MasterKey
Passwordless Authentication
About BankVault
BankVault Pty Ltd is a cyber technology innovator with solutions to secure User Input, Endpoints, Identity and Access Management.
The team originally had success releasing a cloud computing platform technology called Rainmaker which was based on super-computing infrastructure. The system could build and release virtual machines in 2-seconds when competitors like Amazon were taking 40-minutes. The architecture ensured each build had the latest version of every software component. It was “Future-proof computing – built in seconds” and reduced IT roll-outs and TCO from ongoing maintenance by 90%. The technology was recognised by Rackspace, profiled by Robert Scoble for his video series, and being considered for a pilot by Stanford University when the company fell short of funds and was forced to retract.
In 2015 the team pivoted, applying this same technology to solve a different problem – hacking of bank accounts and trust accounts. The sales cycle reduced from 10-months to 10-minutes, at 10x the price per user, and 1/10th of the cost of delivery. It was 1,000x leverage and team re-branded as BankVault to focus on cybersecurity. It won Top Fintech Startup worldwide in 2016 at Silicon Valley Forum’s World Cup hosted by Microsoft. The technology was presented to the US President’s Senior Advisor on Cybersecurity and was later signed by Equifax to sell BankVault’s end-user products into its client base.
In July 2020 the company announced the release of a new Passwordless login solution for enterprise webservers. Based on the earlier innovations the unique combination of technologies creates a formidable technological advantages. It solves a major security flaw in Password Managers. It can be deployed in hours where competing solutions require weeks or months.
The company has a treasure chest of innovative technologies, patent applications and trade secrets protecting its IP, including yet-to-be-released products. The mantra of the Executive Management team is focus on doing one thing – Passwordless.
The company is was founded in Perth Australia, and has offices in San Francisco and Sydney. It seeks expansion through sales partnerships.
MasterKet by BankVault
MasterKey is an intelligent new approach to create Passwordless Authentication for websites that is invisible and frictionless for users. The seamless experience achieves MFA in one step and is 10-100x faster to deploy than other solutions because it requires:
– No client software or user setup
– No change management
– No backend system changes.