Brookfield-based Fiserv Inc. today released its biometric palm reader product, which secures information at financial institutions by verifying a user’s vein patterns.
Fiserv earlier this year said it was developing the Verifast: Palm Authentication product in cooperation with Fujitsu for its DNA core account processing platform. It uses infrared light to read the unique vein structure in a user’s palms in a more efficient and secure authentication process.
The technology is now available to banks and credit unions and promises to mitigate fraud, reduce transaction times and improve branch service delivery. Fiserv said it can increase authentication speed by 90 percent with Verifast because the consumer doesn’t need to find and tellers don’t need to type in identity verification information.
“The use of biometric technology such as palm scans for authentication can provide added security beyond conventional systems,” said Chris Van Der Stad, senior vice president and chief technology officer, Open Solutions, Fiserv. “The Verifast: Palm Authentication technology eliminates the need for consumers to scramble for their IDs or exchange personal information. It delivers a combination of convenience and security that complements how people live today.”
Verifast was recently piloted at Gesa Credit Union in Richland, Washington.
“We benchmarked our traditional process and found that it takes about 15 seconds for a member to authenticate themselves at a teller station,” said Karl Guynn, director of products, Gesa Credit Union. “Palm vein authentication takes about one second, so we’ve shaved 14 seconds off each transaction. Palm vein authentication speeds up the transaction so members can be in and out of the branch and on with their lives. It’s more secure and our members and our tellers love it.”
