Financial services technology giant Fiserv recently launched palm-authentication hardware for bank tellers to authenticate clients’ identities. The solution, a play on words, is called Verifast: Palm Authentication and aims to reduce transaction time and improve the customer in-branch experience.
The solution is an integration between Fujitsu’s PalmSecure biometric hardware and Fiserv’s DNA account-processing platform. To authenticate their identity, consumers hold their hand over an infrared sensing device that reads the subcutaneous veins in their hand. Because unique palm vein patterns contain more than five million reference points, they are a secure and accurate way to authenticate identity.
Gesa Credit Union piloted the new offering and boasts that its tellers and members love the new technology, which shaves off an estimated 14 seconds from each transaction. In fact, in a survey Fiserv conducted, 97% of consumers who tried Verifast: Palm Authentication said they would likely use it again in a branch environment.
Verifast: Palm Authentication is now available to customers using Fiserv’s DNA account-processing platform.
Fiserv showed off account-opening technology on its Mobiliti platform at FinovateSpring last month. Earlier this month, the Wisconsin-based company was honored for the first time on the Fortune 500.