Certification clears way for faster, compliant background checks
FINRA EFS certification is the gold standard for broker-dealer fingerprint submissions because it confirms that a vendor’s software encrypts biometric data in transit and at rest while following FINRA’s strict transmission protocols. By meeting those technical benchmarks, Bayometric’s solution can now send fingerprints directly to FINRA for broker and employee background checks, eliminating paper cards and the delays that come with mailing or scanning them. According to FINRA’s own fingerprinting FAQ, electronic submissions reduce processing time from days to hours, a benefit that Bayometric can now offer to its customers.
“Achieving FINRA EFS certification is a testament to our commitment to providing secure and reliable biometric solutions,” said Shrikant Shah, CEO of Bayometric. “This certification not only validates the robustness of our live-scan software but also reinforces our dedication to supporting the compliance needs of financial institutions.”
Broader trend toward modern biometric platforms
Bayometric is not the first biometric specialist to target FINRA-regulated firms—Telos ID earned the same approval in 2019, signaling an industry shift toward cloud-ready, audit-friendly fingerprint platforms. Telos ID’s FINRA certification helped open the door, and Bayometric’s entry shows growing demand for choices in a market that expects tighter data-privacy rules and higher volumes of due-diligence checks.
The newly certified software encrypts fingerprint images end-to-end, stores metadata in tamper-evident logs for compliance audits, and supports automatic retries if network interruptions occur. Financial institutions can integrate the platform with existing HR or onboarding workflows using a standards-based API, enabling recruiters to launch a fingerprint session as soon as a candidate accepts an offer. Bayometric says early adopters have seen onboarding times drop by up to 40 percent when switching from ink cards to live-scan submissions.
Beyond efficiency, the company is positioning the certification as proof that its security controls satisfy regulators. FINRA’s 2025 Regulatory Oversight Report highlights biometric data stewardship and encryption at rest as priorities for member firms, making compliant vendor technology increasingly attractive. With both FBI Appendix F and FINRA EFS badges in hand, Bayometric can now market a single, dual-certified platform to banks, broker-dealers, and fintech startups that must answer to multiple watchdogs.
Bayometric expects the certification to expand its customer base in the United States and, eventually, in overseas markets that accept FINRA standards as a proxy for strong data-protection controls. For financial-services firms looking to speed up hiring while tightening fraud defenses, a FINRA-approved live-scan system may soon be the default rather than the exception.
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By the ID Tech Editorial Team
