Brazil-based Banco Neon worked with Visa to launch a new authentication feature on its mobile banking app. With Neon and Visa’s technologies, account holders can verify their identity by taking a selfie for facial recognition or using a fingerprint or passcode.
Because Banco Neon collects images from account holders from their photo IDs in order to establish an account, the bank already had access to valuable data that could be used to combat fraud. Banco Neon decided to tap Visa and biometrics company Daon to apply facial recognition software to make biometric payments a reality as well as provide the option to use a fingerprint.
Banco Neon’s solution was made possible after Visa’s acquisition and integration of CardinalCommerce, the industry leader in e-commerce payment authentication. Cardinal enhanced the 3-D Secure technology rails that Banco Neon already uses for secure e-commerce transactions to transmit the biometric information during checkout. In addition to a streamlined implementation for Banco Neon, building biometrics into the 3-D Secure infrastructure also means that any merchant using the technology can now also request biometric authentication.
Not only does this solution create a fun and easy-to-use payment for consumers, it can also translate into greater conversions for the merchant. Merchants now have an easier way to authenticate the identity of their customer besides all-too-often forgotten passwords or security questions. Fewer barriers to purchase typically lead to increased sales and better experiences for consumers and merchants alike. That’s why some of the major players in the Latin American travel industry have already adopted the technology, including LATAM Airlines, Azul Airlines, and Hotel Ibis. Because digital transactions are the fastest growing form of purchases in Latin America, it’s crucial that financial institutions make those transactions as easy and safe as possible.
Ultimately, both Banco Neon and Visa want their account holders to have a safe and easy online shopping experience. As such, they both aim to empower account holders to take safe digital commerce into their own hands––literally.
