Veridium Brings Hand Recognition Authentication to Mobile-Only Dutch Bank, bunq

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Courtesy of a new partnership with authentication specialist Veridium (formerly known as Hoyos Labs), mobile banking customers of bunq, a mobile-only Dutch bank, will have access to 4 Fingers (4F) biometric authentication. The technology, 4 Fingers TouchlessID, is part of VeridiumID, and will be the first implementation of hand-recognition software in financial services.

Founder of bunq, CEO Ali Niknam, praised 4F as an “easy-to-use and safe banking experience,” and called deploying “the latest technology and biometric authentication solutions” part of fulfilling his mobile-only bank’s commitment to “giving people control over their money again.” Veridium COO Todd Shollenbarger added that Veridium’s “flexible, secure, and extendable” solution would scale well as bunq grew and expanded into new countries.

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4F uses the rear camera on a smartphone to simultaneously capture the four fingerprints of the index, middle, ring, and little fingers. The four prints are compared to those stored and when the match is confirmed, access is granted. Veridium says that the 4F approach provides a more precise and reliable degree of certainty, as compared to face, voice, and single-fingerprint authentication methods.

New York City-based Veridium was founded in 2013 and demonstrated its technology (as Hoyos Labs) at FinovateFall 2014. The company’s products also include VeridiumAD, an enterprise-ready solution that provides Microsoft Active Directory environments with biometric authentication.

Hoyos Labs Rebrands as Veridium, Launches New Biometric Authentication Solution

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With the launch of its new, end-to-end biometric authentication solution—VeridiumID—the security innovator that demoed its technology at FinovateFall 2014 as Hoyos Labs is now Veridium.

Company COO Todd Shollenbarger said, “We’re going to replace what you know (passwords) with what you are (biometrics) to safeguard enterprises from fraud and data breaches.” Pointing to the issues that typically inhibit broader adoption of biometric technology, such as high cost and technical complexity, Shollenbarger added that Veridium’s use of SaaS delivery for the backend—and the user’s smartphone to handle the image-capture for authentication—helps reduce both cost and complexity. “We’re making biometric authentication a solution of today, not tomorrow,” he said.

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VeridiumID gives businesses the ability to leave password-based authentication and instead incorporate biometric methods using face, voice, or fingerprint. The combination of biometrics and multiple authentication factors in its new solution gives customers of financial services companies the ability to access their accounts and transact without cards and PIN codes, eliminates the need for insurance cards as an authentication tool in healthcare, and helps governments manage physical access in a more efficient and less cumbersome and costly way.

A server-based solution working with a mobile app and a front-end, mobile SDK, the technology uses virtual cryptography to break biometric data into pieces. Storing and distributing the data this way makes it harder for hackers to steal or compromise an entire biometric piece of data, such as a fingerprint. VeridiumID uses liveness detection, accommodates a number of plug-and-play biometric libraries, and provides support for an Active Directory or a FIDO authenticator. Deployable in the cloud or on-site, VeridiumID requires no additional hardware.

The goal of the rebrand from Hoyos Labs to Veridium is to focus the company’s efforts in four key areas: financial services, healthcare, government, and the Global 2000. Veridium says it seeks to leverage its eight patents (with another 34 pending), as well as numerous R&D breakthroughs, to build an open standard for authentication that will defend the enterprise against data breaches today, while remaining flexible enough to “ensure continual iteration and enable the solutions to evolve at the forefront of the industry.”

Founded in 2013 and headquartered in New York City, Veridium demonstrated the mobile app of its identity-assertion platform at FinovateFall 2014. The company also has offices in the U.K. (Oxford and London), as well as in Boston, Massachusetts, and Timisoara, Romania.

Finovate Alumni News

On Finovate.com

  • Ripple Raises $55 Million Series B; Announces New Bank Partners
  • Hoyos Labs Rebrands as Veridium; Launches New Biometric Authentication Solution

Around the web

  • Wipro establishes blockchain research center at its Begaluru campus.
  • Sumitomo Mitsui Financial Group (SMFG) chooses biometric authentication from Finovate newcomer Daon. Video of Daon’s debut at FinovateFall will be available soon.
  • CBIC to join SecureKey’s Concierge, an authentication service.
  • Braintree SDK to help merchants in Europe accept UnionPay to better reach Chinese consumers.
  • Fidor Bank teams up with GFT Technologies to build mobile banking app.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Hoyos Labs Unveils 4F Smartphone Authentication Technology

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When it comes to biometric touch-based authentication, Hoyos Labs believes four points are better than one.

The authentication infrastructure specialist unveiled its 4F biometric technology at the Biometrics 2015 show in London this week. The smartphone technology simultaneously captures four fingerprints and works in any environment, leveraging the mobile device’s photo flash as a light source. Company founder and CEO, Hector Hoyos says the technology is “touch-less, four-finger acquisition with 150 degrees of freedom.”

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Hoyos Labs CEO Hector Hoyos demonstratied the mobile app of the Hoyos ID Identity Assertion platform at FinovateFall 2014 in New York.

