Diamond Fortress subsidiary to enable financial inclusion for emerging markets
DFT Empower is working with financial institutions, software integrators, micro-finance organizations and others who require mobile biometrics and are focused on geographic areas where citizens are underserved or unserved all together.
The subsidiary strives to enable financial inclusion to emerging markets, with the intent to improve the lives of people in lower and low income areas throughout the world.
“We saw how getting more people involved in the global financial system would benefit not only the newly-banked individual, but also his or her community,” Chace Hatcher, CEO of both companies, said.
Using Diamond Fortress’ ONYX software, DFT Empower allows people to open a bank account remotely using only their phone without a touch-based fingerprint sensor.
The touchless nature of ONYX allows it to be more accurate and captures the entire finger pad. In comparison, most touch-based sensors only capture one-third of the pad, at most.
In addition, DFT Empower was recently awarded a grant from DFS Lab (which is funded by the Bill & Melinda Gates Foundation) to improve the liveness detection and anti-spoofing capabilities of ONYX.
DFT Empower’s first partnership is with Paysys Labs Pvt. Ltd, a software integrator in Pakistan, in which Paysys integrated their Instascan mobile solution into JS Bank Ltd’s mobile solution, J-Cash.
The combined solution, allows consumers to verify their identity against the Pakistan National Database and Registration Authority (“NADRA”) system for the purpose of sending and receiving domestic payments in compliance with forthcoming Pakistan Central Bank regulations.
“JS Bank is pleased to be the first bank in Pakistan to introduce the mobile-based biometric authentication technology which will cater to our banking customers’ needs by providing a much more convenient way to authenticate themselves and avail our banking services instantly,” Khurram Shaikh, chief digital officer at JS Bank, said.