Infosys Finacle, part of EdgeVerve Systems, a product subsidiary of Infosys, and Samsung SDS, a global ICT service provider, have joined hands to offer a more secure, fast and convenient way to use mobile banking and payment services.
Mobility is a key innovation area for financial services, but it also plays a fundamental part in enabling and retaining end-customers in today’s changing banking environment. This partnership would offer customers a seamless user experience and hassle-free access without lengthy authentication processes, according to a press release issued by Infosys Finacle.
This will be achieved using device agnostic Samsung SDS FIDO Authentication, allowing banking and mobile payments customers to use select OEM’s (Original Equipment Manufacturers) and the hand-held device of their choice, says the release. Device-optimized authentication for mobile payments helps banking services meet the user experience expectations of younger millennial customers – an expectation of immediate, seamless app-driven services. It will also help to advance and simplify micro payments and enable financial inclusion in developing markets where mobile devices are the dominant form of internet access, it says.
Samsung SDS FIDO is built on Fast IDentity Online (FIDO) specifications which is the de facto standard for simpler and stronger authentication by using user’s biometrics information and Public Key Infrastructure (KPI) technology to store critical user information in mobile and server respectively. Users can scan their fingerprint, use facial recognition or other biometric authenticators such as voice and iris detection to complete a payment or transaction in a secure and frictionless way. This can replace traditional authentication methods such as the entry of a user ID, password or transaction authentication number (TAN), it writes.
This partnership comes further to the recent announcement of a partnership between Infosys Finacle and Onegini towards enabling secure mobile banking through advanced biometrics and multi-factor authentication.