Connect with us

Technology

BIOMETRIC PAYMENTS – FORGET SENSOR SIZE, FOCUS ON PERFORMANCE

By Jonas Nilsson, Product Manager at Fingerprints

Biometric authentication has come a long way in recent years. Launched in the first Android smartphone almost five years ago, fingerprint touch sensors have quickly overtaken PIN as consumers’ preferred authentication method.

Now, demand for the same level of security and seamless UX is growing across other payments form factors like smartcards and wearables. But as we look to the future, it’s worth taking a closer look at how the changing size and performance of biometrics came to transform the smartphone market, and what that means for these new form factors.

Biometrics’ march into mobile

Since entering the mobile market, we’ve continually been refining our biometric technology to meet ever-evolving customer and device maker requirements.

Adoption grew rapidly, seeing the number of smartphones integrating fingerprint scanners rise from 3% in 2014 to a whopping 80% in 2018. But this growth also correlates nicely with the reduction in sensor size.

Unlike other types of biometric authentication such as facial or voice recognition, which utilize a multi-purpose device like a camera or microphone, fingerprint requires a separate sensor. For device manufacturers, this posed significant technical and cost challenges.

The smaller the sensor, the lower the cost, and the more flexible OEMs can be in design and integration. For fingerprint biometrics in mobile to truly become mass-market, scaling down our sensors was not a choice, it was a necessity. But reduction in size did not equal compromise.

When it comes to fingerprint sensors, as with many things, bigger does not always mean better. Through extensive R&D, optimal biometric performance and security is possible and mass adoption is less a question of size, and more about system and biometric understanding.

Software is the key to biometric performance

Scaling down a sensor’s physical size does not impact security. And the secret is the optimization and balance of all components included; hardware and software, working in harmony.  

Better software creates a better experience overall: enabling users to authenticate themselves by touching the sensor at any angle, minimizing false rejections, and most importantly, almost eliminating the chance of false acceptance.

As software for smartphone sensors has advanced, it has been possible to both reduce sensor size while improvingperformance and security. For this reason we’ve seen demand soar for our active capacitive sensors and have now shipped 1 billion worldwide.

Applying the lessons learned to payments

Success in mobile has undoubtedly set the stage for the role biometrics will play in our financial lives. To make the security and convenience of biometrics a reality for card and wearable payments, it’s important to utilize the lessons learned from mobile.

Continuing to champion the combined power of quality hardware and software remains essential to progress. With extensive R&D, sensors have become thinner, more flexible and ultra-low power enough to make the biometric payment card possible. Our software is already the best on the market, but we will continue our quest to develop even more effective sensors and software, and with time and scale make similar improvements within payment as we have seen in mobile. Sensors will get even smaller, in order to fit into new payment form factors like smart watches and rings. While sensors get smaller, the performance and security will be maintained or even increased, giving payment card and wearable manufacturers greater design and UX freedom.

With contactless card trials launched from the U.S. and Europe, through to the Middle East and Asia, and the world’s first volume order of fingerprint sensors for cards placed earlier this year, we can expect this form factor to be making its way into the hands of consumers soon.

But it doesn’t just stop there. The opportunities are endless for biometrics to be added to a range of other form factors – from wearables to USB dongles and other IoT devices.

As a final point, we as technologists are not here to dictate what sensor size banks and card manufacturers prefer to integrate. The implementation, as with mobile, will be driven by the market. However as biometric experts we know what it takes to ensure maximum performance and security in each case and will continue to drive the market forward together with our strong partners.

So, don’t get hung up on size, it’s performance that you actually desire.

Want to learn more about the work we’ve done to bring biometrics to payments? Download our latest infographic.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

ARTIFICIAL INTELLIGENCE AND FUTURE OF TECHNOLOGY

Ashish Jain, CEO, Future FX

 

Artificial Intelligence refers to machine intelligence that is programmed to think like humans and mimic their actions. For example while writing this article, I am not actually typing it but dictating it out using the microphone and the text is being typed by Microsoft Word itself.

