Distributed digital identity and passwordless MFA platform prevents identity impersonation, account takeover and fraud while delivering frictionless user experiences

1Kosmos, the company that unifies identity proofing and passwordless authentication, today announced the 1Kosmos BlockID platform has been named Best ID Management Solution in the prestigious 2023 Finovate awards. The Finovate Awards recognize the companies driving fintech innovation forward and the individuals bringing new ideas to life.

Best ID Management Solution is presented to an organization that excels in the area of ID management, including ID verification, KYC compliance, protecting customers’ identities and safeguarding their personal data. 1Kosmos BlockID was selected by a panel of Fintech experts.

“Financial institutions face unique identity management requirements that include satisfying Know Your Customer (KYC) and Anti Money Laundering (AML) regulation, while maintaining a frictionless digital user experience for customers,” said Hemen Vimadalal, CEO of 1Kosmos. “The BlockID platform establishes a decentralized identity where credentials can be shared between parties with authenticity, security and privacy. It establishes reusable verifiable credentials which are tamper-evident and arguably more trustworthy than their physical counterparts.”

1Kosmos BlockID is a blockchain-powered identity proofing, authentication and passwordless platform that is used by banks and financial institutions to meet strict requirements for user onboarding, KYC identity verification up to NIST IAL2 and authentication up to NIST AAL2. It provides an architectural advantage through an innovative combination of capabilities including live, identity-backed biometrics; a portable, reusable identity wallet; private, permissioned blockchain; and digital verifiable credentials.

1Kosmos BlockID’s innovative technology, which is certified to NIST 800-63-3 (via Kantara), FIDO2 and iBeta biometrics, exceeds identity proofing standards. It solves current identity verification and authentication challenges for banks and financial institutions, while supporting their near-future Web 3.0 readiness through innovative distributed ledger technology that stores private identity information in a secure permissioned blockchain, not in central servers.

About 1Kosmos

1Kosmos enables passwordless access for workers, customers and residents to securely transact with digital services. By unifying identity proofing and strong authentication, the BlockID platform creates a distributed digital identity that prevents identity impersonation, account takeover and fraud while delivering frictionless user experiences. BlockID is the only NIST 800-63-3 via Kantara, FIDO2 and iBeta biometrics certified platform that performs millions of authentications daily for some of the largest banks, telecommunications and healthcare organizations in the world. The company is funded by Forgepoint Capital and Gula Tech Adventures with headquarters in East Brunswick, New Jersey. For more information, visit www.1kosmos.com and follow us on Twitter and LinkedIn.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230919532071/en/