Oxbury, a 100% dedicated agricultural bank based in the UK, has selected HYPR, the ‘Passwordless Company’, to improve their customer experience, and to enhance security for both farmers and savers.
HYPR will provide a secure platform that will enable Oxbury Bank customers to swiftly and securely access their accounts without a password, therefore removing the risk of sharing personal credentials. This is the first deployment of HYPR by a UK bank.
Oxbury Bank is a collaboration of experienced bankers, farmers, technology experts and agricultural entrepreneurs, with backing from the UK’s largest agribusiness firms and leading farmers.
As part of the deployment, Oxbury will integrate HYPR’s Passwordless Customer Authentication solution across its iOS and Android mobile applications, eliminating the need for passwords. This will allow Oxbury to streamline its login procedures without compromising security or adding authentication complexity. On login, customers will access Oxbury’s proprietary ‘OxP’ banking platform – a unique digital account that will transform the banking experience for UK farmers. The Bank’s farming and savings customers will experience simplified account management and digital onboarding, allowing Oxbury to focus on the provision of innovative and specialist banking products to support the growing needs of their customers.
Oxbury’s farmers and savers will join a range of enterprise customers and more than 50 million global users implementing HYPR’s True Passwordless security, a solution that replaces passwords with secure public-key encryption and smartphone biometrics to enable fully passwordless multi-factor authentication (MFA). By eliminating passwords, Oxbury will enable its customers to log into a range of digital services including its range of competitive savings accounts and farmer-focused Oxbury Farm Credit and Oxbury Farm Loans – up to three times faster than with legacy MFA.
“Now, more than ever – customers are choosing online and mobile banking over brick-and-mortar services, and with new technologies driving this change in interaction, it’s imperative that we provide seamless and secure access,” said Tim Coates, Co-Founder and Chief Customer & Regulatory Officer at Oxbury. “By removing the headaches of administration and password management, we are modernising banking, without compromising security. We are giving our customers the time back to concentrate on running their busy lives and growing their businesses.”
“Organisations want scalability without fear of threat, simplicity without compromise and innovation without complexity, and the agriculture sector is no exception,” said Bojan Simic, HYPR’s Co-Founder and Chief Technology Officer. “Oxbury Bank is setting the pace for other challenger banks, those that are adopting technologies that challenge legacy, password-based multi-factor authentication methods. By embarking on this journey together, we are accelerating the elimination of passwords.”