Face biometrics provide operational efficiency opportunity for banks, Telpo says
Banks have an opportunity to improve their business efficiency, reduce errors and improve customer satisfaction by deploying face biometrics, according to Telpo.
UBS analysts have forecast biometric payments could add $5 billion to global banking revenues by 2026, Telpo notes, the development of face biometrics have brought the modality in line with customer expectations for safe and accurate identity verification in banking processes.
Telpo says its C9 biometric facial payment terminal, which uses a 3D structured light camera, can perform facial recognition in seconds with 99.5 percent accuracy, which can both reduce the time taken for manual identity verification, and decrease the chances of errors being made during the process. With many financial institutions seeking to avoid lengthy lineups and form-filling processes through digital transformation, biometric payments can help them optimize their business processes, according to the company.
The C9 terminal also supports encrypted PIN authentication, an IC/MFC module, and QR codes, and comes with EMV, PCI, PayWave and PayPass certifications to guarantee transaction security.
Telpo has also pitched the C9 terminal as an effective solution for advanced vending machines.
A steady trickle of data suggests that consumer interest in using biometrics for payments and other banking processes is rising steadily around the world.