Revelation 13:18 NASB

Revelation 13:18 NASB

Sunday, May 8, 2016

Buying and Selling Update - IrisGuard unveils EyePay POS Terminal

Iris recognition solutions firm IrisGuard has revealed a new point-of-sale terminal that can authenticate payments with customer’s irises. 
Described as the world's first retail store payment system that utilizes Iris recognition as the single payment modality for all your purchases, the EyePay was designed specifically to operate with IrisGuard’s  end-to-end EyeBank system. 

Monday, April 4, 2016

In a first, DCB Bank offers ATM transactions sans PIN

MUMBAI: In a first for any domestic bank, small-sized lender DCB Bank has started an Aadhaar-based ATM usage facility wherein a customer can transact using his biometricdetails instead of the PIN. 

"We have started the first ATM in the country which operates using the Aadhaar data. One can do a transaction without the card as well," the bank's Managing Director and Chief Executive Murali Natrajan told PTI. 

The user can key-in the 12-digit Aadhaar number or swipe the card at an automated teller machine (ATM) to start a transaction, but at the stage of confirming the identity, it requires biometric details rather than the PIN. 

"All you have to do to authenticate is put your finger on the scanner. This is better than PIN, which can be forgotten because of multiple bank accounts," he said. 

Seeding the bank account with the Aadhaar number will be essential before a customer can use the facility, he said, adding that initially, only DCB Bank customers will be able to make use of the service. 

The solution has been developed in-house and involves connecting up with the Aadhaar server to authenticate the identity of the customer every time a transaction is initiated, he said. 

Natrajan said it is a comparatively inexpensive solution and the bank, which currently has 400 ATMs, is targeting to cover its entire network under the system within a year. 

The first of the Aadhaar-based ATMs has been installed at its corporate office in the megapolis' Lower Parel area and Natrajan said it will be waiting for a month more for the technology to stabilise before a mass rollout. 

He added that it has great potential at the POS (point-of-sale) terminals at the merchants' end to make transactions easier and also for business correspondents. 

Enrolments under Aadhaar are set to cross the 100 crore mark soon. The data is being used for a slew of purposes like opening bank accounts and the government's direct benefit transfer (DBT) scheme. 

Natrajan said he sees the banking industry coming out with similar technologies so that ATM transactions can be carried out without a card.

Thursday, February 11, 2016

In Focus: Mobile Money Update - Pakistan is leading the way with the help of the World Bank

Pakistan is leading in ‘Mobile Money’ as the people using mobile phone to transfer money more than any country of South Asia, World Bank report revealed.

World Bank’s Global Finder Database initiated the study, which gives insight about how people borrow, save, manage risks and make payment, told that an average three per cent of people in South Asia used a cell phone to receive or send money in year 2014.

“While there are still gaps between how often men and women use these services, Pakistan leads the region with 9% of men and 2% of women moving money on their mobiles,” report said.

According to report, India is behind Pakistan in South Asian countries, three per cent of male and one percent of female population used mobile phones to carry out financial transactions.

The Global Findex indicators are collected  from survey data coducted by Gallup, Inc over the 2014 calendar year, covering around 150,000 adults in more than 140 economies and representing about 97% of the world’s population. The set of indicators will be collected again in 2017.

The Global Findex is the world’s most reliable  database on financial inclusion that  measures people’s use of financial services across  the world.

Friday, February 5, 2016

Should Banks Adopt Biometrics to Authenticate Mobile Users? Citibank thinks so.

A cybersecurity executive strategist at Citibank recently spoke at the EmTech Asia 2016 conference where he emphasized the need for Asian banks to adopt biometric authentication solutions for mobile users instead of using PINs and SMS-based OTPs (one-time passwords), according to a report by ZDNet.
Tony Chew, Citibank’s global head of cybersecurity regulatory strategy, said that banking apps ought to add support for biometric technology, and condemned the apps for lacking “imagination and creativity”.

Exploring Biometric Data as 'Currency' for Government Services

US citizens are still wary of exchanging biometric data for more personalised or expedited government services, according to a new survey. In a study organised by Accenture’s #AFSFedPulse team, 45% of citizens said they would not share a digital photograph with government for better services, including the millennials demographic.

In addition, more than 50% of respondents – across generations – said no to sharing  iris scans with the government. The study, conducted by McGuire Research, focused on the prospect of citizens using personal data as “currency” for more rapid response from federal agencies.

However, there were some nuances across the generations: Millennials stood out in their willingness to share their cell phone numbers: 74% of millennials versus 65% of Gen X versus 56% of Baby Boomers. But while 74% of millennials would share their cellphone number with government, they are less likely to provide iris scans or fingerprints than both boomers and the Silent Generation.


Sunday, January 24, 2016

Mobile Banking - NAB has launched its new mobile payment service – NAB Pay - backed by Visa

The National Australia Bank (NAB) has launched its new mobile payment service – NAB Pay - backed by Visa, making it the first bank to use Visa’s Tokenisation Service as the mobile security platform.

With the launch, NAB customers with a compatible Android mobile device and a NAB Visa Debit Card can start using NAB Pay from today, available as part of the NAB Mobile Internet Banking.

Visa’s tokenisation service replaces a customer’s credit card number with a unique digital token that can be used for digital payments without revealing sensitive information.

Today’s launch of NAB Pay comes after NAB’s announcement last year of a ten-year strategic partnership with Visa to collaborate on payments innovation and product development for customers.

To use NAB Pay, customers will need a compatible Android device, have downloaded the latest NAB Mobile Internet Banking App and have a NAB Visa Debit card. NAB Pay is available wherever contactless payments are accepted. 

NAB Executive General Manager for Consumer Lending, Angus Gilfillan, said customers were driving the agenda and “increasingly wanted simple and easy digital payment solutions”. 

“We’re excited to launch our digital wallet and enable customers to make fast and safe purchases with their mobile phone.

“NAB will also be the first Australian bank to utilise Visa Token Service in Australia, providing an important extra layer of security for customers. 

“Tokenisation improves protection for customers because physical card details are never used in the payments process, reducing the risk of fraud.”

“NAB Pay gives consumers another reason to choose NAB as we continue to focus on delivering the number one cards experience in Australia.” 

Gilfillan said the partnership with Visa is enabling NAB to significantly invest in its credit and debit card portfolio and “act more quickly to deliver innovative solutions for our customers – as today’s announcement shows.”

“We have a number of exciting initiatives planned this year and look forward to extending the NAB Pay application to support NAB credit cards in coming months.”