Fiserv has integrated palm vein biometric technology into its DNA account processing platform, which will initially facilitate authentication for activities such as withdrawing funds or accessing a safety deposit box.
The Foothill Ranch, Calif.-based Fujitsu Frontech North America Inc. announced its agreement with the Brookfield, Wis.-based core processor Fiserv, which enables Fujitsu's PalmSecure positive identification for accountholders across multiple delivery channels. Fiserv's DNA allows credit unions and banks to customize functionality through a platform featuring an open architecture and relational database.
"The security and integrity of customer financial transactions are paramount for our bank and credit union clients," Steve Cameron, group president, open solutions division for Fiserv, said. "Integrating Fujitsu's PalmSecure biometrics technology with the DNA account processing platform gives our clients an innovative choice for accountholder verification that can reduce risk and advance their branch-of-the-future strategies."
PalmSecure palm vein sensors utilize a near-infrared light to capture a user's palm vein pattern, generating a unique biometric template that is matched against the palm vein patterns of pre-registered users. The PalmSecure device does not come into contact with the skin, making it extremely hygienic, non-intrusive and unrestricted by external factors such as skin types and conditions. Registration for PalmSecure technology users takes less than one minute and authentication takes less than one second.
"We are extremely excited to be partnering with a company like Fiserv, which provides account processing services to more than one-third of U.S. financial institutions," Michi Sugawara, president/CEO for Fujitsu Frontech North America, stated. "We're particularly gratified that they have selected Fujitsu's PalmSecure technology as an option to secure the integrity of their DNA clients' transactions. We look forward to working with Fiserv to identify additional areas where we can assist them in growing their business."
The use of biometrics in financial services is on the rise, and more financial institutions are considering the opportunities it offers, according to a survey from the Finland-based Mobey Forum, a global, mobile financial services industry association. User authentication and payment or transaction confirmation are the most commonly considered usage cases for biometrics in mobile financial services, Mobey Forum said.
Of its 235 survey respondents from around the world, 22% of financial institutions already offer biometrics to their customers and 65% are planning to offer services in the near future, according to Mobey Forum. The main biometrics drivers are: Convenience, innovation perception, increased security and customer retention. The chief obstacles for financial institutions looking to adopt biometrics are dependence on technology providers, perceived privacy issues, reliability of the technology and uncertainty in regard to regulation.
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Roy Urrico
Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).
