Identity management software company BioConnect is partnering with biometric security technology startup and Wells Fargo incubator participant EyeVerify on authentication services that includes eye scans and vein recognition.
BioConnect’s Identity Platform is a device agnostic platform for security and physical access control that allows large enterprises to use biometrics for authentication. The EyeVerify software reads pictures of users' eyes, which they take with their smartphones, and translates veins and other physical detailing in the images into digital codes that are matched against a stored template. EyeVerify protects user data with a high entropy encryption key – the equivalent complexity of a 50-character password.
The financial industry is one of the “fastest consumers of biometric technology,” the companies said in a joint news release Aug. 30, thereby heightening the need for security and a frictionless user authentication experience. Biometrics can reduce fraud, manage Know Your Customer measures and reduce operational inefficiencies. Elsewhere in financial services, banks such as RBC have tested alternative biometric methods such as heart rhythm.
"EyeVerify is one of the highest standards of mobile-friendly security and built perfectly for the financial services industry: secure and frictionless," Bianca Lopes, BioConnect vice president of strategic marketing and global alliances, said in the release. "We are proud to partner, and… fundamentally change how we verify our identity in financial applications and combat fraud.”
EyeVerify has been developing its software since August 2014, when it joined the fintech accelerator of Wells Fargo, which has mentored the startup since.