Citi introduces biometric authentication to replace passwords on institutional platform
Citi Treasury and Trade Solutions (TTS) has launched biometric authentication for its CitiDirect BE desktop and mobile platforms, enabling clients to log in using fingerprint or facial recognition via the CitiDirect BE smartphone app.
Institutional clients use CitiDirect BE to access a range of global cash, trade, liquidity, and investment services in 26 languages from 95 countries. Its legacy authentication process involves a multi-step process in which tokens are used to generate passwords, while the biometric process reduces the time to access the platform to seconds.
“We continue to deliver digital solutions using the latest technology to provide value for our clients, as they digitize their own processes,” says Citi Treasury and Trade Solutions Global Head of Channel and Enterprise Services Tapodyuti Bose. “By leveraging existing built-in biometrics authentication capabilities on mobile devices, clients can now access CitiDirect BE quicker, further enhancing the user experience.”
Citi says the replacement of passwords with biometric authentication reflects its commitment to improving client experiences, and its work with fintech and other companies to secure and enhance interactions. The biometric service is now being piloted in certain key markets.
With banks expected to serve 1.9 billion customers with biometric authentication by the end of 2020, implementing secure and convenient biometric access for the multinational corporations, financial institutions and public sector organizations Citi TTS serves seems like a natural early step in the technology’s roll-out.