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20 CONTACTLESS BIOMETRIC CARD PILOTS FOR FINGERPRINTS

With the latest biometric payment card pilot announced with Europe’s top three bank Crédit Agricole in France, Fingerprints™ has confirmed that 20 contactless card pilots around the world now incorporate its fingerprint touch sensors.

“This is a key milestone for us, and momentum is growing rapidly,” comments Thomas Rex, SVP of Smartcards at Fingerprints. “Awareness is growing as banks, retailers and consumers recognize the value that biometrics can offer. Banks can reduce fraud and grow trust to retain and attract customers and retailers can maximize throughput and reduce drop-outs, increasing revenues. Most importantly, consumers no longer have to compromise security in the name of convenience.”

Banks around the world are set to commercially launch biometric-enabled payment cards, and to make this a reality, Fingerprints is working with leading card manufacturers, payments schemes and banks on trials across Europe, the U.S., the Middle East and Asia. The biometric sensor can replace PIN and signature authentication with a fingerprint. This delivers greater security without impacting the speed and convenience of contactless and will also harmonize the user experience as the contactless transaction cap can be removed. The path to market is similar to that seen when contactless payment cards launched a decade ago, with UK and France leading the way.

“These trials are essential to the success of the technology,” adds Thomas. “They are an opportunity to finetune biometric cards with feedback from the people that will launch and use them, and it is also an important step in the certification process. We’re now in the final phases before wider roll outs, so it is extremely exciting that every announced biometric contactless payment card trial globally to date features our technology.”

Fingerprints’ T-shape module is optimized for integration into smartcards using existing industry processes and is part of the ultra-thin FPC1300-series. It has ultra-low power consumption which means that the cards do not need to feature a battery, borrowing power from the POS terminal and, together with optimized software, superior biometric performance ensures both security and convenience for cardholders.

For more information about biometric payment cards and all of the announced contactless trials, visit the Fingerprints website.

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BATTLEFACE RECEIVES INVESTMENT FROM FINTECH VENTURES FUND

battleface Inc., a rapidly growing tech-enabled insurance startup focused on providing travel insurance products for unconventional travellers worldwide, announced today that it successfully closed its seed financing round with backing from leading strategic and venture capital investors.

 

Atlanta, Georgia-based Fintech Ventures Fund has invested in the company, joining existing investors Greenlight Re and Tangiers Group. This investment will be used to expand software development, hire sales and business development personnel, and further the company’s global reach.

 

Sasha Gainullin

battleface is led by a team of travel insurance experts. CEO Sasha Gainullin previously developed global operations for AIG Travel Guard and has worked with battleface since its inception. Managing Director Paul Simmonds brings experience as a Lloyd’s of London underwriter with previous leadership roles at Berkley Syndicate, CNA Hardy, Brit, and Goshawk.

 

“We got our start because many travellers couldn’t find the right insurance products with coverage for their unique travel destinations and real needs,” said Gainullin. “With the latest investment from Fintech Ventures Fund, we’ll continue to expand our B2B partnerships custom-building travel insurance solutions for groups, including business and NGO travellers, associations and membership-based organisations.”

 

battleface combines innovative technology and underwriting to create, distribute and service specialty travel insurance products for people in both retail and wholesale. Products are supported by a network of 24/7 assistance coordinators, medical providers and on-the-ground field agents who provide emergency claims, medical and travel assistance services on a global basis.

 

Fintech Ventures Partner Lucas Timberlake said: “A core area of our fund’s investment thesis is that technology can be leveraged to more efficiently provide insurance products to markets that have been underserved by current offerings. We believe that battleface’s seasoned management team will create an industry leader in the travel insurance space. It is for these reasons that we are excited support the company’s future growth.”

 

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VANQUIS BANK PARTNERS WITH HOOYUTO DIGITALISE KYC PROCESSES

HooYu KYC digital journey deployed during the customer lifecycle on a risk-based approach

 

Leading customer onboarding and KYC technology firm, HooYu, has announced a partnership to digitalise Vanquis Bank’s KYC processes.  The HooYu KYC journey has been selected to provide additional identity proofing during the customer lifecycle when customers perform a potentially high-risk action on their accounts.

 

Vanquis Bank is part of the Provident Financial Group, a UK and Ireland business with over 140 years’ experience in lending to consumers who are not well served by mainstream lenders. With millions of customers, Vanquis needed to find a way to help balance fraud prevention and KYC with a great customer experience.

 

Existing customers calling in to the change the details on their account were in some cases having to wait weeks before the change could be approved.   The team at Vanquis Bank is continually looking to improve how their products work for their customers and that they are easy to apply for and manage.  Vanquis Bank decided to implement an ID document validation solution that would speed up customer lifecycle management and improve the customer experience.

 

Sue Singleton, Process Change Assurance Manager at Vanquis Bank said, “By adding HooYu to our KYC tools, we can improve some of our higher risk customer processes and can now facilitate customer requests without asking the customer to post in copies of documentation. Our agents deal with thousands of customers a day and now what could have been a delay of weeks for our customers, can be achieved in a matter of minutes with HooYu”.

 

David Pope, Marketing Director at HooYu said, “It’s been great to see the results of Vanquis implementing the HooYu digital journey and how the HooYu UI and UX tools are helping their customers though the KYC process.”  

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