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The $1.9 billion Allegacy Federal Credit Union based in Winston-Salem, N.C., unveiled a major upgrade to its suite of digital banking products and services Friday, which include Alexa voice banking, smartwatch banking and Verifast palm vein authentication technology. The introduction of Verifast makes Allegacy the first credit union in the Southeastern U.S. region to offer the advanced authentication service in branches and at interactive teller machines (ITMs), according to the credit union.
Offered by the Brookfield, Wis.-based core processor and fintech Fiserv, Verifast uses biometric technology to scan the vein pattern of a member's palm to verify his or her identity. The process is similar to using one's face or thumbprint to log into a smartphone, but provides even more security, as palm vein patterns hold more than five million reference points and no two individuals have the same pattern – not even identical twins, Allegacy noted.
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Natasha Chilingerian
Natasha Chilingerian has been immersed in the credit union industry for over a decade. She first joined CU Times in 2011 as a freelance writer, and following a two-year hiatus from 2013-2015, during which time she served as a communications specialist for Xceed Financial Credit Union (now Kinecta Federal Credit Union), she re-joined the CU Times team full-time as managing editor. She was promoted to executive editor in 2019. In the earlier days of her career, Chilingerian focused on news and lifestyle journalism, serving as a writer and editor for numerous regional publications in Oregon, Louisiana, South Carolina and the San Francisco Bay Area. In addition, she holds experience in marketing copywriting for companies in the finance and technology space. At CU Times, she covers People and Community news, cybersecurity, fintech partnerships, marketing, workplace culture, leadership, DEI, branch strategies, digital banking and more. She currently works remotely and splits her time between Southern California and Portland, Ore.
