Get to Know LoginID, the ‘ASLI RI’ Startup fom Silicon Valley
LoginID, a startup company from Silicon Valley, USA, which is an investment portfolio of an Indonesian company, Asli RI, has just been injected with fresh funds by Visa.
Visa’s funding is credited with recognizing that strong authentication from a company like LoginID, helps promote its vision of improving payment integrity, both reducing fraud and helping entrepreneurs meet regulatory and compliance demands globally.
“We are currently working with Visa and MasterCard for eCommerce specifications based on FIDO (Fast IDentity Online-ed), which will be rolled out across Europe in accordance with PSD2 and GDPR regulations,” said LoginID CEO Simon Law in a press release, Friday (4/6/ 2021).
PSD2 and GDPR are regulations that companies in the world must comply with. It was these difficulties that motivated Asli RI to become LoginID’s initial investor.
“Indonesia will soon follow because there are many benefits that banks, financial services institutions, and e-commerce companies can use in their mobile applications with authentication according to applicable regulations, of course with FIDO credentials,” he continued.
ASLI LoginID, the Result of Collaboration between ASLI RI and LoginID
In addition to being one of the early investors, Asli RI also collaborated with LoginID in creating Asli LoginID, a biometric authentication system that has received FIDO2 certification, which is claimed to be sophisticated, easy to use, and safe in Indonesia.
The company provides a wide range of SDKs and also APIs that give enterprises the ability to easily integrate FIDO-certified authentication into any website, app or e-commerce, or banking brand in just 15 minutes.
This level of authentication is usually complex and takes a long time to integrate. This way, brands can add their customer authentication rules, meet new compliance regulations, and reduce fraud using biometrics.
For information, the integration of this level of authentication is generally very complicated and time-consuming. That problem is answered by the presence of Asli LoginID which can be done in 15 minutes.
“By using Asli LoginID, companies can automatically meet customer authentication regulations, comply with regulations, and reduce biometric crimes efficiently,” said CIO Asli RI Yogi Liman.
This biometric authentication system is expected to be the answer to problems caused by account breaches in the future. In addition, avoiding fraud in online transactions.
It offers greater convenience and stronger security, and is the gold standard for online authentication. Visa’s investment and ongoing partnership with LoginID will help provide innovative solutions that will increase the convenience and security of payments.
Get New Funding, This is LoginID’s Plan
LoginID, a technology startup company from Silicon Valley which is one of the investment portfolios of ASLI RI, has just received funding from Visa.
The FIDO-certified authentication provider said the funding was in addition to an initial $6 million round of payments for veterans and fintech entrepreneurs. The investment amount from Visa was not disclosed.
Customers are ready to accept the use of biometrics to make payments and other transactions in a secure and convenient way. According to a report on pymnts last April, 18 billion payment transactions will be verified using biometrics by 2021.
VISA knows that strong authentication solutions from companies like this can help promote its vision to improve integrity around payments, both reducing fraud and helping merchants meet global regulatory and compliance demands.
“We recognize its role in promoting a frictionless transaction processing for merchants and secure payment experience for consumers,” said Simon Law, CEO of LoginID.
“Together, we are helping enterprises integrate and enhance strong authentication at low cost, while ensuring compliance with PSD2 and GDPR regulations.”
“Our company has earned consumers trusts, financial institutions and merchants over the past sixty years to become a world leader in digital payments by integrating secure payment innovation,” said Melissa McSherry.