Rizwan Khalfan, chief digital officer at TD Bank Financial Group, is a customer. He says existing authentication schemes are siloed, so for one division IT would have to support touch authentication for mobile devices, passwords for online and a card for face-to-face transactions. Each platform had to be purchased, monitored and maintained separately and the group has tens of these platforms, he says.
Khalfan says he was looking for something that acted as an authentication service or hub that supported various authentication methods and allow for authentication to persist if a customer moves from one channel (online) to another (live phone chat).
He says authentication point solutions are expensive to maintain and require individual investments across all channels. The hope is that when Transmit SP is deployed, it will provide future-proofing so that new authentication methods can be supported on the platform without requiring an additional capital investment.
Transmit Security is announcing a $40 million private investment by its founders that should take the company to profitability. “We believe in ourselves,” Loonkar says.
The company was founded in 2014 and has sales and marketing offices in Boston and research and development in Tel Aviv. It has 30 employees now and the headcount should double within the next year.
Pricing is confidential, Loonkar says, but it’s based on the size of the applications being supported. Transmit SP can be deployed on premises, in private or public clouds, or in a hybrid arrangement.
Transmit Security competes with authentication vendors and service providers including Centrify, Duo Securty, IBM, Nexus, Okta, Ping Identity, RSA, Safenet (Gemalto), SecureAuth and many others.
Sign up for CIO Asia eNewsletters.