Infosys Finacle, part of EdgeVerve Systems, a product subsidiary of Infosys (NYSE: INFY), and Samsung SDS, a global ICT service provider, today announced a global partnership that will provide end customers with 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 offers financial services customers a seamless user experience and hassle-free access without lengthy authentication processes.
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. 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.
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 PKI (Public Key Infrastructure) 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).
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.
Andy Dey, President - Customer & Operations, EdgeVerve
"Customers are becoming far more accustomed to accessing and spending their money via mobile. As such, financial services providers should be empowered with mobile solutions where they never have to choose between providing a good user experience and robust security. We want to enable banking without passwords wherein people can authenticate transactions by using flexible biometric options such as facial recognition and fingerprints. Our partnership with Samsung SDS achieves exactly this kind of friction-less banking, allowing greater customer retention, engagement and loyalty."
Ho Kim, Head - Advanced Mobile Solution Business, Samsung SDS
"In addition to our recent deployment in the financial sector including Samsung Pay, we are pleased to partner with EdgeVerve to provide our FIDO solution to global banking customers. User authentication and mobile security is gaining more significance in this era of digital banking and Samsung SDS' standard based biometrics solution ensures simpler and secure user authentication to bring enhanced user experience to our customers. Samsung SDS will continue its innovation to bring Samsung's technology into the future digital banking."