LaunchKey Next-Generation Authentication Selected by MasterCard and Silicon Valley Bank

LaunchKey, the leading mobile authentication platform, today announced that Silicon Valley Bank and MasterCard have tapped the company to develop and test ways to employ their next-generation authentication within the growing consumer financial services sector. As part of this partnership, LaunchKey has been selected to participate in the fourth class of Commerce.Innovated., a bi-annual virtual accelerator limited to a handful of select early stage companies seeking to break into the financial technology (Fintech) space. LaunchKey will go through a four-month virtual program that provides resources to help refine and enhance business ideas through access to operational expertise from Silicon Valley Bank, MasterCard and their respective networks. “Our multi-factor authentication approach is a viable alternative to traditional passwords, even for highly-regulated and secure sectors such as banking and finance,” said LaunchKey CEO Geoff Sanders. “The password-based systems presently in use are inadequate for next generation financial services and the needs of consumers. We look forward to working with both MasterCard and Silicon Valley Bank though the Commerce.Innovated. program to place a higher value on security, privacy and user experience in the banking and consumer financial services industries moving forward.” “The security of account information and payment apps are top of mind with consumers, retailers and financial institutions,” said Stephane Wyper, vice president of startup engagement and acceleration for MasterCard. “The Commerce.Innovated. program will help LaunchKey build on its commercial traction and scale its business to meet the evolving needs of security across financial services and the broader industry.” “We’re pleased to welcome LaunchKey into the fourth class of Commerce.Innovated.,” said Reetika Grewal, head of Silicon Valley Bank’s payments strategy. “LaunchKey aims to drive important advancements to the authentication space. We are excited to work side by side with them and share our knowledge and networks to help them develop the infrastructure and operations that they need to accelerate their growth.”

Source: LaunchKey Next-Generation Authentication Selected by MasterCard and Silicon Valley Bank