Synchrony Financial has made a strategic investment in Payfone, which provides identity authentication for digital channels.
The funding will be used to offer optimised and effective digital identity authentication solutions for improved customer experience, advance acquisition and minimise fraud during payment processes.
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Payfone’s portfolio includes Fonebook, a registry of customer contact information for authenticating digital identities; Trust Score to measure device possession to prevent phone account takeover; and Identity Pre-Fill that pre-fills verified information to avoid fraud during new account opening.
Synchrony Ventures senior vice-president and senior managing director Michael Hensinger said: “We’re excited to help accelerate the growth of a company that is at the forefront in providing digital identity authentication solutions.
“Synchrony’s investment in Payfone represents our continuous commitment to provide our partners with fast and easy credit applications and purchasing processes that improve the customer experience.”
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