BFC Bulletins Monthly News Digest
Tags Artificial Intelligence Data Digital Banking Identification Payments
The use of biometric solutions is becoming increasingly popular with retailers, financial institutions and consumers due to the convenience and security they offer. Given the biometric world that appears to be in our not-too-distant future, the editors of BFC’s FinTech Bulletin and the telegram channel FinTech Wave put together this list of 7 of the most interesting biometric solutions currently being explored by startups and payment system developers.
Alloy – this New York-based FinTech startup is working on ways to automate consumer identification. To this end, they have already developed a unique operating system and hope to bring greater control and compliance to consumer identification measures. The company recently raised USD 12 million in venture capital for further development in this direction.
Trulioo – this Canadian startup develops software based on data analysis tools and open APIs for the instant verification of identities and addresses. The company has already made it possible to identify about 5 billion people from around the globe. Last year, they also introduced EmbedID, a solution for developers that will identify users during authorization or registration on a website.
Alipay – this Chinese payment system now operates terminals that uses facial recognition technology to allow users to make payments with just their faces. Recently, the company added cosmetic filters to the cameras on these terminals to enhance users’ experiences as they had received complaints from consumers about the way the cameras made them look.
SnapPay – SnapPay now offers North American retailers the ability to implement facial recognition-based payment solutions. The SnapPay offering is based on the same platforms currently being used in Asia and is expected to result in a quicker, more efficient payment process for consumers.
KITC – Kazakhstani company KITC has launched a project to develop “machine vision” based on adaptable self-organizing neural networks. Once developed, it will allow faces to be recognized in real time and is most likely to be used by security services, marketers and law enforcement.
Clear – fans of the New York Mets baseball team can now purchase snacks and drinks using only their fingerprints at the Walk Thru Bru special kiosk. Located inside Citi Field, the kiosk uses a biometric identification system from startup Clear to compare the fingerprints of consumers against those stored in a database of pre-registered users.
Nets – employees at the Vibenshuset office center in Copenhagen can now pay for their lunches using their faces thanks to a pilot facial recognition project launched by European payment system developer Nets.
