authID’s Biometric Identity Platform Selected by Salus to Secure Its Financial Services Solutions for the Underprivileged
authID (Nasdaq: AUID), a biometric identity verification provider, has been selected by Salus, a microlending platform, to handle onboarding and authentication for their financial services targeting underprivileged communities. Salus, launched in 2023, partners with credit unions to provide credit access to over 120 million young, under-served adults without prime credit scores.
The partnership aims to deliver fast, accurate verification while protecting user privacy and maintaining regulatory compliance. Salus chose authID after evaluating various vendors, finding their biometric solutions superior to previous probabilistic fraud detection systems. The platform will help credit unions build trust with members and expand financial access to individuals typically excluded from traditional banking services.
authID (Nasdaq: AUID), un fornitore di verifica d'identità biometrica, è stato selezionato da Salus, una piattaforma di microlending, per gestire l'onboarding e l'autenticazione dei loro servizi finanziari rivolti a comunità svantaggiate. Salus, lanciata nel 2023, collabora con cooperative di credito per fornire accesso al credito a oltre 120 milioni di giovani adulti sottoserviti senza punteggi di credito privileggiati.
La partnership mira a fornire verifiche rapide e accurate, proteggendo al contempo la privacy degli utenti e mantenendo la conformità normativa. Salus ha scelto authID dopo aver valutato diversi fornitori, trovando le loro soluzioni biometriche superiori ai precedenti sistemi di rilevamento delle frodi probabilistiche. La piattaforma aiuterà le cooperative di credito a costruire fiducia con i membri e ad ampliare l'accesso finanziario a individui tipicamente esclusi dai servizi bancari tradizionali.
authID (Nasdaq: AUID), un proveedor de verificación de identidad biométrica, ha sido seleccionado por Salus, una plataforma de microlending, para manejar el onboarding y la autenticación de sus servicios financieros dirigidos a comunidades desfavorecidas. Salus, lanzada en 2023, se asocia con cooperativas de crédito para proporcionar acceso crediticio a más de 120 millones de jóvenes adultos desatendidos sin puntuaciones de crédito preferenciales.
La asociación tiene como objetivo ofrecer verificaciones rápidas y precisas, mientras se protege la privacidad del usuario y se mantiene el cumplimiento normativo. Salus eligió authID tras evaluar a varios proveedores, encontrando que sus soluciones biométricas son superiores a los anteriores sistemas de detección de fraude probabilísticos. La plataforma ayudará a las cooperativas de crédito a construir confianza con sus miembros y a ampliar el acceso financiero a individuos típicamente excluidos de los servicios bancarios tradicionales.
authID (Nasdaq: AUID)는 생체 인식 신원 확인 제공업체로, Salus라는 마이크로 대출 플랫폼에 의해 저소득 커뮤니티를 대상으로 하는 금융 서비스의 온보딩 및 인증을 처리하도록 선정되었습니다. 2023년에 설립된 Salus는 신용 조합과 협력하여 프라임 신용 점수가 없는 1억 2천만 명 이상의 젊은 저소득층 성인에게 신용 접근을 제공합니다.
이번 파트너십은 사용자 프라이버시를 보호하고 규제 준수를 유지하면서 빠르고 정확한 확인을 제공하는 것을 목표로 합니다. Salus는 다양한 공급업체를 평가한 결과 authID를 선택했으며, 그들의 생체 인식 솔루션이 이전의 확률적 사기 탐지 시스템보다 우수하다고 판단했습니다. 이 플랫폼은 신용 조합이 회원과의 신뢰를 구축하고 전통적인 은행 서비스에서 일반적으로 배제된 개인들에게 금융 접근성을 확대하는 데 도움을 줄 것입니다.
authID (Nasdaq: AUID), un fournisseur de vérification d'identité biométrique, a été sélectionné par Salus, une plateforme de microcrédit, pour gérer l'intégration et l'authentification de ses services financiers s'adressant aux communautés défavorisées. Salus, lancée en 2023, s'associe avec des coopératives de crédit pour offrir un accès au crédit à plus de 120 millions de jeunes adultes mal desservis sans scores de crédit préférentiels.
Le partenariat vise à fournir une vérification rapide et précise tout en protégeant la vie privée des utilisateurs et en maintenant la conformité réglementaire. Salus a choisi authID après avoir évalué plusieurs fournisseurs, constatant que leurs solutions biométriques étaient supérieures aux précédents systèmes de détection de fraude probabilistes. La plateforme aidera les coopératives de crédit à établir la confiance avec leurs membres et à élargir l'accès financier aux individus généralement exclus des services bancaires traditionnels.
authID (Nasdaq: AUID), ein Anbieter von biometrischer Identitätsverifizierung, wurde von Salus, einer Mikrokreditplattform, ausgewählt, um das Onboarding und die Authentifizierung für ihre Finanzdienstleistungen zu übernehmen, die sich an benachteiligte Gemeinschaften richten. Salus wurde 2023 gegründet und arbeitet mit Kreditgenossenschaften zusammen, um über 120 Millionen jungen Erwachsenen ohne erstklassige Kreditwürdigkeit den Zugang zu Krediten zu ermöglichen.
Die Partnerschaft zielt darauf ab, schnelle und präzise Verifizierungen zu liefern, während die Privatsphäre der Nutzer geschützt und die regulatorische Compliance aufrechterhalten wird. Salus wählte authID nach der Bewertung verschiedener Anbieter und stellte fest, dass deren biometrische Lösungen den früheren probabilistischen Betrugserkennungssystemen überlegen sind. Die Plattform wird den Kreditgenossenschaften helfen, Vertrauen zu ihren Mitgliedern aufzubauen und den finanziellen Zugang für Personen zu erweitern, die normalerweise von traditionellen Bankdienstleistungen ausgeschlossen sind.
