Verifast

Overview

Verifying a consumer or an employee's identity is an inefficient process that requires the manual authentication of a card, PIN, password or other unique method of identification. These methods are not only inconvenient, but also present potential security risks and detract from the overall consumer or employee experience.

Verifast eliminates these problems by using the latest palm-vein biometric technology in place of outdated authentication methods. Verifast helps financial institutions mitigate fraud, reduce transaction times and make banking transactions more convenient for consumers while simplifying and improving control over employee access to banking networks and systems.

With Verifast, individuals simply hold their palm over an infrared sensing device that detects each person's unique palm vein pattern and matches it to an encrypted digital signature. Palm-vein authentication offers superior security, accuracy and consumer acceptance:

• Security: Palm vein scanning is a highly reliable method of identification. Palm vein patterns are unique and remain stable throughout a person's life. Veins are "hidden" under the skin, making forgery virtually impossible
• Accuracy: Palm vein patterns are complex, with more than five million reference points
• Acceptance: Palm vein scanning is hygienic, easy and intuitive to use

Fiserv offers two Verifast solutions for financial institutions:

Verifast Branch: For authenticating consumers in the branch
Verifast SSO: For authenticating employees when they need to access financial institution networks and systems

Verifast Awards

• 2018 Fintech Breakthrough Award for "Banking Innovation – Consumer Banking": To Fiserv for Verifast: Palm Authentication solution
• 2017 Retail Banker International "Security Innovation of the Year" Award: To Fiserv and Gesa Credit Union for Verifast: Palm Authentication
• 2017 Credit Union Journal "Best Practice" Award: To Fiserv and Gesa Credit Union for Verifast: Palm Authentication
• 2017 CUNA "Excellence in Technology" Award:To Hughes Federal Credit Union for its implementation of Verifast biometric authentication to build an efficient team and create better member experiences
• 2017 Technology Association of Georgia TAG Advance award: Based on the pioneering use of Verifast Palm Authentication in the branch, Fiserv was recognized as one of the most innovative U.S. FinTech companies with ties to Georgia
• 2016 IDC FinTech Real Results award for Customer Engagement: Fiserv was recognized for implementing its innovative Verifast Palm Authentication solution to improve security, reduce authentication times and enhance the consumer experience
• 2016 CUNA Excellence in Technology Award: Presented to Gesa Credit Union for their beta implementation of Verifast Palm Authentication, becoming the first  U.S. financial institution to authenticate consumers using palm-vein scanning technology
• 2016 Credit Union Journal Best Practice Award: To Gesa Credit Union for speeding up in-branch authentication by 93% using Verifast Palm Authentication