Salus partners with authID for secure, biometric identity verification to enhance microlending processes for underserved communities.
Quiver AI Summary
Microlending platform Salus has partnered with authID, a company specializing in biometric identity verification, to enhance the onboarding and authentication process for applicants while ensuring data security and regulatory compliance. Salus aims to provide an advanced user experience for its customers, particularly those from underprivileged communities who often lack access to traditional banking services. By leveraging authID's technology, Salus can quickly and accurately verify identities, helping credit unions serve low-income and thin-file individuals more effectively. This collaboration underscores both companies' commitment to improving financial stability for underserved populations while thwarting fraudulent activities.
Potential Positives
- Salus selected authID for its advanced biometric identity verification, highlighting the effectiveness of authID's technology in improving user experience and ensuring data security.
- The partnership aims to enhance access to credit for underprivileged communities, aligning with Salus's mission to provide financial stability to individuals with limited access to traditional banking.
- authID's solutions integrate seamlessly with Salus's platform, enabling automated underwriting and data analysis, which can help credit unions make more confident lending decisions.
Potential Negatives
- Salus's reliance on authID for identity verification may raise concerns regarding the security and privacy of applicant data, especially given the sensitive nature of financial services catering to underprivileged communities.
- There is a potential perception issue for Salus, as choosing authID implies previous solutions were insufficient, which could undermine confidence in their initial technology choices and capabilities.
- The emphasis on a "best-in-class" solution underscores potential vulnerabilities in Salus's existing processes, suggesting that they were not meeting regulatory or functional standards before this partnership.
FAQ
What is the partnership between Salus and authID?
Salus has chosen authID to enhance its onboarding and authentication process for microlending applicants, ensuring user privacy and regulatory compliance.
How does authID improve the application process for Salus?
authID provides fast, accurate biometric identity verification, ensuring a seamless and secure user experience for applicants seeking financial services.
What type of community does Salus serve?
Salus focuses on underprivileged and underbanked communities, particularly catering to lower income and thin-file individuals seeking financial access.
What benefits does Salus provide to credit unions?
Salus offers credit unions automated underwriting and data analysis, helping them confidently serve over 120 million young, underserved adults without prime credit scores.
What sets authID's technology apart from competitors?
authID's solutions provide deterministic validation of identity, eliminating reliance on probabilistic fraud signals for better user experiences and outcomes.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$AUID Insider Trading Activity
$AUID insiders have traded $AUID stock on the open market 19 times in the past 6 months. Of those trades, 3 have been purchases and 16 have been sales.
Here’s a breakdown of recent trading of $AUID stock by insiders over the last 6 months:
- THOMAS ROBERT SZOKE (Chief Technology Officer) has made 0 purchases and 16 sales selling 30,107 shares for an estimated $232,617.
- KEN JISSER purchased 8,000 shares for an estimated $51,840
- MICHAEL CHARLES THOMPSON purchased 5,000 shares for an estimated $32,462
- RHONIEL DAGURO (Chief Executive Officer) purchased 4,000 shares for an estimated $25,920
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$AUID Hedge Fund Activity
We have seen 8 institutional investors add shares of $AUID stock to their portfolio, and 7 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- GEODE CAPITAL MANAGEMENT, LLC added 29,810 shares (+43.8%) to their portfolio in Q3 2024, for an estimated $187,504
- RENAISSANCE TECHNOLOGIES LLC removed 22,728 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $142,959
- JOHNSON FINANCIAL GROUP, INC. removed 20,305 shares (-50.0%) from their portfolio in Q3 2024, for an estimated $127,718
- BRIGHTON JONES LLC removed 18,392 shares (-100.0%) from their portfolio in Q4 2024, for an estimated $110,719
- VANGUARD GROUP INC added 15,308 shares (+8.1%) to their portfolio in Q3 2024, for an estimated $96,287
- BLACKROCK, INC. added 10,545 shares (+73.5%) to their portfolio in Q3 2024, for an estimated $66,328
- SONIC GP LLC removed 10,000 shares (-8.0%) from their portfolio in Q3 2024, for an estimated $62,900
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
Microlending platform Salus will leverage authID’s technology to provide applicants with intuitive and data-secure authentication
DENVER, Feb. 04, 2025 (GLOBE NEWSWIRE) --
authID
® (Nasdaq: AUID), a leading provider of biometric identity verification and authentication solutions, today announced it has been chosen by
Salus
, an inclusive microlending platform servicing underprivileged communities, for onboarding and authentication of applicants while protecting user privacy and maintaining compliance with regulatory requirements.
