multipass presents businesses with the option to avoid centralized consumer personal information data storage and management, thus reducing infrastructure operational costs, cyber liability, and reputational risks associated with data breaches.
"We are thrilled to unveil Multipass, a milestone innovation that aligns with our commitment to redefining customer acceptance without fraud loss and friction," said Sunil Madhu, Founder and CEO of Instnt. "Multipass is a game-changer, providing a secure and efficient universal identity solution for the new millennia that empowers both businesses and customers. We are excited about the positive impact Multipasses will have on the industry and look forward to rolling out this innovation with our partners."
“With Multipass, Instnt is advancing blockchain-based decentralized identity as a business solution,” said Daniela Barbosa, Executive Director, Hyperledger Foundation, and General Manager of Blockchain and Identity at the Linux Foundation. “They are also championing the value of open source and open development for creating universal platforms that meet both business and consumer needs for privacy, efficiency, and regulatory compliance. Built using Hyperledger Aries and Hyperledger Indy, Multipass is a great example of community-developed software serving as the foundation for innovative new applications.”
About Instnt
Instnt Inc. is a venture-backed public benefit corporation founded and operated by serial entrepreneur, Sunil Madhu, founder and former CEO of Socure. Instnt is on a mission to price, insure and pool fraud losses, bringing frictionless inclusion and acceptance experiences to businesses and their customers everywhere. Instnt sells its SaaS insurance technology solutions to financial institutions, lenders, fintechs, banks and credit unions across North America. For more information, please visit www.instnt.org.
Source: Instnt
