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 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
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 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 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
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 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.
Arvato Financial Solutions has partnered with behavioural biometrics firm NuData Security to develop a joint solution that integrates behavioral analytics and passive biometrics with a common platform, giving joint clients a more comprehensive understanding of their users in order to provide a frictionless and enhanced experience for legitimate customers while protecting against abuse. According to a company statement, Arvato Financial Solutions has chosen best-of-breed partners combining cutting-edge technologies with their local market know-how and analytics expertise to combat increasingly complex
Fujitsu has launched Smart Origination, customer onboarding technology developed in unique partnership with ImageWare Systems, InAuth, Intelligent Environments, Mitek and Trunomi. The solution enables financial institutions to collect, process and verify documents and the identity of new applicants in less than five minutes. It operates across multiple channels to give a seamless customer experience, ultimately increasing conversion and reducing the cost of acquisition of new customers. According to a company statement, the Smart Origination solution reduces identity fraud by up
India’s ministry of electronics and information technology has started enrolling vendors for providing iris-based Aadhaar authentication devices to facilitate the government’s e-governance promise and transition towards paperless transactions, according to a report by Infracircle. The National Democratic Alliance government is looking to provide financial services to all citizens through biometric identification through JAM (short for Jan Dhan, Aadhaar and Mobile) trinity. The Aadhaar-enabled devices captures the people’s personal information as well as their finger and iris imprints for real-time authentication.