Concept: Australian fintech startup BAXE has partnered with French technology company IDEMIA and Sydney-based startup Haventec to launch the world’s first DeFi (Decentralized finance) ecosystem with facial authentication. It aims to assist BAXE users in authenticating high-value transactions, recovering access lost due to forgotten passwords, and activating locked accounts through biometrics.
Nature of Disruption: Haventec’s Authenticate Platform and IDEMIA’s Identity Management solution gets integrated into BAXE’s decentralised digital ecosystem to ensure that user data, digital assets, and communications are secured, private, and secure. It provides Identity lifecycle management, data deduplication, ID document database storage, case management for manual adjudication, biometric database storage, and ID orchestrator for workflow management. Customers can connect, hold assets, make payments, and participate in e-commerce using Baxe’s ecosystem of applications for DeFi blockchain network, which is built for personal protection and privacy. Haventec’s Authenticate platform offers two-factor authentication with selfie biometrics. Biometric technology is used in the solution to maintain security while also increasing ease. Idemia’s Identity Management platform is connected with Haventec’s platform to support the biometric authentication solution, allowing Baxe users to re-identify more quickly. Baxe plans to use the platforms to create, store, and safely maintain consumer digital IDs.
Outlook: As the world gets more digitised, it is more important than ever for businesses to take the appropriate precautions to ensure the security of their users’ digital identities to keep their customers’ trust. For businesses looking to enhance their customer experience and increase their competitiveness, securely storing and managing digital IDs is a challenge. Regulations differ across countries and have an impact on how data, including biometric data, is maintained and used. IDEMIA’s Identity Management platform enables BAXE and Haventec to provide a convenient and secure authentication solution for users in Australia. It can simplify the re-identification process for BAXE users by eliminating the need for users to contact support teams and manually re-verify their identities to approve transactions and restore account access. This simplifies the digital identity authentication process compliance with KYC and data privacy regulations.