The ideal characteristic of artificial intelligence is to rationalize and take actions to achieve a specified goal.

As technology advances the previous methods of artificial intelligence are taken for granted as new necessities are conjured. For example the computer was one of the most iconic invention of artificial intelligence but now it is considered as mandatory.

Artificial intelligence is continuously evolving and has to evolve. Machines are made in a way that they understand mathematics, linguistic, psychology and many more other terms that are related to human mind.

Artificial intelligence is used in many sectors for example the medical sector. It is used to test drugs and medicines.

We have applications and games which includes chess where the computer plays against us this is also a feature of artificial intelligence. Similarly self driving cars are also an invention of artificial intelligence. These have to be designed very intelligently.

This can also be used in the financial industry to trace and flag activities in banking and finance such as unusual debit card activity or usage and large deposits.

This also helps to estimate the demand supply and prices of the estimates and that makes trading easier.

Earlier, we had to pay a visit to bank on order to deposit a cheque. Then we updated to ATM/Debit Cards and now you can be identified by your retina. Many different sectors have also adapted this method to make actions it more convenient and safe.

Some more examples of artificial intelligence are iPhone’s Siri, Google’s Smart Assistant, Amazon’s Alexa, Google Maps, Ride- sharing apps like Uber and Ola, diseases mapping, Automated investing, virtual travel booking, social media monitoring, inter team chat tool, NLP tools, etc.

Artificial intelligence is all around us and playing an active role in our daily lives. Every time we open our Facebook newsfeed, do a Google search, get a product recommendation from Amazon or book a trip online, we are using it immensely.

In the coming years, computers might match or even exceed human intelligence and capabilities on tasks such as decision- making, reasoning and learning, analytics and pattern recognition, visual acuity, speech recognition and language translation.

Smart systems in commodities, vehicles, day to day use objects will save time and effort offering us a more customized and comfortable future.

It will help the medical sector hugely in upgrading the medicines and treatments, inventing new ones which haven’t been found yet and making everyone’s lives more safer and healthier. A large number of data can be collected from person to person about their health and nutrition and thus changes can be made in the lifestyle.

Artificial intelligence will bring changes in the educational system making it more revolutionary and advanced.

Overall, every factor has advantages and disadvantages and artificial intelligence has it’s lot too. Considering all the advantages artificial intelligence will also affect the human decision making power, analyzing and rational thinking, lifestyle etc. It will make people lazier and will affect their creativity. It can also lead to unemployment due to increase in usage of machines.

Like everything has a balance, artificial intelligence needs to be balanced too so that we can enjoy it’s benefits without suffering the negatives.

 

Continue Reading

Finance

COULD COVID-19 BE THE CATALYST FOR DIGITAL TRANSFORMATION IN FINANCE?

AI

By Simon Bull, Sales Operations & Business Development Manager at Aqilla

 

We are all now living in a new ‘normal’ where working from home is no longer a luxurious ‘perk’ of the job, but an essential. In the case of many organisations, the transition to flexible, remote working was successful, albeit slightly bumpy. But there is one department that has found it more challenging to transition to the required standards of remote working – the finance department.

The finance department often gets left behind when it comes to digital transformation largely because it is so heavily regulated. And because of this, one of the biggest problems the finance teams face is that it’s sensitive data will likely be stored on a hardware server on office premises. If you look at how organisations update their software as they grow, it’s usually the finance department lagging far behind, or sometimes forgotten about altogether. This is because finance has complex requirements that can lead to the attitude of: if it ain’t broke, why fix it?

Up until now, most finance teams have overcome the challenges this situation presents, but with the repercussions of the pandemic still very much in play, the complications that go hand-in-hand with on-premise technology have been more noticeable than usual. As a result, COVID-19 is becoming a catalyst for a digital transformation in finance, or more specifically moving finance and accounting software away from traditional on-premise solutions to built-for-cloud services. But what are the advantages of this approach, and what should finance teams be looking for in a built-for-cloud solution?

