The UK’s Barclays bank has launched a new corporate online banking tool that relies on biometric authentication. Called iPortal, the system uses Hitachi Digital Security Vein ID scanner as a PIN and password replacement.
The iPortal system is designed to act as a central online hub for corporate banking services, offering information about accounts and products as well as access to services including payment authorisation, loan facilities, cash management, and so on. While such a system offers considerable convenience and utility to corporate managers, it also obviously involves highly sensitive data, and therefore requires a reliable security solution for user authentication. That’s why Barclays has opted for Hitachi’s biometric solution, which scans the blood flow in a given user’s finger via infrared light, ascertaining the specific biometric pattern unique to that individual.
It’s the end product of R&D first undertaken last year, with Barclays having announced in September that it was looking into a biometric solution for corporate online banking. The new development is also likely related to Barclays’ membership in the Open Identity Exchange, a cross-industry organisation seeking to bolster trust in online transaction.
Barclays has proven technologically innovative in other areas as well, having announced new contactless payment devices this past summer. As it forges deeper into online transactions, biometric technologies could play an increasingly important role in its online offerings.
WHY DID BARCLAYS ADOPT THIS SOLUTION?
Hitachi’s Identity Assurance Solution set to revolutionise account security in UK banking
“This solution is at the leading edge of innovation and is in direct response to client concerns about the threat of online fraud. We have shown the technology to a range of businesses and the interest and enthusiasm for the product is tremendous. Ultimately, I hope this will pave the way for other institutions to adopt equally robust technology in the fight against online crime.”
Ashok Vaswani C
EO Barclays Personal and Corporate Banking