LAS VEGAS, Feb. 25, 2016 /PRNewswire/ -- LaunchKey, the leading mobile authentication platform, today announced that Silicon Valley Bank and MasterCard have tapped the company to develop and test ways to employ their next-generation authentication within the growing consumer financial services sector. As part of this partnership, LaunchKey has been selected to participate in the fourth class of Commerce.Innovated., a bi-annual virtual accelerator limited to a handful of select early stage companies seeking to break into the financial technology (Fintech) space. LaunchKey will go through a four-month virtual program that provides resources to help refine and enhance business ideas through access to operational expertise from Silicon Valley Bank, MasterCard and their respective networks.
"Our multi-factor authentication approach is a viable alternative to traditional passwords, even for highly-regulated and secure sectors such as banking and finance," said LaunchKey CEO Geoff Sanders. "The password-based systems presently in use are inadequate for next generation financial services and the needs of consumers. We look forward to working with both MasterCard and Silicon Valley Bank though the Commerce.Innovated. program to place a higher value on security, privacy and user experience in the banking and consumer financial services industries moving forward."
"The security of account information and payment apps are top of mind with consumers, retailers and financial institutions," said Stephane Wyper, vice president of startup engagement and acceleration for MasterCard. "The Commerce.Innovated. program will help LaunchKey build on its commercial traction and scale its business to meet the evolving needs of security across financial services and the broader industry."
"We're pleased to welcome LaunchKey into the fourth class of Commerce.Innovated.," said Reetika Grewal, head of Silicon Valley Bank's payments strategy. "LaunchKey aims to drive important advancements to the authentication space. We are excited to work side by side with them and share our knowledge and networks to help them develop the infrastructure and operations that they need to accelerate their growth."
The pace of security breaches directly related to stolen passwords and bypassed authentication in the consumer financial services sector is significantly increasing, along with the severity of their consequences. LaunchKey's multifactor authentication and real-time authorization solution provides an easier, yet more secure, alternative to traditional password-based offerings.
Key benefits of the LaunchKey solution include:
- Fully decentralized, thereby removing the vulnerable central repository of credential that hackers are after, and reducing the attack vectors hackers can use.
- Does not rely on passwords, thereby eliminating the primary target hackers and malware are after, and immunizing an application against past and future password breaches, while making it quicker and easier for end users to authenticate.
- Can be leveraged through a public API or self-hosted in a private cloud or on-premise.
- The first multifactor solution to offer a white label mobile authenticator client.
Formed in July of 2012, LaunchKey is a next-generation authentication and authorization platform that removes the liability and insecurity of passwords by decentralizing authentication through mobile smartphones and tablets that people already own. Through a REST API and suite of developer tools, LaunchKey can secure virtually any online or offline application such as websites, mobile apps, kiosks, vehicles, industrial control systems, physical access control systems, smart locks, and more. In 2013, Inc. Magazine included the founders in its prestigious "30 Under 30" list. For more information about LaunchKey and multifactor authentication solutions, please visit the company's website and follow the company on Twitter at @LaunchKey.
Commerce.Innovated. is an accelerator jointly run by Silicon Valley Bank and MasterCard that is designed to help early stage commerce startups grow their businesses. Commerce.Innovated. was launched in 2014 and is a virtual program that provides access to operational expertise from Silicon Valley Bank, Mastercard and their respective networks. For more information, visit https://www.commerceinnovated.com/.