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

India working to replace cash with biometric e-payment

The chief executive of India’s leading economic development agency told attendees at the World Economic Forum in Davos that the country could introduce biometric payments within three years, thereby eliminating the need for cash and typical electronic payment methods, including: automated teller machines, along with debit and credit cards. Amitabh Kant, National Institution for Transforming India, was quoted in a CNN news affiliate report as saying that such now commonplace e-payment methods may be “totally redundant” by 2020. According to

HSBC appoints cybercrime-focused technology advisory board

HSBC has appointed a new technology advisory board of senior CEOs from around the world who will be focusing on how the bank can benefit from technological innovation, fight against cybercrime, and ultimately leverage its global infrastructure. The board comprises of Transmit Security CEO Mickey Boodaei in the role of cybersecurity expert, Token CEO Steve Kirsch as open banking expert, Ripple executive chairman Chris Larsen as expert in blockchain, Spark Capital and Silicon Valley Venture Capital general partner Megan Quinn,

Touché launches biometrics-based loyalty and payment platform

Touché released what it calls the world’s first biometric loyalty and payment platform, eliminating the need for physical payment or loyalty cards. Manufactured in Singapore, Touché is a rectangular device comprised of a magnetic stripe reader, chip reader, and a 2.2-inch biometric fingerprint sensor that is certified and capable of multiple payment options. According to the company, the fingerprint sensor delivers the highest resolution in the market to detect two fingers for efficient payments. After an initial enrollment, customers can

Secure mobile banking with biometrics

This is a guest post by David van Damme, responsible for partnerships and business development at bunq‎. The mobile industry is constantly evolving, particularly when it comes to what we are able to do with our devices. No trend highlights this better than the innovations occurring in mobile banking and fintech. However, the biggest challenge facing companies in mobile banking is the balance between offering a secure and simultaneously user friendly experience. Dutch-based, mobile-only banking firm bunq is on the forefront

Tascent launches dual iris and face recognition systems

Tascent introduced its InSight One high-throughput dual iris and face recognition system on Thursday. The InSight One’s performance, compact size, and human-centric design and usability overcomes traditional barriers to biometric use and enables a wide range of next-generation applications, according to the company. Intended for use in consumer travel, border control, access management, financial services, and identity management, the InSight One builds on the capabilities of the InSight Duo, which is used at airports including Dubai GDRFA and London Gatwick.