Press Releases | HYPR

Oxbury Bank Goes Passwordless with HYPR | HYPR

Written by Christine Castro, HYPR | Nov 16, 2020 7:21:00 PM

The UK’s 100% dedicated agricultural bank selects HYPR to improve customer experience and enhance security for farmers and savers. This is the first deployment of HYPR by a UK bank.

Chester, UK, 16 November 2020 – Oxbury Bank, the dedicated agricultural bank, has selected HYPR, The Passwordless Company™ to provide a secure platform that will enable Oxbury customers to swiftly and securely access their accounts without a password, therefore removing the risk of sharing personal credentials. 

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.”

About Oxbury
Oxbury is the UK’s specialist agricultural bank, the only bank with a singular focus on British farmers, food producers and the rural economy. It is headquartered in Chester and operates across the UK.
 
Oxbury gained its full UK bank licence in early 2020 and is in its final mobilisation stages with invitation-only customers before launching fully to the wider market in Winter 2020.
 
The 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. Oxbury Bank Plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register number: 834822). 

For more information about Oxbury, visit: oxbury.com

About HYPR
HYPR is The Passwordless Company™ backed by Comcast, Samsung, and Mastercard. The HYPR Cloud Platform makes it easy to go Passwordless across the enterprise by combining the security of a FIDO token with the convenience of a smartphone. With HYPR, businesses are finally able to solve the desktop MFA gap, eliminate customer passwords, and deliver lightning-fast login experiences their users love.

Media:

Fabienne Dawson

fabienne@hypr.com

917.374.6860

Diandra Binney

Peppercomm for HYPR

dbinney@peppercomm.com