XYverify℠ offers a suite of transaction authentication services that enable financial institutions, businesses and consumers to evaluate all forms of mobile payment transactions—in real-time—for proactive fraud mitigation.

About XYverify

XYverify fraud prevention and compliance verifies your customer's location at time of transaction to reduce risk and fraud. The service applies mobile device location verification as new technology to better authenticate financial services. Working invisibly in the background of transaction, and without any software or code download, XYverify adds breakthrough compliance and risk reduction to better Know Your Customer (KYC) and comply with Anti-money Laundering (AML) regulations.

Location intelligence confirms mobile device distance from any business, merchant, home or other postal address locations to better verify or deny transaction requests—never tracking customer location or capturing personal identifiable data into an API solution that confirms real-time customer's mobile device location match to postal mail address distance rules. The privacy-protected approach is unique and dramatically innovates and reduces bank and other risk expense or compliance exposure.

XYverify introduces a new way to reduce costs around high-risk transactions, allowing finacial institutions (FIs) to apply geolocation authentication through a cloud-based API platform. Real-time and secure mobile position location information—generated by a consumer's personal cellular telephone—is compared to an application specific "proximity to transact" profile, maintained by the FI and/or consumer. A profile match will generate a "thumbs up" from XYverify.

XYverify delivers Fourth Factor authentication, adding both 'where you are' AND 'who you are' credentials. For the first time, this patented mobile solution applies geolocation validation in the cloud to reduce transaction fraud rates and generate more FI revenue.

The solution can eliminate false-positive fraud triggers by giving financial institutions a new opportunity to locate by customer cell phone number when transaction is coming from outside customer's home area. For example, if transaction is coming inside an approved proximity to transact mobile device geo-fence range for a transaction (indicating customer is likely away on trip), then the bank will not need to deny a transaction or deactivate a debit/credit card, reducing expense and adding customer convenience.

The authentication platform works automatically in the background. A silent mobile API 'ping' can be triggered with virtually every U.S. cellular network and connected device, including feature phones, tablets and smart phones. No application installation or mobile download is required!