The Guardian, April 24, 2015 - The world’s hungriest entrepreneurial and tech talent are in the vanguard of a financial insurgency – and investors are backing them, writes Jon Card.
Euromoney, March 12, 2015 - Fintech: miiCard pioneers the online passport by Peter Lee
A scheme to build trust around the concept of digital identities has the potential to transform the way individuals transact through the internet.
Scottish Enterprise Case Study : Recognised as one of Edinburgh’s leading tech start-ups by The Guardian, award winning company miiCard is pioneering a global digital passport to combat online identity fraud.
The brainchild of Canadian entrepreneur and IT expert James Varga, patent protected miiCard is the first online identity service which provides the same level of security as an offline physical check.
miiCard has billion dollar potential across a wide array of industries, including consumer finance, real-estate, recruitment, healthcare, social media, online dating and more.
St Louis, MO - September 17, 2014 – Bring Your Own Identity (BYOID) provider miiCard today announced it was selected to participate in a White House National Strategy for Trusted Identities in Cyberspace (NSTIC) pilot. The project, worth $1.47 million, is led by MorphoTrust for the state of North Carolina to prove the security and application of an electronic ID (eID) as the online equivalent to a state-issued driver’s license. miiCard’s digital passport technology will help demonstrate the extensibility of the eID when used for other commercial services.
miiCard delivers trust online through the only global consumer centric identity service that follows the NSTIC guiding principles of privacy, security, interoperability and viability. As part of this pilot project, North Carolina residents will be able to use their MorphoTrust issued eID as the proof of identity necessary to obtain a miiCard. This miiCard reusable digital passport then extends the credentials of the eID for other commercial services, including web-based mortgage applications, access to electronic personal health records, or other high value online transactions. This capability replaces having to physically apply for services or scan and send electronic versions of a driver’s license.
Today, miiCard requires consumers use online banking credentials to verify identity. A successful pilot will prove the ability of a MorphoTrust issued eID, with the established trust of a driver license, to offer the same level of trust necessary to obtain a miiCard passport, enabling even more consumers to participate in high value online transactions. In turn, businesses can offer more services to reduce costs for consumers and expand what is possible online.
miiCard Streamlines Consumer Finance ID Verification and Affordability Testing with DirectID; Appoints President of North America
St Louis, MO - September 11, 2014 - Online identity platform miiCard today announced two new initiatives in support of the growing U.S. consumer finance technology market and its associated regulatory concerns. With the launch of DirectID, miiCard gives financial services providers an embedded, integrated identity and data verification solution that saves time and money while enabling high value transactions. The company also announced the opening of its St Louis office and the appointment of industry veteran Peter Esparrago as President of North America.
DirectID allows businesses to offer a single-use sign-on that leverages a user’s bank credentials and bureau data to prove their identity and verify transaction critical data. Using DirectID, businesses can eliminate fraud and replace more costly and time-intensive offline identity checks. DirectID can also be used to verify income or other information to more quickly underwrite borrower applications, complete affordability testing, or process other high value transactions completely online.
First customers of the new service include P2P lenders Landbay and eMoneyUnion.com. DirectID is available as a white label solution for customers.
Innovate Finance, a new industry body for the UK Fintech Industry, launches today in London with over 50 founding members
London, UK – 6 August 2014 – Innovate Finance, an industry body established to promote the interests of the UK’s rapidly growing financial technology (fintech) sector, launches today in London. Held at Level39, the launch was attended by over 250 of the country’s most senior representatives across the fintech community, financial services industry, government and media.
Innovate Finance is a new industry organisation that will accelerate the UK's leading position in the global financial services sector by directly supporting the next era of technology-led financial services innovators – whether they be young start-ups or established industry players. The body aims to be the voice of a new movement that believes in the immense transformative power of technology to improve every aspect of banking, finance and commerce. It will champion the UK as the undisputed centre of sustainable financial services and technology innovation, cultivate business opportunities for start-ups and drive diversity of choice for consumers.
The organisation launches today with over 50 founding members (refer to Editor’s Notes below for details). It will provide a single point of access to key industry influencers, clients, technologies, talent, finance and international marketplaces. Members are currently comprised of pre-revenue startups and multinational corporations across the insurance, retail & investment banking, technology, payments, remittance, crowdfunding and alternative finance sectors, among others. Driven by a team of fintech entrepreneurs, the organisation is wholly dedicated to growing the UK fintech sector.
