eLynx adds Knowledge-based authentication to ExpediteMortgagePress.comeLynx, Expedite, electronic transactions, American Capital, Knowledge-Based Authentication, KBA, risk mitigation
eLynx, a portfolio company of American Capital and provider of
the most widely used secure electronic document collaboration and
distribution network for the financial services industry, has
announced the availability of Knowledge-Based Authentication (KBA)
for electronic signatures and transactions. The solution enables
lenders and financial institutions to authenticate borrowers and
consumers for high value transactions.
"Lenders are finding that they can provide better service and
reduce costs by enabling customers to conduct business online,"
said Sharon Matthews, eLynx president and CEO. "Certain
transactions, such as opening a new account or line of credit,
require lenders to validate that the person on the other end is who
he or she claims to be. eLynx strengthens multiple methods of user
authentication by integrating KBA into our multi-channel document
distribution platform, expedite."
The KBA service pulls information from multiple credit and
non-credit data sources to meet the specific requirements of the
institution through flexible configuration options. Clients can
select the categories used to determine an authentication question,
the number of authentication questions presented to the user and
the number of correct answers required for a "pass" score. In
addition, different questions and answers can be generated each
time the system is accessed by the user.
"The KBA option adds one more risk mitigation layer for
conducting financial transactions over the internet. We are
currently working with customers who operate in the B2C market to
help them optimize their loan fulfillment process. The KBA option
will play a key role in enabling the loan to be signed
electronically over the internet," said Matthews.
eLynx provides a complete document distribution and
collaboration solution with multiple options and reporting. The
delivery takes place securely through the eLynx expedite platform.
Lenders can capture borrower consent and signature on the delivery
and audit trails provide a history of the entire process. All eLynx
solutions have integrated paper fulfillment with the ability to
automatically deliver a paper copy when the electronic channel is
not an option. Lenders can also take advantage of the enhanced
audit trail for paper delivery. All eLynx document collaboration
and distribution services are offered on-demand, allowing clients
to take advantage of the new authentication capabilities with
minimal impact on their current implementation.
For more information, visit www.elynx.com.