 

  1. Simon Bull

    Cost: The Software-as-a-Service (SaaS) approach that is the basis of many of today’s cloud computing businesses generally offers customers a convenient monthly pay-as-you-go model. Given that all that users need to access the software is a desktop, laptop or smart device and internet connectivity, they can also save money on the server hardware that has previously sat in the corner of the office. Hint: compare pricing from several potential providers to make sure there are no unexpected extras before signing up.

  2. Service: Good cloud-based providers offer extremely strong levels of customer support and service. It should be very easy to get help quickly and conveniently, and they should be in a position to offer advice, identify problems and fix errors without undue delay. Hint: ask for references from existing customers or look for online reviews to assess their service and support capabilities. Also, carefully check their Service Level Agreement (SLA) to clearly understand where their commitments begin and end.
  3. Security: Established cloud providers offer high levels of security, data protection and backup services as part of their ‘as-a-Service’ package. Customers benefit from the protection afforded by security specialists whose job it is to prevent breaches and keep data completely secure. Hint: Check their security policies and consider talking to existing customers about their security track record.
  4. Compliance: Cloud providers specialising in the finance industry should have compliance at the heart of their product set. Hint: Check with potential providers about their levels of compliance and certification, particularly if you have specialised requirements.
  5. Ease of use: today’s built-for-cloud software services are built for purpose, with many offering a high degree of bespoke capabilities so every user can tailor it to their precise needs. This is in contrast to traditional software packages that can be far less flexible, forcing the user to work in a particular way that might not be ideal. Hint: ask potential providers for an online demonstration to check the way the services work meet your needs.
  6. Performance: In the early days of cloud computing, finance software was too basic for many professionals to consider. Today, there are many entry-level services, while others offer a comprehensive range of capabilities to precisely fit the needs of professional finance departments. Hint: evaluate the range of capabilities offered by a cloud provider, which should include areas such as: extensive analysis, proper periodic management and business calendars, multi-currency, multilingual and multi-company operation, full VAT handling International coding, tax and language flexibility, automatic reconciliation / bank integration, built-in key performance measurement, advanced search, selection and drill-down, document and image scanning. Hint: compare the features of different providers in advance – if anything important is missing, look elsewhere.
  7. Regular updates: Software developers find it much easier to update and improve their services when they are delivered online, and can more effectively keep up with finance best practice and changes to rules and regulations. Many also encourage users to suggest improvements or new features which are then provided to customers at no extra cost. Hint: ask providers about how often they update their software and whether you can suggest improvements.

 

For many businesses, these are compelling reasons to adopt cloud-based finance software services, even in normal circumstances. But considered in the context of the current remote working environment, built-for-cloud finance software can help departments to adapt and capitalise on working from home and match the levels of digital transformation seen across many other key business functions.

Continue Reading

Magazine

Partner Events

Trending

Top 102 days ago

WHY INDONESIA IS THE WORLD’S NEXT DIGITAL PAYMENTS BATTLEGROUND

Kelvin Phua, Global Head of Payment Networks at PPRO   The COVID-19 outbreak has seen the e-commerce sector surge. Despite...

Business2 days ago

HELPING SMES ACCESS FINANCE IN EXTRAORDINARY TIMES

Tim Vine, Head of Credit Intelligence at Dun & Bradstreet   The closed doors of businesses have become a sadly...

Business2 days ago

DO MESSAGING APPS PUT THE FINANCIAL SERVICES INDUSTRY AT RISK?

Ashley Friedlein, founder and CEO, Guild   Accelerated by the coronavirus pandemic, the use of messaging apps for professional communications...

Business3 days ago

HOW PREVENTING AND MITIGATING FRAUD CAN IMPACT YOUR CUSTOMER RELATIONS

Matt Mascherin, Solutions Engineer, Enterprise Sales Americas, Syniverse   Texting has become a staple of modern life and is so...

