'Fiserv' recently integrated palm vein biometric technology into its online banking platform. While many financial institutions have introduced fingerprint-based passcodes, Fiserv has gone a step further by using an individual's palm print as a way of verifying their identity.
The new technology is called 'PalmSecure' and it involves a series of sensors that utilize infrared light to identify a user's palm vein pattern. The sensors generate a unique biometric template that is then matched against the palm print of a registered user. The process of scanning a user's palm takes less than a minute and can yield a match in mere seconds. Once a user has been identified, they can use the service to withdraw funds or access their safety deposit box.
The palm vein biometric technology gives consumers a secure option for accountholder verification, which ultimately helps to reduce the risk of fraud and identity theft.