BAXE Unveils DeFi Platform with Facial Authentication
BAXE, an Australian fintech firm, has teamed up with IDEMIA, a French technology company, and Haventec, a Sydney-based business, to develop the world’s first DeFi (Decentralized finance) platform with face verification. It intends to aid BAXE users in verifying high-value transactions, regaining access to accounts that have been locked due to lost passwords, and unlocking locked accounts using biometrics.
Haventec’s Authenticate Platform and IDEMIA’s Identity Management solution are integrated into BAXE’s decentralized digital ecosystem to protect the security, privacy, and integrity of user information, cryptos, and communications. It manages the identity lifecycle, deduplication of data, storage of ID document databases, crisis intervention for manual evaluation, biometric data storage, and process administration with an ID scheduler.
Customers may link, retain assets, send money, and engage in e-commerce using Baxe’s ecosystem of services based on the DeFi blockchain platform, which is designed for personal confidentiality and protection. The Authenticate technology from Haventec enables two-factor verification with selfie recognition.
The approach makes use of biometric technologies to preserve security while still boosting convenience. Idemia’s Identity Management platform is integrated with Haventec’s platform to provide the biometric authentication solution, which enables Baxe users to instantly re-identify. Baxe intends to utilize the platforms to produce, store, and securely manage digital IDs for consumers.
As the world becomes increasingly digital, it is more critical than ever for companies to take the necessary safeguards to safeguard their users’ digital identities in order to maintain their consumers’ confidence. Securely storing and maintaining digital IDs is a problem for organizations trying to improve their customer satisfaction and competitiveness.
Laws vary by country and affect how information, particularly biometric data, is stored and utilized. BAXE and Haventec can now provide a fast and safe authentication solution to customers in Australia thanks to IDEMIA’s Identity Management platform.
It may ease the process of re-identification for BAXE users by removing the requirement for customers to contact customer support team and manually re-validate their own identities in order to authorize transactions and regain control over account. This streamlines the task of establishing a digital identity and ensuring adherence with KYC and data privacy standards.