Finance3 days ago

2020: THE YEAR OPERATIONAL RESILIENCE AND CYBER-RISK TAKE CENTRE STAGE IN FINANCIAL SERVICES

Miles Tappin, VP of EMEA for ThreatConnect, explores how financial providers can build a cyber security strategy that enables operational...

Wealth Management3 days ago

HOW RESILIENT IS YOUR ORGANISATION’S SECURITY?

Kimon Nicolaides, Digital Services Group Head at MASS   Organisational security can be thought of like peeling the layers of...

News4 days ago

INTERNATIONAL BANKING NETWORK EXPANDS AS IT WELCOMES STANDARD CHARTERED BANK

IBOS Association (IBOS), an international banking network, is delighted to announce its newest member to the group, Standard Chartered Bank....

Wealth Management4 days ago

HOW TO CATCH UP ON YOUR RETIREMENT SAVINGS

By Gerard Visser, Certified Financial Planner at Alexander Forbes For many South Africans who were already finding it difficult to save...

Technology4 days ago

ARTIFICIAL INTELLIGENCE AND FUTURE OF TECHNOLOGY

Ashish Jain, CEO, Future FX   Artificial Intelligence refers to machine intelligence that is programmed to think like humans and...

Finance4 days ago

GROWTH OF FINANCIAL MARKETS AND TECHNOLOGY

Ashish Jain,CEO, Future FX   The economic development of any nation completely depends on its financial structure both in long...

Banking6 days ago

NO SAFE HARBOUR FOR DIGITAL BANKING

by Konstantin Bodragin, Business Analyst and Digital Marketing Officer at Bruc Bond   At the beginning of 2020, the future...

Business6 days ago

CAN TECHNICAL INNOVATION HELP FINANCIAL SERVICES FIGHT BACK AGAINST FINANCIAL CRIME?

By Charlie Roberts, Head of Business Development, UK, Ireland & EU at IDnow   It’s no secret that the financial...

News6 days ago

ARE MIDDLE EAST ENTERPRISES PREPARED FOR THE FUTURE?

Deloitte releases 2020 tech trends report   Deloitte’s 11th annual report on technology trends captures the intersection of digital technologies, human...

Wealth Management6 days ago

ONLINE STOCK BROKERS ARE BENEFITING IN 2020

2020 has changed our lives in dramatic ways. Thanks to COVID-19, many of us now work from home. Rather than...

AI AI
Finance1 week ago

COULD COVID-19 BE THE CATALYST FOR DIGITAL TRANSFORMATION IN FINANCE?

By Simon Bull, Sales Operations & Business Development Manager at Aqilla   We are all now living in a new...

Banking1 week ago

WHY OPEN BANKING SHOULD BE EVERY MARKETER’S BEST FRIEND

By Kathryn Wright, CSO, Upside   To date, Open Banking has been mainly utilised to help consumers with account switching...

Finance1 week ago

TOP TECHNOLOGY TRENDS FINANCIAL INSTITUTIONS SHOULD INVEST IN TO BRIDGE THE GAP IN REMOTE WORK

Chirag Shah, Senior Vice President, Fintech & Innovation Lead, Publicis Sapient   More than ever before, technology is critical to...

Business1 week ago

TOP 5 LINKEDIN PROFILE OPTIMIZATION HACKS FOR ASPIRING BANKERS

According to Firmex, finance professionals cannot afford to be not on LinkedIn. A significant number of organizations acquire talent in...

Wealth Management1 week ago

TAPPING INTO THE DATA GOLDMINE: THE FUTURE OF DATA-DRIVEN CREDIT MANAGEMENT

Willand Brienen, product owner at Onguard   Data, and the insights it reveals, can offer organisations a vast number of...

Finance1 week ago

ENLISTING TECHNOLOGY TO HELP FIGHT FINANCIAL CRIME

By Rachel Woolley, Director of Financial Crime Fenergo   Million-dollar properties, private jets and parties on luxury yachts with celebrity...

Trending