Bank of Montreal (BMO) and MasterCard are piloting a scheme that would enable Canadian and US corporate cardholders to authenticate online payments with their fingerprints and selfies.
The introductory phase will see BMO employees scan their fingerprints or snap selfies to validate their identities to the MasterCard Identity Check app before being returned to merchant sites to complete purchases.
The partners will use this test phase to assess the ability of biometrics to increase security and convenience. BMO says that it then plans to make the technology available more broadly during the summer.
“Mitigating the risk of fraud is always our top priority, and the inclusion of this technology is going to make payment authentication easier, and strengthen the security of the entire payments ecosystem,” said Steve Pedersen, head, North American corporate card products, BMO Financial Group.
Separately, MasterCard has recently completed a six month pilot that involved 750 ABN Amro credit card users trialling the technology in place of passwords, personal identification numbers (PINs) and confirmation codes.
More than three in four of the participants said they wished to continue using a fingerprint and/or facial recognition to complete payments and nine out of 10 said that they were ready to replace their password with biometric identification.
Despite being behind the likes of Europe and China, the US payments industry is now rapidly advancing, said Anish Kapoor, CEO of AccessPay told GTNews in an exclusive interview.
When it comes to corporate innovation, debates on technology and sponsoring commercial activities have a limited value threshold if it is not coupled with innovative actions, Omeed Mehrinfar, Plug & Play, told an audience of treasurers.
Using data for predictive analytics is the future of banking success, argued Jean-Laurent Bonnafé, CEO of BNP Paribas, in his session on how the bank is reinventing its approach to innovate with and for corporates.
Treasurers are more interested in cross-border payments and automation than real-time payments, as they are consistently asked to do more with less, argues Rick Burke, head of corporate payments at TD Bank in an exclusive interview.