The New York State Department of Financial Services (NYDFS) recently issued cybersecurity regulations that require New York banks, insurance companies and other financial institutions to create and maintain a cybersecurity program designed to protect consumers and the financial services industry at large, according to a report by Mondaq. The regulations, which take effect on March 1, require all applicable entities subject to come into compliance with most requirements within 180 days of the effective date. However, certain requirements allow up
Japanese firm Liquid Inc. has launched a payment service using fingerprint authentication in Indonesia. According to a report in the Bangkok Post, the joint venture with Indonesian conglomerate Salim Group is aiming for several hundred thousand users, with plans to offer the payment service to the Salim Group’s workforce of around 500,000. “We are looking forward to developing the next generation payment and business platform in Indonesia, which will contribute to changing people’s lifestyle and have a big business impact
The European Association for Biometrics (EAB) will be presenting a ‘Biometrics in Payments’ session at the European Payment Summit (EPS) on Wednesday, March 8, 2017. The session, moderated by EAB co-founder and Secretary Max Snijder, will provide an up-to-date briefing on developments and trends of biometric applications in financial markets and the transaction space. Onegini and UL TS BV will join the panel discussion. The European Payment Summit (EPS) offers a two day program featuring key developments for and by
Fingerprint solutions developer IDEX revealed that the first end-customer trials for smartcards incorporating IDEX’s biometric sensors have commenced. The trials are in collaboration with the company’s undisclosed global payment provider and previously announced card integrators and identity solution providers. Multiple financial institutions and government bodies are expected to participate in customer trials over the coming months. The end customer trials are one of the final steps in the commercialization process. After completion of the initial trials over the next few
Unisys Corporation has unveiled Elevate by Unisys, a digital banking software platform and suite of applications that assists financial institutions of all sizes with delivering a secure, omnichannel banking experience to their customers. Anchored in Unisys’ Retail Banking Delivery platform, which is used by more than 125 banks worldwide, the built-in adaptive biometric and data analytics used to identify customers, authenticate access and validate transactions also helps to reduce fraud, meet regulatory requirements and reduce PCI and related compliance costs.
Wells Fargo & Co. is developing a voice biometrics-based payments offering for consumers that will reportedly expand beyond the basic day-to-day functionality offered by current virtual financial assistants, according to a report by DigiDay. “These digital assistants like Siri or Alexa — these things are just starting,” Steve Ellis, head of Wells Fargo’s innovation group, said. “There’s a really big future here for how our customers interact with us. We are starting to do proofs of concept with information exchange
The Commonwealth Bank of Australia (CBA) reports that the 685 biometric authentication kiosks introduced in the last year by its South African subsidiary Tyme have processed 100,000 new customers in that country. According to a report in iTnews, the bank claims the kiosks can process new customers in under four minutes by utilizing biometric authentication, and at a cost to the bank of just $4 per new customer. The Android-based, wi-fi connected machines are about the same size as an
Nuance has partnered with behavioral biometrics firm BioCatch to offer continuous authentication and more accurately detect fraud across multiple channels as part of its expanded Nuance Security Suite solution. The partnership will see Nuance incorporate BioCatch’s behavioral biometrics data within its voice biometrics and facial biometrics platform, adding a new layer of protection that allows organizations to flag potentially fraudulent activity based on inconsistencies in the way a person interacts with a device or an application. By learning how a
In an effort to provide a friction-free user experience, Santander banking clients will soon be able to access their bank accounts and authorize payments using just their voice. According to a Sky News report, Santander’s recent update to its iPhone SmartBank app makes it the first UK high street bank to employ voice biometrics technology to allow customers to carry out actions on their account, not just as a login tool. The new technology is currently being piloted on the
The ability to continuously authenticate a user during a session is a major opportunity for financial and banking companies with mobile customers, says Entrust Datacard global vice-president of authentication Ryan Zlockie. Entrust Datacard will make announcements related to continuous authentication at RSA 2017 and in March, the later related to biometrics, Zlockie told Biometric Update in an exclusive interview. “A lot of things are changing with the banks, that are really putting authentication even more front and center,” Zlockie says.