Avoka and miiCard Partner to Offer a Digital Solution Providing miiCard Identity Verification Services to Avoka SmartForm Financial Services Customers
Denver, CO – April 30, 2014 – Avoka, a leading customer experience management company specializing in SmartForm & Transaction Management (SFTM) and online identity proofing service miiCard, announced today at FinovateSpring 2014, a digital solution integration to provide miiCard’s identity verification services that replace physical photo ID checks to Avoka TransactWeb financial services customers.
Avoka showcased the new Avoka TransactWeb + miiCard solution at FinovateSpring 2014, a two-day showcase of cutting-edge financial and banking technology innovations from established companies and startups, held in San Jose, CA, April 29-30, 2014.
“The future of financial services depends on trusted and traceable customer identities in the digital economy,” said Philip Copeland, CEO, Avoka. “Our integration with miiCard offers 100% trust online for financial institutions allowing them to offer seamless and safe digital business transactions to their customers when applying for a loan, opening a new account or performing any secure online transaction.
miiCard Launches Single IDaaS Solution for Lenders to Eliminate Fraud, Mitigate Risk and Power Underwriting
London, UK/Mondato Summit Europe, Level 39 – April 9, 2014 – Online identity proofing service miiCard today launched IDaaS for Lenders, a single solution that combines identity proofing, bureau data, real-time bank data, and strong authentication. The new solution can verify borrower identity to Know Your Customer (KYC) standards, reduce risk through Anti-Money Laundering (AML) checks, and instantly provide Certified Digital Bank Statements for real-time underwriting decisions that are more accurate than CRB data alone.
Hosted lending platform LendFusion is the first to streamline its new customer verification and underwriting with IDaaS for Lenders.
Today, lenders must fight a $21 billion annual identity theft problem while relying on scanned and submitted bank statements to approve loan applications. With miiCard’s patented identity verification solution, banks, credit unions, peer-to-peer lenders, alternative lenders and more can eliminate identity-based fraud and reduce the time and expense of underwriting while improving the overall user experience.
Cambridge, MA/Innovation Project, Booth #8 – Mar 20, 2014 – Online identity proofing service miiCard today announced a cooperation with eMerchantPay, a trusted international payment processor, to offer its merchants a secure, compliant payment processing platform in combination with the miiCard service that eliminates payment fraud and enables higher value transactions. miiCard is featured today at booth #8 in Annenberg Hall on the Harvard University Campus as part of PYMNTS.com Innovation Project 2014.
miiCard’s patented identity verification solution, enables merchants around the world to conduct high value transactions purely online while eliminating identity-related chargebacks and Card Not Present fraud. As a consumer-driven identity service, miiCard provides a seamless, real-time verification experience before the payment process that establishes the customer’s identity to the same level as an in-person photo ID check.
“Online fraud - identity fraud in particular - is an enormous problem and growing bigger every day, forcing merchants to find effective and efficient ways to minimize risk without infringing on the user experience,” said miiCard CEO James Varga. “miiCard and eMerchantPay help merchants eliminate fraud while also empowering them to expand their business with new, higher value products and services that can outpace the competition.”
Edinburgh, UK – January 30, 2014 – Online identity proofing service miiCard announced that former SWIFT Chief Executive Officer Lázaro Campos, previous Vice President of SecureWorks Richard Lewis, and prior Clydesdale executive Kenny White have all joined the company’s Board of Directors. These experienced executives will help guide miiCard as it continues to gain traction in key financial markets. Mr. White has also joined miiCard as Chief Financial Officer.
“miiCard is actively turning the tide against online identity fraud -- one of the most pressing problems facing financial technology companies today,” said Mr. Campos. “I look forward to helping this bank-centric disruptive solution further advance trust online.”
Identity fraud is increasing at a rapid rate because the background checks, knowledge-based assessments, and documents scans used as identity verification tools have been compromised or discourage consumers. It is estimated that ID theft costs businesses $21 billion annually in the US alone, with nearly half of these fraudulent transactions occurring online. Further, every $1 in fraud costs a business more than $3 in total losses. miiCard’s patented Identity Service (IDaaS) can be deployed in just hours and reduces fraud by more than 80% within the first 30-days.