miiCard and Yodlee target US market with digital passport
Leveraging Yodlee Platform to Innovate New Solutions to Historically Difficult Problems
April 23, 2012 – miiCard today announced a move to target the US market following increased market traction globally for miiCard’s online identity verification service. This strategic expansion is in direct response to increasing issues of online trust and the Internet’s identity crisis as highlighted by US Government’s National Strategy for Trusted Identities in Cyberspace (NSTIC) initiative.
“miiCard’s pioneering digital passport is the only commercial product able to prove someone’s online identity, not only for financial services but across the board in e-commerce, online dating and social networking,” said James Varga, miiCard CEO. “miiCard puts users in control of their online identity and instantly enables them to create real trust online.”
miiCard lets users prove ‘I am who I say I am online, in real-time and with the same level of assurance that a passport or driver’s license carries offline. Owned and managed by the individual, miiCard is a federated identity verification service that centralizes the management and control of your online identity.
miiCard’s innovative use of Yodlee’s patented, Personalized Finance Platform, enables miiCard to establish a consumer’s identity by linking their financial accounts with their online identity. Along with a number of additional security measures, including email verification and 2-factor authentication via sms, miiCard can validate a consumer’s identity to the fullest extent of applicable anti-money laundering (AML) and know your customer standards (KYC).
miiCard’s strategic relationship with and use of the Yodlee Platform will allow financial services and ecommerce sites around the globe to offer online versions of products and services that have historically required offline identity checks. In addition, miiCard can also be made available as a Yodlee FinApp™, available for distribution across Yodlee’s Personalized Finance Platform and network of banking customers and partners.
“Your financial accounts and transactions history don’t lie”, said Yodlee’s Chief Marketing and Strategy Officer, Joseph Polverari. “miiCard’s innovative use of the Yodlee Platform will take the friction out of many legacy identification methods, dramatically reducing customer abandonment and making critical products and services more accessible to more consumers around the world.”
James Varga, miiCard CEO, comments: “Right now, digital identity is one of the most talked about technology topics. From social networking to banking, the need to create trust online is becoming ever more important. Our strategic relationship with Yodlee means miiCard is the first commercial solution to the problem of how to prove ‘you are who you say you are’, online.”
Vendors accepting miiCard as proof of online identity benefit from increased conversions by supporting a live and purely online sales process, reduced cost of execution by not having to validate an identity offline or physically, and additional fraud and identity theft protection equivalent to a class 2 verification.