- Partnership with Salus expands authID's market presence in financial services sector
- Access to potential market of 120 million underserved adults
- Selection as preferred vendor over competitors in the verification space
- None.
Insights
The selection of authID's biometric platform by Salus marks a significant strategic advancement in the fintech security sector. This partnership targets a substantial untapped market of over 120 million young, under-served adults without prime credit scores, representing a massive growth opportunity for authID's verification services.
The deal's value proposition is particularly compelling as it addresses two critical market challenges: regulatory compliance in financial services and the technical complexity of serving the underbanked population. By replacing probabilistic fraud signals with deterministic identity validation, authID's solution offers a competitive edge in both security and user experience - important factors for credit unions expanding their services to thin-file borrowers.
From a business perspective, this partnership positions authID strategically in the rapidly growing inclusive banking sector. The integration with credit unions through Salus creates a scalable distribution channel, potentially leading to accelerated market penetration. The focus on underserved communities aligns with regulatory initiatives promoting financial inclusion, which could result in favorable regulatory treatment and additional partnership opportunities.
Key success metrics to monitor include:
- User adoption rates among credit union partners
- Authentication success rates compared to previous solutions
- Integration efficiency with existing credit union systems
- Fraud prevention effectiveness in the thin-file borrower segment
While the immediate revenue impact may be modest given Salus's recent launch in 2023, the long-term potential is substantial as the platform scales across the credit union network. The partnership validates authID's technology in a challenging market segment, potentially opening doors to similar opportunities in the broader financial services sector.
Microlending platform Salus will leverage authID’s technology to provide applicants with intuitive and data-secure authentication
DENVER, Feb. 04, 2025 (GLOBE NEWSWIRE) -- authID® (Nasdaq: AUID), a leading provider of biometric identity verification and authentication solutions, today announced it has been chosen by Salus, an inclusive microlending platform servicing underprivileged communities, for onboarding and authentication of applicants while protecting user privacy and maintaining compliance with regulatory requirements.
“Our goal in choosing authID was to provide the most advanced and seamless user experience for our customers, and the best outcome for our partners,” said James Chemplavil, CEO of Salus. “In order to have that best-in-class experience for the populations we service, we need fast, friendly, accurate verification, and that’s precisely what we get with authID. Their solutions for onboarding and authenticating applicants help our partners build the mutual trust they need with their own members, in order to fulfill our joint mission to bring financial stability to people who have little access to traditional banking.”
Salus was launched in 2023 to partner with credit unions for providing credit to lower income, thin-file, and typically younger constituents. It provides a digital platform that helps credit unions create financial access and wellness for over 120 million young, under-served adults without prime credit scores. Their technology integrates with existing platforms for automated underwriting and data analysis to complement credit histories, allowing their customers to more confidently make loans to underbanked members.
“We are thrilled to add Salus to our portfolio of customers whose mission in life is to serve individuals who struggle with traditional banking processes,” said Rhon Daguro, CEO of authID. “We greatly admire the institutions within our customer base who help underprivileged citizens participate more fully in the economy. We also recognize that they need to quickly and accurately onboard as many legitimate applicants as possible, while deflecting any criminals, deepfakes, and frauds who might try to take advantage of their services.”
In choosing authID for identity verification, Salus examined a variety of vendors in the space and found authID’s solutions for biometric verification and authentication to be best in class for aiding their credit union partners in identifying credit applicants. Previous solutions dependent on probabilistic fraud signals did not provide a guided user experience for satisfactory outcomes, whereas authID brings a deterministic validation of identity in identifying online participants.
“With our delivery of speed, accuracy, privacy protection, and commitment to compliance, we are the future of identity verification and authentication,” added Daguro. “We are more than pleased to bring that level of performance to our partnership with Salus and help them in their mission to broaden access to financial participation. This is another example of how our clients leverage our technology to securely expand their own customer portfolios.”
About authID
authID® (Nasdaq: AUID) ensures enterprises “Know Who’s Behind the Device™” for every customer or employee login and transaction through its easy-to-integrate, patented, biometric identity platform. authID quickly and accurately verifies a user’s identity and eliminates any assumption of ‘who’ is behind a device to prevent cybercriminals from compromising account openings or taking over accounts. Combining secure digital onboarding, FIDO2 passwordless login, and biometric authentication and account recovery, with a fast, accurate, user-friendly experience, authID delivers biometric identity processing in 700ms. Binding a biometric root of trust for each user to their account, authID stops fraud at onboarding, detects and stops deepfakes, eliminates password risks and costs, and provides the fastest, frictionless, and the more accurate user identity experience demanded by today’s digital ecosystem. Contact us to discover how authID can help your organization secure your workforce or consumer applications against identity fraud, cyberattacks and account takeover.
About Salus
Salus is a fintech organization that empowers credit unions with solutions and data services to aid in improving the financial wellbeing of underprivileged and underbanked communities. Their platform enables frictionless integrations with credit unions’ systems to eliminate manual review and the hurdles of credit checks while automating the underwriting process and delivering financial services to individuals who are otherwise unable to access traditional credit.
Media Contacts
NextTech Communications
Walter Fowler
1-631-334-3864
wfowler@nexttechcomms.com
Investor Relations Contacts
Investor-Relations@authid.ai
Gateway Group, Inc.
Cody Slach and Alex Thompson
1-949-574-3860
AUID@gateway-grp.com
FAQ
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