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How Capital One sees digital identity as a business opportunity

Last year, the bank debuted an application programming interface, or API, for digital identification. It also partnered with Xero, a data-sharing fintech for its small-business customers. Confyrm’s capabilities will allow Capital One to look into external accounts associated with a customer’s identity, detecting account takeovers or fraudulent accounts outside of the bank.

“It fits with Capital One’s strategy, not just from a digital identity services perspective but with the broader platform business model that Capital One has used to expand its set of services beyond just a narrow set of financial services,” Shevlin said. “Capital One is positioning itself to become the Amazon of banking more than any other big bank is.”

Nash was the director of identity services at Google as well as the senior director of consumer identity at PayPal. He announced in a blog post that Confyrm, which he founded in 2013, would be sold to Capital One.

“We were eager to scale our efforts to help restore trust in digital identities, and we were fortunate to find a partner in Capital One, who shared our vision and commitment to improving consumer identity protection,” Nash wrote in the post.