Stytch Launches Authentication Solution for B2B Products and Applications

Stytch has added B2B authentication to its platform that already provides B2C authentication. This new offering enables businesses to add authentication to their B2B products and applications without having to build it themselves, Stytch said in a Tuesday (May 23) press release. “Our goal is to help B2B businesses focus their efforts on building their […]

The post Stytch Launches Authentication Solution for B2B Products and Applications first appeared on PYMNTS.com.

Stytch has added B2B authentication to its platform that already provides B2C authentication.

This new offering enables businesses to add authentication to their B2B products and applications without having to build it themselves, Stytch said in a Tuesday (May 23) press release.

“Our goal is to help B2B businesses focus their efforts on building their core product offerings, rather than needing to spend significant resources on building B2B authentication in-house,” Stytch Co-founder and CEO Reed McGinley-Stempel said in the release.

Stytch’s new B2B authentication solution allows businesses to customize their authentication requirements and to provide multiple options for their end users to authenticate themselves, according to the press release.

The solution is also fully extensible and flexible to accommodate both current and future requirements, the release said.

“Building authentication for B2B applications is often complex and requires a lot of resources and back-end development,” McGinley-Stempel said in the release. “We’ve built a solution tailor-made for B2B applications that handles the complexity of delivering enterprise-grade authentication and a frictionless user experience.”

PYMNTS research has found that proving and authenticating an organization’s digital identity is one of the biggest struggles for companies mitigating B2B payments fraud.

Forty-nine percent of firms recognize that verifying new business customers’ identities is an important challenge they must address, and 16% consider this to be the most important challenge they face, according to “The New B2B Authentication Standard: The Shift Toward Automated Digital Identity Verification,” a PYMNTS and TreviPay collaboration.

The report also found that just 32% of organizations are very or extremely satisfied with their current identity verification and fraud prevention solutions.

Businesses that lack effective authentication are prime targets for invoice fraud on both the accounts receivable (AR) and the accounts payable (AP) side, Candler Eve, vice president and director of enterprise fraud at MidFirst Bank, told PYMNTS in an interview posted in January.

In an increasingly online world, fraudsters have more opportunities to commit fraud and more tools with which to do so than ever before, Eve said.

“We see invoice fraud with some frequency,” Eve said. “I can tell you that across the country, it is rising.”

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The post Stytch Launches Authentication Solution for B2B Products and Applications first appeared on PYMNTS.com.