Using facial, voice, and fingerprint technologies such as 4F, Hoyos specializes in mobile biometric authentication solutions, seeking to move digital asset security beyond the world of passcodes, PINs, and tokens. The company’s open protocol standard was approved by Institute of Electrical and Electronics Engineers (IEEE) in September, certifying the technology as an internet and mobile device-authentication global standard. Hoyos Labs joined the FIDO Alliance in March 2015.

Hoyos Labs was founded in December 2013 and is headquartered in New York City, with offices in Boston, San Juan (Puerto Rico), Bucharest, Beijing, and Oxford (U.K.). The company demoed its technology at FinovateFall 2014.

Finovate Alumni News

On Finovate.com

  • “American Banker’s “20 Fintech Companies to Watch” Features Eleven Finovate Alums”
  • “Kabbage’s Fresh $135 Million to Help Grow Karrot Consumer Lending Platform”
  • “Hoyos Labs Unveils 4F Smartphone Authentication Technology”

Around the web

  • IDology makes an equity investment Payfone.
  • Insuritas to install insurance agency solution for MAC FCU’s 14,000+ members.
  • PocketSmith launches in Xero Add-On Marketplace.
  • Fidor Bank wins in two categories, Lending Club and Idea Bank both come in first, at BAI Retail Delivery’s Global Banking Innovation Awards.
  • WSJ features BehavioSec and Nymi in article “The Next Security Frontier: The Human Body”
  • mBank launches biometrics in its mobile application dedicated to corporate customers.
  • PYMNTS profiles Moven in the wake of its recent $12 million fundraising.
  • Markit unveils cloud-based, Know Your Third Party (KY3P) service to make it easier to manage third-party risk-processes.
  • Blackhawk Network and Stockpile partner to make eGift cards for stock available at select retailers in the U.S.
  • Meniga receives a World Summit Award for best technological solution in e-business and commerce.
  • TechCrunch: “Ping Identity Opens Up About Its Financials As It Eyes 2017 IPO”

This post will be updated throughout the day as news and developments emerge. You can also follow alumni news headlines on the Finovate Twitter account.

Alumni News– November 17, 2014

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgBoku announces a pair of C-level appointments: Ingo Lippert as CBO, Christian Hinrichs as CFO.
  • Zopa partners with AltFi Data; plans to open loan book to the public in Q1 in 2015.
  • The Sunday Times profiles TransferWise founders Kristo Kaarmann and Taavet Hinrikus.
  • Bolstr surpasses $200,000 in 2014 investor payouts
  • Expensify featured in Slate. Check out the video.
  • Billhighway’s 523% Four-Year Growth earns it the #193 Spot on the Deloitte Technology Fast 500 List.
  • ChicagoInno features Arroweye Solutions and Rippleshot for their listings on the FinTech Forward Rankings.
  • Check out Finovate Debuts: Minetta Brook’s Knewsapp.
  • MetaIntelli and Arxan Technologies partner to help developers mitigate mobile security and privacy risks.
  • Venmo gets Touch ID security, tagging, and direct linking to bank accounts.
  • MyBankTracker examines how 1U is using Hoyos‘ facial recognition security technology.
  • InComm launches New eCommerce Site for B2B Bulk Gift Cards.
  • Bluefin joins the New York Bankers Association.
  • Google Compute Engine now features intelligent horizontal Autoscaling.
  • Wharton Fintech blog features Knox Payments.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Alumni News– November 11, 2014

  • Finovate-F-Logo.jpgLinkable Networks Raises $8 Million for Card Linked Offers Platform.
  • Coinbase integrates with Openfolio to create transparency in who is investing in Bitcoin.
  • Cachet Financial Solutions Launches Enhanced Select Business Solution.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Alumni News– November 10, 2014

  • Finovate-F-Logo.jpgNHS Choices selects Narrative Science to Assist with Delivery of Healthcare Information.
  • Visa using Kofax TotalAgility to deploy enhanced data and invoice management in Asia Pacific.
  • PostFinance integrates Strands PFM in their new digital banking platform.
  • BNN interviews Bionym CEO on how its Nymi band could work for payments.
  • The Australian Business Review considers how SocietyOne is contributing to the P2P lending boom.
  • Livemint.com features Bankbazaar.com’s growth.
  • Hoyos Labs launches iOS & Android password manager that uses the user’s face to log into websites.
  • BillGuard and Experian Data Breach Resolution partner to offer an advanced ID protection suite.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Hoyos Labs Introduces the Mobile App for its Identity Assertion Platform

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This post is part of our live coverage of FinovateFall 2014.

Our next presenter is Hoyos Labs, demoing the Mobile App of the HoyosID Identity Assertion Platform.

“Our mobile app is finally putting an end to the frustration that comes with usernames, passwords, and PINs. This app leverages a user’s smartphone to acquire his or her biometrics, which conveniently and securely replaces log-in information for all their favorite websites.”
Presenting: Hector Hoyos (Founder, Chairman & CEO)
HoyosLabsHomepage_LiveBlog
Product Launch: October 2014
Metrics: 102 employees
Product distribution strategy: Direct to Consumer (B2C), Direct to Business (B2B), through financial institutions, through other fintech companies and platforms, licensed
HQ: New York, NY
Founded: December 2013
Website: hoyoslabs.com
Twitter: @hoyoslabs

FinovateFall 2014 Sneak Peek: Part 1

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With the busy product development and release schedule that comes with the autumn season, FinovateFall is the perfect place to see what’s new in fintech. 

