October 2, 2013 – by Peter B. Counter
Banco Supervielle won a Financial Innovation Award at September’s FELABAN CLAB 2013 Congress in Miami for its pensioner biometric identification project. The Argentinean private bank has Lumidigm to thank for this, the biometric solutions provider making it possible for Banco Supervielle to streamline the payment and transfer processes surrounding pension checks by offering biometric authentication as a replacement for the lengthy verification process that used to keep retirees from receiving monthly stipends.
The need for strong authentication came from Banco Supervielle’s war on fraud: unauthorized persons were attempting to cash pension checks belonging to deceased individuals. In order to prevent this a painstaking process had been enacted in order to confirm the identity of retirees, an incredible inconvenience of time considering approximately one million pensioners each month are needing authentication.
Juan Carlos Tejedor, Lumidigm’s sales director for Latin America points to the company’s signature multispectral imaging as the main factor in the success of Banco Supervielle’s system: “Lumidigm’s multispectral technology, with its unique capability of reading fingerprints of older people on the first try, will replace the previous tedious and slow process with one that is fast and fair to the senior citizen.”
Lumidigm is a veteran of fingerprint authentication when it comes to finance in Latin America, having major ATM deployments in Brazil. Banco Supervielle, using the same V-Series sensors, is currently enrolling 7,900 retirees per day and, according to bank CIO Claudio Ercolessi, plans to have 800,000 in the system by the end of the year.
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