BAXE, an Australian FinTech, has partnered with IDEMIA, the global leader in Augmented Identity, and Haventec, an Australian software company that decentralises sensitive data and credentials, to launch the first decentralised blockchain ecosystem using a facial authentication solution for identity verification in Australia. With this solution, BAXE users around the world will be able to authenticate high-value transactions, reclaim lost passwords or regain access to locked accounts using their face as a secure identification method. This solution will enable face verification in just a matter of seconds, resulting in faster, seamless service.
Haventec’s platform will be integrated into IDEMIA’s Identity Management platform, which helps BAXE securely store and manage the created digital identities. Utilising IDEMIA’s Identity Management solution provides BAXE with the ability to create, store and manage digital identities in a secure space with high assurance. This simplifies the digital identity authentication processes and helps comply with various Know-Your-Customer (KYC) and data privacy regulations.
Supported by IDEMIA, the biometric authentication solution is designed to streamline the re-identification process for BAXE users, eliminating traditionally lengthy verification processes, such as having to contact support teams and manually re-verify identity to approve transactions and restore account access.
BAXE is currently developing an extensive ecosystem of applications across a decentralised finance (DeFi) blockchain network. With the highest degree of personal security and privacy at the forefront of design, the BAXE applications consist of communications, storage, payments, ecommerce applications. Through this ecosystem, BAXE offers users products and services to invest, buy, sell and trade within the emerging web 3.0 digital economy. BAXE will use Haventec’s Authenticate platform to perform two-factor authentication within the ecosystem, which includes a facial authentication check via a self-taken photo.