Biometrics To Help ATMs Keep Up With Next Gen FinTech

Biometrics To Help ATMs Keep Up With Next Gen FinTechParagon Application Systems, a provider of testing solutions to the financial services industry, has revealed its involvement in an industry-wide innovation program aimed at making sure that ATMs continue to advance and keep up with cutting edge technologies.

The company has announced that a testing program organized in collaboration with ATMIA, the ATM industry’s non-profit trade association, has been underway for over a year. While the company’s statement offered few specific details about the program, Paragon highlighted technologies including “mobile banking apps, cloud services, cardless ATM access, NFC and biometric authentication” as part of “[t]he blueprint for next generation ATMs”.

As Paragon CEO Jim Perry explains, these kinds of innovations “are being demanded by consumers as an alternative to branches that can save them time and add more convenience to their banking experience.” Meeting these demands “requires the industry to move forward with next generation testing practices simultaneously.”

The comments come at a time when the payment card industry appears to be racing toward biometric, contactless card solutions that allow users to tap their cards at POS terminals while scanning their fingerprints for user authentication. If these biometric payment cards catch on among consumers as they are expected to, there could be growing demand for the kinds of biometric ATMs that have been under development by groups like Diebold for years now.

February 23, 2018 – by Alex Perala