First Tech Federal Credit Union today announced a pilot program withMasterCard that will enable First Tech employees to authenticate and verify transactions using facial recognition and fingerprint biometrics. Dubbed “Selfie Pay,” by industry observers, this initial test will be conducted in a closed environment where First Tech employees will use artificial funds and biometrics.
„The pilot will test the potential of delivering greater security and convenience to First Tech’s U.S. cardholders by verifying identity via facial photographs or fingerprint scans conducted on smartphones.”, according to a press release.
The pilot program will run in September and October and include over 200 credit union employees. Pilot participants will use smartphone apps to make virtual donations to the Children’s Miracle Network (CMN) Hospitals, all authenticated by facial recognition or fingerprint biometrics. MasterCard and First Tech are proud to support CMN Hospitals, a nonprofit organization raising funds and awareness for 170 children’s hospitals across North America.
“A recent MasterCard survey found that 83 percent of consumers are excited about new secure technologies helping to protect their financial information. In the same survey, three-fourths (75 percent) of consumers stated that they have heard of biometric payments,” said Catherine Murchie, Senior Vice President of U.S. Processing, Network & Enterprise Security Solutions for MasterCard. “We’re excited to be on the cutting edge of exploring biometrics and engaged in the first U.S. pilot with First Tech Federal Credit Union.”
First Tech and MasterCard introduced the concept for this biometrics pilot program at the White House Cyber Security Summit held at Stanford University in California on February 9. The pilot program builds on existing activities by MasterCard and CardinalCommerce to power First Tech Federal Credit Union’s cardholder verification processes.
About First Tech Federal Credit Union
First Tech Federal Credit Union is a $8.1 billion institution headquartered in Mountain View, Calif. It is the nation’s premier credit union serving the world’s leading technology-oriented companies and their employees, including HP, Microsoft, Agilent, Intel, CISCO, Amazon, Nike, CH2M Hill, Intuit, Google and more. First Tech is recognized as the industry catalyst for delivering effortless banking experiences to its 400,000 members through its 39 branch locations, more than 5,000 CO-OP Branch locations, 30,000 COOP Network ATMs and 286,000 ATMs nationwide.
„Though Libra has met with fierce resistance from central banks and supervisory authorities and might never see the light of day, in many other cases tech firms (both start-ups and established big players) have successfully captured bits and pieces of universal banks’ traditional value chain. This trend may only intensify in the coming years. In this environment, European banks remain squeezed.”