What we do
Priviti has developed the world’s first real-time, consent-based payment authorisation system, which enables data to move in a safer, more secure manner than before. It provides strong customer authentication in a unique manner that is based on a patented ‘dual-channel’ authentication system, different from two-factor authentication, which makes it a powerful and exciting solution for Financial Services.
This system provides access to secure, on-demand authentication for personal data, controlled by consumers. The retailer and the consumer both enter a unique code to authorise the transaction, and the two must be matched by the server before it will provide access to the credential provider.
This increases security and provides much stronger control than traditional systems, because neither code can be used again, or in conjunction with a different partner.
Banks and merchants can therefore use Priviti to process payments without payers having to divulge personal information. Data owners can securely permit and revoke access to their data for a time-bound period and specific purpose, ensuring that they control the use of their personal data.
Priviti’s API-based core system is used by a number of solution providers in open banking and retail, and we see its use developing further for identity verification purposes and in public services.