“Our goal in choosing authID was to provide the most advanced and seamless user experience for our customers, and the best outcome for our partners,” said
James Chemplavil
, CEO of Salus. “In order to have that best-in-class experience for the populations we service, we need fast, friendly, accurate verification, and that’s precisely what we get with authID. Their solutions for onboarding and authenticating applicants help our partners build the mutual trust they need with their own members, in order to fulfill our joint mission to bring financial stability to people who have little access to traditional banking.”
Salus was launched in 2023 to partner with credit unions for providing credit to lower income, thin-file, and typically younger constituents. It provides a digital platform that helps credit unions create financial access and wellness for over 120 million young, under-served adults without prime credit scores. Their technology integrates with existing platforms for automated underwriting and data analysis to complement credit histories, allowing their customers to more confidently make loans to underbanked members.
“We are thrilled to add Salus to our portfolio of customers whose mission in life is to serve individuals who struggle with traditional banking processes,” said
Rhon Daguro
, CEO of authID. “We greatly admire the institutions within our customer base who help underprivileged citizens participate more fully in the economy. We also recognize that they need to quickly and accurately onboard as many legitimate applicants as possible, while deflecting any criminals, deepfakes, and frauds who might try to take advantage of their services.”
In choosing authID for identity verification, Salus examined a variety of vendors in the space and found authID’s solutions for biometric verification and authentication to be best in class for aiding their credit union partners in identifying credit applicants. Previous solutions dependent on probabilistic fraud signals did not provide a guided user experience for satisfactory outcomes, whereas authID brings a deterministic validation of identity in identifying online participants.
“With our delivery of speed, accuracy, privacy protection, and commitment to compliance, we are the future of identity verification and authentication,” added Daguro. “We are more than pleased to bring that level of performance to our partnership with Salus and help them in their mission to broaden access to financial participation. This is another example of how our clients leverage our technology to securely expand their own customer portfolios.”
About authID
authID® (Nasdaq: AUID) ensures enterprises “Know Who’s Behind the Device™” for every customer or employee login and transaction through its easy-to-integrate, patented, biometric identity platform. authID quickly and accurately verifies a user’s identity and eliminates any assumption of ‘who’ is behind a device to prevent cybercriminals from compromising account openings or taking over accounts. Combining secure digital onboarding, FIDO2 passwordless login, and biometric authentication and account recovery, with a fast, accurate, user-friendly experience, authID delivers biometric identity processing in 700ms. Binding a biometric root of trust for each user to their account, authID stops fraud at onboarding, detects and stops deepfakes, eliminates password risks and costs, and provides the fastest, frictionless, and the more accurate user identity experience demanded by today’s digital ecosystem.
Contact us
to discover how authID can help your organization secure your workforce or consumer applications against identity fraud, cyberattacks and account takeover.
About Salus
Salus is a fintech organization that empowers credit unions with solutions and data services to aid in improving the financial wellbeing of underprivileged and underbanked communities. Their platform enables frictionless integrations with credit unions’ systems to eliminate manual review and the hurdles of credit checks while automating the underwriting process and delivering financial services to individuals who are otherwise unable to access traditional credit.
Media Contacts
NextTech Communications
Walter Fowler
1-631-334-3864
wfowler@nexttechcomms.com
Investor Relations Contacts
Investor-Relations@authid.ai
Gateway Group, Inc.
Cody Slach and Alex Thompson
1-949-574-3860
AUID@gateway-grp.com
This article was originally published on Quiver News, read the full story.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
