Fiserv System Authenticates Bank Customers by Palm Vein Scan

FinTech specialist Fiserv has launched a new biometric authentication system for banking applications. Called Verifast: Palm Authentication, the system scans palm vein patterns to quickly identify users.

It’s based on palm vein biometrics technology developed by Fujitsu, which Fiserv began to integrate into its “DNA” account processing platform last year. Banks that deploy the solution will be able to identify their customers by having them hold their palms over an infrared sensor, a process that Fiserv says is fast and secure.

The system was already tested in a pilot project at three Gesa Credit Union branches in Washington, where it was evidently a success, given that Gesa plans to bring it to five additional branches. Commenting in a statement, Gesa Credit Union Director of Products Karl Guynn asserted that it reduced the customer authentication time from 15 seconds to one, adding, “It’s more secure and our members and our tellers love it.”

The solution arrives at a time when the financial services industry is increasingly interested in biometric authentication. Many banks are starting to implement voice recognition for their call centers, and ATM maker Diebold has been working on units that use iris scanning for authentication. In such a climate, Fiserv’s Verifast: Palm Authentication system could find a ready market.

–

June 15, 2016 – by Alex Perala