Biometrics and other authentication technologies help the payment
industry create seamless and secure commerce experiences
SAN FRANCISCO--(BUSINESS WIRE)--
Visa (NYSE:V) today announced Visa
ID Intelligence, a platform that allows issuers, acquirers and
merchants to quickly adopt emerging authentication technologies and
create more secure and convenient ways for consumers to shop, pay and
bank on their connected devices. Available through Visa Developer
Platform, Visa ID Intelligence offers a curated selection of leading
third-party authentication technologies with simple integration using
Visa APIs and SDKs—allowing clients to create, test and adopt new
authentication solutions.
The Internet of Things is expected to grow to 20 billion connected
devices by 2020, exponentially expanding the devices and environments in
which commerce can take place—from wearables, such as rings and watches,
to home personal assistants and connected cars. Many of these devices
are voice activated and not designed for typical passwords—requiring a
new approach to authentication, such as face, fingerprint or voice
recognition, document verification, or device and user identification. A
2017 Visa survey showed that 69 percent of US consumers believe that
biometric authentication will make payments easier than using passwords.
“A consumer encounters many authentication moments during the course of
a day, whether making a payment, checking a balance, or sending money to
family and friends,” said Mark Nelsen, senior vice president of risk and
authentication products, Visa. “But traditional methods for
authenticating a customer can create frustration or are simply not
designed for the new ways people are shopping and paying. We built Visa
ID Intelligence to help accelerate smarter and easy-to-use
authentication solutions for any commerce environment—to better protect
against fraud and to move closer to a world without passwords.”
Recent Aite
Group research found that, as the speed and complexity of fraud and
cyberattacks increases, institutions and companies must look to nimble
technology solutions that provide consumers with security as well as
convenience. While many competitors offer solutions, not all of them are
ideal for the payments industry and the high level of privacy, security
and regulatory oversight that are required for financial transactions.
Financial institutions and merchants can adopt effective and secure
solutions and accelerate time-to-market with streamlined onboarding and
implementation through Visa as a single trusted source. Visa has vetted
technology providers to ensure they meet industry expectations for
security and consumer privacy, including onsite Visa security
assessments, penetration testing, and ongoing compliance audits. The
platform also enables simplified contracting, saving clients potentially
months of negotiations.
“Financial institutions and merchants are working hard to create
streamlined and delightful digital experiences,” said Julie Conroy,
research director, retail banking practice, Aite Group. “At the same
time effective consumer authentication is critically important, given
the escalating cyber threat landscape. The good news is that a variety
of technologies can help businesses find the win-win, providing superior
security while at the same time removing unnecessary friction.”
Authentication Capabilities
Today, Visa ID Intelligence features include:
-
Identity Documents – evaluates identification documents
and matches selfies to photo IDs (e.g., driver’s license, passport,
military ID), while extracting and converting document information
into digital form. This authentication process can help financial
institutions or merchants make smarter decisions and instantly
provision banking services. Uses include creating new accounts, and as
an alternative to customer service calls to perform password reset and
lost or stolen card replacement. Au10tix provides identity document
services through the Visa ID Intelligence platform.
-
Biometrics – allows clients to use biometrics such as
face, fingerprint and voice to create simpler authentication
experiences that meet consumer needs for convenience, security and
speed. Applications include app login, payments, step-up
authentication, and more. Daon, a global authentication and identity
assurance solutions provider, will offer Visa ID Intelligence
biometric authentication services.
Visa ID Intelligence offerings will expand in 2018 to user data and
device data to improve digital identity decisioning, working with
Neustar and ThreatMetrix. More information about Visa ID Intelligence
can be found at www.visaidintelligence.com.
About Visa Inc.
Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our
mission is to connect the world through the most innovative, reliable
and secure payment network—enabling individuals, businesses and
economies to thrive. Our advanced global processing network, VisaNet,
provides secure and reliable payments around the world, and is capable
of handling more than 65,000 transaction messages a second. The
company’s relentless focus on innovation is a catalyst for the rapid
growth of connected commerce on any device, and a driving force behind
the dream of a cashless future for everyone, everywhere. As the world
moves from analog to digital, Visa is applying our brand, products,
people, network and scale to reshape the future of commerce. For more
information, visit usa.visa.com/aboutvisa,
visacorporate.tumblr.com
and @VisaNews.
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Source: Visa Inc.