Fiserv solution makes customer authentication VeriFast
Fiserv Inc, a provider of fintech solutions, has introduced Verifast: Palm Authentication, a solution designed to help financial institutions mitigate fraud, reduce transaction times and improve service delivery in the branch.
According to a Fiserv press release, the solution integrates Fujitsu PalmSecure biometric technology with the Fiserv DNA account processing platform and is available to users of the platform.
The company said that the technology can increase authentication speeds more than 90 percent, reducing keystrokes, eliminating search screens and minimizing transaction errors. As a result, tellers can spend more time interacting with customers and less time verifying identification.
Verifast: Palm Authentication detects an individual’s unique palm vein pattern when he or she holds a hand above an infrared scanning device. Authentication is exceptionally secure and accurate, Fiserv said. Palm vein patterns are complex, with more than 5 million reference points, and the veins themselves remain stable throughout a person’s life.
Gesa Credit Union in Richland, Washington, piloted the solution at three of its branches and now plans to offer the service at five additional branches, the release said.
“We benchmarked our traditional process and found that it takes about 15 seconds for a member to authenticate themselves at a teller station,” said Karl Guynn, director of products at Gesa Credit Union. “Palm vein authentication takes about one second, so we’ve shaved 14 seconds off each transaction. … It’s more secure and our members and our tellers love it.”
According to research from Raddon Financial Group, 83 percent of consumers perceive palm authentication to be somewhat to extremely valuable for banking transactions. In surveys of consumer beta testers, 97 percent of consumers who have tried the technology report they are likely to use it again in the branch environment.
“Security is a big deal to our members,” Guynn said. “Offering a biometric authentication capability like Verifast: Palm Authentication demonstrates to our members that it is a big deal to us, too.”