This year, 71 companies will step up to the Finovate stage at the NYC Hilton Midtown on September 23 and 24. Tickets are going fast; register for yours today.

Here’s an inside look at six of these hand-picked companies:


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BizEquity has invented the first and only patented way to value any business in real-time and in the cloud online.

Features:

    • BizEstimate feature that pre-values over 28 million private businesses 
    • Patented, online real-time business value and tailored advice and alerts to each user
    • Business ValueMonitoring Dashboard 

Why it’s great:

BizEquity’s mission is to democratize business valuation knowledge globally to every small business and financial institution through its patented cloud-based service.

Carter

Presenters:

1) Mike Carter, CEO
Carter is former Managing Director of The Musser Group, former Founder and CEO of Dashboard Systems, and former Chief Marketing Officer for U.S. Interactive.
LinkedIn

2) Semyon Fishman, Vice President of Engineering and Technology
Fishman is former Vice President of Product Engineering at Valex Consulting and former Lead Engineer for the Math Forum.


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GREMLN Financial Social Media offers secure social media tools for the financial services industry. It’s a full marketing and analysis suite wrapped in a security layer to maintain compliance.

Features:

    • Pre-approved content libraries
    • LinkedIn client prospecting
    • Mobile social media compliance platform

Why it’s great:

Social media involvement is essential, but it can be dangerous for financial services companies. Gremln makes it possible to participate and succeed in social media…safely.

RyanGremln

Presenters:

1) Ryan Bell, CEO
LinkedIn  


TJGremln

2) TJ Tavares, Senior Sales Executive
LinkedIn


HoyosLogo

Hoyos Labs app will finally put an end to the frustration that comes with usernames, passwords and PINs by replacing them with your unique biometrics.

Features:

  • Acquires users’ biometrics via smartphone to replace all log-in information
  • Works with Apple and Android smartphones and tablets, and with PCs
  • Increased convenience and security for users
Why it’s great:

Hoyos Labs’ app allows users to increase the convenience and security in their life by removing the need to ever remember their log-in information.
Presenter: 
Hoyos
Hector Hoyos, Founder and CEO
Hoyos is a biometrics veteran and entrepreneur who has dedicated his life to the development of innovative technologies that change existing business paradigms and have a profound impact on society.


KnoxPaymentslogo

Knox Payments is a merchant tool for payments to and from bank accounts online for just $0.18/transaction.

Features:

    • Fastest online and mobile checkout process
    • Accept ACH payments without needing your customers to enter bank routing and account numbers
    • Instantly verify bank account and sufficient funds

Why it’s great:

Fastest, cheapest checkout process for you and your customers.

KnoxThomas

Presenter:

Tommy Nicholas, Head of Product
Nicholas earned his BA from the University of Virginia. He founded CitySwig and helped grow Coffitivity to over 2 million users.
LinkedIn


NopSeclogo

NopSec is a cloud-based vulnerability risk management SaaS.

Features:

    • Correlate vulnerabilities with real-time threats and exploits
    • Drill down into the most critical risks across the full software and hardware stack
    • Analyze vulnerabilities using keyword searches

Why it’s great:

Remediate what matters most, faster.

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Presenters:

1) Steven Leonard, Chief Marketing Officer
Leonard is responsible for all areas of marketing strategy and execution. Prior to NopSec, he spent 17 years at Microsoft Corporation.
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2) Lisa Xu, Chief Executive Officer
Xu is responsible for strategic direction, sales, and operations. Prior to NopSec, she advised Fortune500 enterprises on data security, privacy and technology risk management.
LinkedIn

3) Michelangelo Sidagni, CTO


Rippleshotlogo

Rippleshot detects bank card data breaches. Its cloud-based solution helps banks proactively stop fraud before it occurs and protects merchant brand reputation.

Features:

    • Next generation fraud prevention — stopping fraud before it occurs
    • 24/7 monitoring — detecting breaches faster
    • Early warning alerts — proactively protecting merchants, consumers and credit card issuers
Why it’s great:
It’s not if you are going to be breached, it’s when. Rippleshot’s 24/7 monitoring proactively detects, mitigates and stops fraud before it occurs.
Presenters: 
RippleshotLucas
1) Lucas Ward, Co-Founder and CTO
Ward is a proven technology leader. At Fundspire, he created an innovative product to change the way hedge funds viewed and analyzed their data.
RippleshotRandal
2) Randal Cox, Co-Founder and CSO
Cox has over a decade of experience in the credit card industry, modeling credit card and ATM fraud, ultimately culminating in the co-founding of Rippleshot.


Stay tuned later this week for a look at six more companies set to debut their new technology at FinovateFall this September 23 & 24 in New York.