Biometrics has been gaining popularity in the financial services industry worldwide. The biometrics market is expected to reach a value of $30 billion by 2021. As users don’t have to remember the numbers, codes, or passwords, this technology is claimed to be the most convenient method.
A range of banks has turned to test biometrics on limited audiences/particular markets seeking to leverage the technology. It may not take long till the industry makes biometric authentication a mainstream and ditches passwords once and forever.
It may not take long till the industry makes biometric authentication a mainstream and ditches passwords forever.
Although there are some mainstream methods like fingerprint, more exciting developments are underway. Vein recognition technology is one of those methods to pay particular attention to along with iris, retinal, behavioral, and other emerging methods. Here are some of the companies putting vein recognition technology on the map:
BioGuard offers palm vein authentication technology along with other solutions. The system uses an infrared beam to penetrate the user's hand as it is held over the sensor; the veins within the user's palm are returned as black lines. The company has three products for providing vein recognition services: BioGate, Kee-Pod, and BioID Server.
IdentyTech Solutions offers PalmSecure Sensor, a biometric authentication device that promises to provide the highest level of security using palm vein authentication technology. The contactless device utilizes the algorithm that creates several tens of thousands of minutiae points, encrypting each image before converting it into a template allowing for unique encryption keys for specific solutions.
Hitachi’s biometric security solutions provide finger vein authentication technology that is used in logical access applications, applications for physical access through finger vein authentication systems, vein pattern applications for ATM & banking, and embedded applications.
BioSec offers BS GateKeeper physical access control system that combines vein template algorithms with speed, user convenience, and highest security. The BS GateKeeper physical access control system is a modular, flexible system, which does not contain any complicated network structure. There are no limitations in the number of users or the size of the system.
M2SYS provides a suite of products for multiple industries spanning from mobile biometrics, biometric readers on fingerprint, finger vein, voice recognition, face recognition, palm vein, iris, and smart cards.
PalmSure offers a palm vein device that captures an individual's palm image with near-infrared rays. The contactless device is promised to have a high accuracy of a false rejection rate of 0.01% and a false acceptance rate of less than 0.00008%. The device can be easily integrated with any external device and work in almost any condition.
iDLink Systems offers iDLink Palm Vein V2 Reader with the latest PalmSecure vein scanner from Fujitsu. iDLink Palm Vein II Reader enables a secure and reliable way of verifying the identity of a person for access control or time attendance.
Fujitsu provides a highly reliable biometric authentication system based on palm vein pattern recognition technology. PalmSecure is claimed to feature industry-leading authentication accuracy with extremely low false rates. The non-intrusive and contactless reader device provides ease of use with virtually no physiological restriction for all users. Devices can be applied for physical access control, time and attendance tracking, user authentication for PCs or servers, government/commercial identity management systems, and more.
Mantra Softech is a manufacturer of palm vein biometric time attendance systems in India. The company’s PV1000 Terminal is a high-end attendance Terminal utilizing palm vein patterns. There is also an alternative industrial solution—PV2000—that can be used for labor management, contract worker management, canteen management, work management, etc.
BioEnable is one of the leading Indian companies working in the field of advanced electronic identification, automation, and tracking products & services. The company offers an array of products for access, attendance track with multi-biometrics scanners.
Note: The overview is not exhaustive, and there are other players in the market offering software and hardware with vein recognition technology.
Join 1,000+ companies and 500 banks, including 9 of the top 10 US financial institutions, that are already using Prove to accelerate revenue, mitigate fraud, and enhance customer experience. Contact us today.
Contact us to learn how leading companies are using Prove Pre-fill to modernize the account creation process by shaving off clicks and keystrokes that kill conversion.
Get in touch to find out how we can help you identify your customers at every stage of their journey and offer them seamless and secure experiences.
Let our expert team guide you through our identity verification and authentication solutions. Select a date and time that works for you.
Find out how we can help you deliver seamless and secure customer experiences that comply with PSD2/SCA. Select a date and time that works for you.