Prove

Nine of the top ten US banks rely on Prove for identity verification, which tells you something about where this technology sits in the financial services stack. Prove is a phone-centric identity platform founded in 2008 as Payfone, holding over 200 patents across authentication, identity verification, and fraud prevention. Its core premise is that a mobile phone number, when cross-referenced against a registry of over one billion identity tokens, is a more accurate and less intrusive verification signal than document scans or selfies.

For financial institutions onboarding clients digitally, the friction-versus-fraud trade-off is a persistent operational problem. Prove addresses this through four primary products:

• Prove Pre-Fill: pre-populates application forms with verified identity data, reducing onboarding time by up to 79%
• Prove Identity: verifies name, address, date of birth, SSN, phone, and email using phone-based signals without document uploads
• Prove Auth: passwordless authentication that replaces OTPs and legacy MFA
• Prove Identity Manager: real-time registry tracking phone identity tokens through lifecycle changes

The platform processes over 30 billion authentication events annually and has been deployed by banks, fintechs, card issuers, and healthcare systems. Published case studies cite a 35% reduction in registration drop-off and a 75% fraud rate reduction at a major card issuer. For a family office or private bank evaluating digital onboarding infrastructure, Prove is an enterprise API vendor, not a point-and-click tool. Integration requires developer resources, and pricing is not publicly disclosed. The platform is oriented toward high-volume consumer onboarding workflows rather than the low-volume, high-touch client relationships typical of single-family offices, making it more relevant to multi-family offices or private banks operating at scale.