Biometric ID firm AimBrain has closed its $5.1m financing round

London-based biometric identification startup AimBrain has closed its £4 million (US$5.1 million) Series A round, according to a report by B Daily. Founded in 2015 by Andrius Sutas and Alesis Novak, AimBrain’s latest round of funding has been led by BGF Ventures alongside Episode1, Entrepreneur First and angels including Simon Rozas, Chris Mairs and Charles Songhurst. The company will use the funds to grow out its ‘biometrics as a service’ offering, which is primarily targeted at financial services businesses and

Signicat launches mobile authentication product

Identity assurance firm Signicat has launched MobileID, the company’s new mobile authentication product. In addition to providing fast onboarding and identity assurance to financial service providers using several digital identity schemes, Signicat now offers strong customer authentication (SCA) using the end-user’s smart device. The European Union’s upcoming Payment Services Directive (PSD2) legislation will mandate that many transactions over €30 (US$33.8) must be authorized with at least two-factor authentication. MobileID will enable financial services providers to offer multi-factor authentication in advance

Navigating FinTech Disruption

Navigating FinTech Disruption July 10 – 14, 2017 Silicon Valley Navigating FinTech Disruption is a one-of-a-kind opportunity to learn about the latest trends in FinTech, directly from the Silicon Valley insiders. Designed specifically for financial services executives, the program includes 5 full days of immersive experience with the most innovative Silicon Valley companies and presentations by experts to provide insights into the impact of technology innovations on finance. Past attendees include Bank of Queensland, National Bank of Belgium, IAG New

Bytes Systems Integration launches biometrics-as-a-service solution

South African IT services provider Bytes Systems Integration has launched cloud-based biometric solution BioVault, according to a report by IT Web. Bytes developed and hosts the new cloud biometric service, which enables financial services providers to access biometrics without the risk of an upfront capital investment, according to Nick Perkins, divisional director of identity management at Bytes. BioVault allows companies to rent devices for capturing biometric data, as well as demographic information, a photograph, a signature and relevant documentation —

Personal banking: meet Alexa, Siri and Cortana

This is a guest post by Michael Boukadakis, the founder and CEO of Enacomm. Artificial Intelligence (AI) is no longer science fiction. It’s an emerging business technology that is beginning to transform industries, including banking. Oxford Dictionaries defines AI as the “theory and development of computer systems able to perform tasks that normally require human intelligence, such as visual perception, speech recognition, decision-making, and translation between languages.” Once a futuristic concept, one-tenth of companies in the financial services, manufacturing, retailing,

SIT selects Applied Recognition’s face authentication technology for financial services

Strategic Information Technology (SIT) has selected Applied Recognition’s Ver-ID face recognition solution to add further biometric authentication and security capabilities to the company’s Portfolio Plus suite of products for the financial services industry. Ver-ID Authentication is built on Applied Recognition’s FaceLocate, a face recognition algorithm the company developed by training over a decade on hundreds of thousands of faces. As a result, FaceLocate can achieve up to 99.99 percent accuracy, mapping facial features to generate a unique faceprint for each

ID4Africa to provide special symposium on financial sector

This year’s ID4Africa conference will offer a mini-symposium on identification in the financial sector focused on both banking applications and payment solutions. The symposium will be held during the three-day ID4Africa event, scheduled for April 26-28, 2017 in Windhoek, Namibia. ID4Africa bills itself as a multi-stakeholder movement that promotes the transparent and responsible adoption of digital ID management in the service of development in Africa and the organization holds an annual forum and an exposition on digital identity and associated

NYDFS finalizes cybersecurity regulations for New York financial institutions

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

MCB Islamic Bank offering Diebold Nixdorf’s biometric ATMs in Pakistan

Pakistan bank MCB Islamic Bank Limited has partnered with German fintech firm Diebold Nixdorf Technology to provide biometric-enabled cash dispensing technology and software to the country’s unbanked population. The new technology, which features biometric authentication and is powered by Diebold Nixdorf’s software, will enable the bank to drive connected commerce, improve the consumer experience, and deliver a seamless experience across its entire network. “As financial institutions expand their reach within the region, we will continue to serve as a true

Hong Kong startup Neat approves prepaid cards through facial recognition

Hong Kong startup Neat recently launched prepaid credit cards that enable users to register instantly through facial recognition technology, according to a report by South China Morning Post. Launched in early December, Neat’s prepaid credit cards are designed specifically for students and first-time jobholders with limited or no credit history who can’t get approved for a credit card from traditional financial institutions. “We are targeting the millennial demographic, students or young professionals who … don’t necessarily qualify for a credit