Biometric Technology from M2SYS to Revolutionize KYC Process in Banking

Banks and financial institutions worldwide are determined to provide convenient and personalized customer service without increasing exposure to the threats of cyber-attack and fraudulent activities. That’s why they have introduced KYC (Know Your Customer), a process that evolves to collect and protect customer’s information and personal details from outside threats. Traditional pen and paper-based KYC process are not sophisticated enough to provide seamless customer experience and safeguard from fraudulent attacks.

How M2SYS is Revolutionizing KYC in Banking

M2SYS, one of the leaders in the biometric technology industry, continuously researches the next generation identity management solution and knows all the downsides of a conventional KYC process. Working with the identity management industry for more than 17 years, M2SYS has developed CertisID, a solution that transformed the whole KYC process. It is a biometric-based account holder and employee identity management solution for banking and financial institutions. This solution is designed to streamline the process of KYC, bringing authentication accuracy and efficiency to secure every transaction. Read more…

Comments

Iris Recognition vs. Retina Scanning – What are the Differences?

In biometrics, iris and retinal scanning are known as “ocular-based” identification technologies, meaning they rely on unique physiological characteristics of the eye to identify an individual. Even though they both share part of the eye for identification purposes, these biometric modalities are quite different in how they work. Let’s take a closer look at both and then explain the similarities and differences in detail: Retinal Scanning: The human retina is a thin tissue composed of neural cells that are located in the posterior portion of the eye. Because of the complex structure of the capillaries that supply the retina with blood, each person’s retina is unique. The network of blood vessels in the retina is so complex that even identical twins do not share a similar pattern. Although retinal patterns may be altered in cases of diabetes, glaucoma or retinal degenerative disorders, the retina typically remains unchanged from birth until death. (Source: Wikipedia) ...

False Rejection Rate – What Does It Mean And Why Should I Care?

False reject rate is a statistic used to measure biometric performance when operating in the verification task and it usually calculated as the percentage of times the system produces a false reject. A false reject occurs when an individual is not matched to their own existing biometric template. For example: John claims to be John, but the system incorrectly denies the verification. This can be particularly frustrating for an end user who knows that they are enrolled in the system and should be recognized and verified, but for some reason the system is incorrectly rejecting their scan. This can cause unnecessary logjams, affect service, frustrate staff and negatively impact productivity.

Biometric Authentication to Stop Money Laundering in Pakistan

Recently The State Bank of Pakistan has mandated all of its banks to start verifying all of their account holders using biometric technology. The goal of this exercise is to stop money laundering in Pakistan. In the past; opening a bank account only requires the account holder’s details in printed/written form along with their id cards. However, after this current announcement, to open a bank account in Pakistan, one has to provide biometric data using an e-registration system. This procedure is also applicable for those who have registered before without biometric verification process. Many private banks throughout the globe have already deployed biometric identification solution to reduce fraud at their banks. Biometric technology help banks to know their customers better and revolutionize their KYC process. After implementing the biometric solution from M2SYS for customer identification in the microcredit loan process, this helped Grupo Monge (Costa Rican Capital Corpor...

Biometrics Technology

Search This Blog