Fazpass's Aspirations to Create the Future of Passwordless Authentication

The more connected humans with various digital platforms to facilitate various activities looks very profitable. On the other hand, there are other aspects lurking, whether it's cybersecurity risks and human error, such as forgetting passwords (Password).

Technology Password in fact it is outdated and full of risks from the main cause of security breaches, but it is still widely used by companies as a valid authentication requirement to log into their platforms. This is because the smoothness of the verification process has a direct impact on the level churn a user.

There is a technology company behind providing these solutions which are usually used by other companies as clients. The problem is, these vendors are scattered and the company has to look for one by one and test it before rolling it out to the public.

Seeing this issue inspired Joel Hartanto Kereh (Founder of Fazpass) to start Fazpass at the end of last year. Before Fazpass, entities used Branding Citcall, verification provider with features missed calls since 2017.

In a joint interview DailySocial.id, Joel said that the presence of Fazpass is actually necessary because currently the industry needs authentication solutions, not just one product. Because needs are increasingly diverse, a solution on one platform is needed.

Fazpass is a multi-factor authentication service provider that helps companies engage omnichannel and multi-provider with just a single API integration.

"It's like Fazpass it's like Tokopedia, like Citcall merchant-his. "So Fazpass can accommodate many vendors, such as Citcall and friends, to enter as vendors/merchants at Fazpass because we specialize in the field of 2FA and OTP verification," said Joel.

He continued, "We want it to be easier for companies because in the world of verification there is no Tokopedia yet. What we see, problemPeople go to Tokopedia when they want to look for something, it doesn't matter which store it comes from, what matters is whether it's cheap or not expired. So that's what we want to implement. Than connect to one vendor we have to search one by one, we want pool in the best solutions from various vendors."

So far, Fazpass has collaborated with more than 30 strong technology company vendors in their respective fields, including Qiscus, Mailgun, Mekari Qontak, Kata.ai, Gupshup, MTarget, Jatis Mobil, and many more. They provide verification solutions, starting from SMS, email, missed calls, Official and Unofficial WhatsApp, and SIM Based Verification.

Business model and market potential

Joel explained, the business model provided by Fazpass is freemium. Clients will be provided with a dashboard to select more than one vendor which they are looking for and immediately carry out trials in it, everything is in the form of an API for easy integration. Then analyze and compare which solution is best for the client.

However, if clients are interested in additional features of Fazpass, such as automatic OTP cost optimization, fraud detection services, and seamless authentication so there is no password, there are additional costs. However, this fee will only be charged if you use it (pay-as-you-go). Plus, because it is API-based, the integration process is much faster. Some take a matter of hours or a maximum of two days.

In terms of business prospects, he continued, this solution is actually a global issue that is needed by many parties. Because, beyond security and usability, the tight economy makes it increasingly important for organizations to refocus their development efforts on the core initiatives that will drive their business.

Passwordless authentication offers a solution, but only if application developers have the tools and resources to implement it. By outsourcing authentication and user management, organizations can increase user adoption and conversion, speed time to market, reduce login fraud, and save developer time. In the global market, solutions like Fazpass are also provided by Stytch and Descope.

"Now OTP is a necessity that many people realize that this is the simplest and most secure security than passwords. By helping more companies integrate this 2FA method, we hope that it will be better and more efficient for them to choose which one is the cheapest."

It is claimed that Fazpass clients reach more than 30 companies, the majority coming from technology companies and startups which are known to be more adaptive to change.

Receive funding

For the record, Fazpass is the newest portfolio from DS/X Ventures, with an undisclosed investment amount. According to Joel, the fresh funds that will be received will be used to develop the latest technology to realize his vision of bringing the era passwordless, one of which is through optimization.

For example, later the Fazpass dashboard can provide recommendations on which method is most optimal based on the consumer's location, by detecting their cellphone number whether they are in a multi-storey building or not. Because, if you are in a tall building, verifying OTP with SMS will certainly be expensive and not necessarily successful.

"From the vendor's side, their incentive is to sell as many OTPs as possible, but Fazpass is not positioned like that. We want clients to get the best solution. So it's not always SMS or WhatsApp, how to keep it optimal. Apart from that, we will also use the funds to go-to-market, I want to introduce this Fazpass product because it is still new."

Before DS/X, the company (through Citcall) had received a number of early stage funding from 1982 Ventures, Prasetia Dwidharma, and Chris Angkasa.

Regarding the future of Citcall, Joel confirmed that his startup will continue to operate and become a vendor under Fazpass. "From source the product team is there overlap, but technically there is something different. But for Sales"We are now not forcing you to sell Citcall but are directing it to Fazpass."

Joel admits that Citcall's business development is very healthy and has even made a profit. However, since deciding to start experimenting with Fazpass, there have been investments that have had to be made, but everything is still measurable.

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Disclosure: DS/X Ventures (part of DailySocial Group) is one of Fazpass' investors