Financial ID Briefing: Fingerprint Scanning Payment Cards Get Commercialized

The Financial ID Briefing brings you top highlights from the world of biometrics, mobile ID, and finance. It is powered by FindBiometrics and Money20/20.

Fingerprint Scanning Payment Cards Get Commercialized

Smart cards continue to be the latest battleground for the fingerprint sensor integration wars, and payment applications are the popular use case fueling the fire. Two new orders of Zwipe’s biometric payment card solution, announced by the company last week, serve as evidence of how quickly things have heated up in the fingerprint smart card space.

While Zwipe has not named either of its new payment card clients, the company referred to them as “and undisclosed customer in Asia,” and “a global tier-1 card manufacturer,” respectively. Both new clients are expected to deploy the smart cards before year’s end.

Zwipe’s commercialization news came within days of MeReal’s biometric card deployment in an open air casino. MeReal’s V2 card features biometrics tech courtesy of Fingerprint Cards and Precise Biometrics, and while it is currently only used in physical access and time tracking capacities, payment applications are in the pipeline.

Apple Confirms P2P Money Transfers Via Siri

Apple officially confirmed that an iOS update scheduled for this fall will enable peer-to-peer mobile payments on the iPhone. Rumors that Apple would bring P2P money transfer to its mobile commerce offerings, further positioning its payments platform as a PayPal alternative by competing with Venmo, have been persistent this year.

Apple’s P2P service will work in tandem with Apple Wallet, and payments to peers can be made via the Messages app or even by voice command through the Siri AI platform. The latter functionality fits into a larger trend of artificial intelligence enabled payments and retail, along with Microsoft Cortana’s comparison shopping skill and Amazon Alexa’s increasingly robust commercial abilities.

The IoT is Transforming Payments, and Visa is Ready to Adapt

Over 80 percent of Americans expressed a strong interest in using connected devices to conduct purchase transactions in a study conducted by Visa and PYMNTS.com on a sample of 2,600 adult smartphone owners. Furthermore, 75 percent of the survey’s respondents reported that they already use non-smartphone devices to conduct said transactions — wearable tech, Amazon Alexa, video game consoles, etc. But despite this expressed enthusiasm, the results showed widely held concern regarding data privacy.

In light of these survey results, Visa is promoting its token service provider (TSP) program, aiming to provide that in-demand layer of privacy and security assurance. The tokenization services provided by the financial institution replace cardholder data with unique encrypted tokens exchanged in online financial transactions that, if intercepted, offer no personal user information to bad actors. The TSP program was launched in fall of 2016. Last week Visa announced the program boasts 13 new partners.

Partners

FaceTec’s patented, industry-leading 3D Face Verification and Reverification software anchors digital identity, creating a chain of trust from user onboarding to ongoing authentication on all modern smart devices and webcams. FaceTec’s 3D FaceMaps™ finally make trusted, remote identity verification possible. As the only technology backed by a persistent spoof bounty program and NIST/iBeta Certified Liveness Detection, FaceTec is the global standard for 3D Liveness and Face Matching with millions of users on six continents in financial services, border security, transportation, blockchain, e-voting, social networks, online dating and more. www.facetec.com

AuthenticID provides 100% automated identity verification and fraud detection solutions that are leveraged by companies worldwide, including 2 of the top 3 U.S. Banks, 8 out the top 10 wireless providers in North America, and 2 of the 3 credit bureaus. Using proprietary computer vision and machine learning technology, these solutions help companies accurately verify the identity of their users across retail, digital and call center environments for onboarding and ongoing re-authentication events; KYC, IAM, and more. The solutions are easy to integrate and provide customers a large ROI by stopping fraud losses, increasing customer conversion at onboarding, reducing operational costs and allowing quick and cost-effective operational scalability, all while ensuring global privacy regulations are complied with. https://www.authenticid.com/

Anonybit is a privacy-focused technology platform that provides decentralized solutions for securing personal data, particularly biometric information. Rather than storing sensitive data in centralized repositories, which are vulnerable to breaches, Anonybit uses a distributed architecture that breaks data into smaller encrypted bits and stores them across a network of decentralized nodes. This approach ensures that no single entity has access to the full dataset, enhancing privacy and security, even preventing insider threats. Anonybit is used by leading banks, fintechs and other enterprises for critical biometric identity functions like deduplication and blocklist checks, step up authentication, passwordless login and account recovery https://anonybit.io/

Identity Week aims to be a significant identity industry catalyst. It’s our mission is to help accelerate the move towards a world where trusted identity solutions enable governments and commercial organisations to provide citizens, employees, customers and consumers with a multitude of opportunities to transact in a seamless, yet secure manner. All the while preventing the efforts of those intent on doing harm. https://identityweek.net/

The Biometric Digital Identity Prism is a market landscape framework designed to help influencers and decision makers understand, innovate, and implement digital identity technologies and solutions. This innovative framework for understanding and evaluating the rapidly evolving biometric digital identity marketplace is the only market model that is truly biometric-centric based on the foundational conviction that in the age of digital transformation the only true, reliable link between humans and their digital data is biometrics. https://www.the-prism-project.com

ID R&D is an innovator of biometric facial liveness, document liveness, and voice biometrics. Ranked #1 by NIST, our patented passive approach to liveness, and specialized detection of voice clones, injection attacks and deepfakes, empowers KYC and authentication systems with fast, accurate and secure biometric verification technologies. Over 140 partners in more than 70 countries are collectively processing hundreds of millions of identity checks per year. ID R&D solutions easily integrate with mobile, web, messaging, smart speakers, set-top boxes, and IoT devices. Learn more: www.idrnd.ai

Fingerprint Scanning Payment Cards Get Commercialized

Apple Confirms P2P Money Transfers Via Siri

The IoT is Transforming Payments, and Visa is Ready to Adapt

Footer

Follow Us