We’ve been steadily enhancing our account connectivity at institutions across the US, Canada, and the UK. A large focus of this enhancement has been adding thousands of institutions to our Instant Authentication capabilities. In February 2017, we announced that our auth API could authenticate accounts at 215 institutions. We’ve come a long way since then—as of December 2018, Instant Auth now covers 3,000 banks.
The first 215 institutions included the biggest banks in the country and the larger regional banks, but our aim is to enable our customers to offer end users a seamless digital experience, irrespective of where they bank. With 3,000 connections, many more end users who rely on regional banks, credit unions, and community banks will be able to instantly authenticate their accounts when connecting to the fintech apps and services that use Quovo.
For banks that are still outside of our Instant Auth coverage, our Autoverified Microdeposit (AVM) technology fills the gaps. AVMs allow for connectivity to over 8,000 institutions across the “long tail” of financial institutions. The two products combined deliver a convenient and smooth account authentication experience at institutions ranging from the largest retail banks to the smallest credit unions.
Of course, this milestone is not the end: our team continues to expand connectivity to authenticate accounts at new institutions. We’re excited to see how Instant Auth powers more innovative apps and services that newcomer startups and fintech industry leaders alike.
Reach out to our team if you’d like to learn more about our Instant Auth technology.