One of the biggest stories at FinovateEurope last month was the popularity of voice as a technical tool. Whether in service of greater security or lesser friction in e-commerce—or both—companies are busy leveraging sound and voice to improve the user experience in fintech.
Banking Technology quoted CopSonic’s Emmanuel Ruiz explaining why sound is a valuable tool for transmitting information. “Sound is the easiest and most effective technology for near field communication,” Ruiz said. “Unlike the QR code, the user does not have to point the device, and unlike Bluetooth, no pairing is required and all telephones worldwide are compatible.”
From left: CEO Emmanuel Ruiz, head of innovation, and Brian Roeten, senior project manager, demonstrated the CopSonic platform at FinovateSpring 2014 in San Jose.
SwipeSonic provides ultrasound-based encryption that is inaudible to the human ear to secure online transactions. Customers choose their bank card option during their online purchase, and use their bank’s mobile app to see details of the transaction before confirming the purchase with a PIN. The merchant then sends the customer confirmation that the transaction has been successfully completed.
CopSonic says that online payments are completed in 20 seconds using SwipeSonic, compared to two minutes or more with other methods. With SwipeSonic, consumers do not need to have credit card information on hand or wait for confirmation codes to be exchanged. Bank information is not shared with the online merchant, and deploying SwipeSonic requires only minimal changes to the online merchant’s payments page.
CopSonic and Natixis added that Groupe BPCE, the second largest bank in France, has expressed interest in the technology, which is being presented at the 2016 Mobile World Congress in Barcelona this week.
Founded in 1989 and headquartered in Montauban 82000, France, CopSonic (as Pixeliris) demonstrated its technology at FinovateSpring 2014.