Visa ID Intelligence Moves Payment Security Beyond Passwords
October 19 2017 - 7:00AM
Business Wire
Biometrics and other authentication
technologies help the payment industry create seamless and
secure commerce experiences
Visa (NYSE:V) today announced Visa ID Intelligence, a platform
that allows issuers, acquirers and merchants to quickly adopt
emerging authentication technologies and create more secure and
convenient ways for consumers to shop, pay and bank on their
connected devices. Available through Visa Developer Platform, Visa
ID Intelligence offers a curated selection of leading third-party
authentication technologies with simple integration using Visa APIs
and SDKs—allowing clients to create, test and adopt new
authentication solutions.
The Internet of Things is expected to grow to 20 billion
connected devices by 2020, exponentially expanding the devices and
environments in which commerce can take place—from wearables, such
as rings and watches, to home personal assistants and connected
cars. Many of these devices are voice activated and not designed
for typical passwords—requiring a new approach to authentication,
such as face, fingerprint or voice recognition, document
verification, or device and user identification. A 2017 Visa survey
showed that 69 percent of US consumers believe that biometric
authentication will make payments easier than using passwords.
“A consumer encounters many authentication moments during the
course of a day, whether making a payment, checking a balance, or
sending money to family and friends,” said Mark Nelsen, senior vice
president of risk and authentication products, Visa. “But
traditional methods for authenticating a customer can create
frustration or are simply not designed for the new ways people are
shopping and paying. We built Visa ID Intelligence to help
accelerate smarter and easy-to-use authentication solutions for any
commerce environment—to better protect against fraud and to move
closer to a world without passwords.”
Recent Aite Group research found that, as the speed and
complexity of fraud and cyberattacks increases, institutions and
companies must look to nimble technology solutions that provide
consumers with security as well as convenience. While many
competitors offer solutions, not all of them are ideal for the
payments industry and the high level of privacy, security and
regulatory oversight that are required for financial transactions.
Financial institutions and merchants can adopt effective and secure
solutions and accelerate time-to-market with streamlined onboarding
and implementation through Visa as a single trusted source. Visa
has vetted technology providers to ensure they meet industry
expectations for security and consumer privacy, including onsite
Visa security assessments, penetration testing, and ongoing
compliance audits. The platform also enables simplified
contracting, saving clients potentially months of negotiations.
“Financial institutions and merchants are working hard to create
streamlined and delightful digital experiences,” said Julie Conroy,
research director, retail banking practice, Aite Group. “At the
same time effective consumer authentication is critically
important, given the escalating cyber threat landscape. The good
news is that a variety of technologies can help businesses find the
win-win, providing superior security while at the same time
removing unnecessary friction.”
Authentication Capabilities
Today, Visa ID Intelligence features include:
- Identity Documents – evaluates
identification documents and matches selfies to photo IDs (e.g.,
driver’s license, passport, military ID), while extracting and
converting document information into digital form. This
authentication process can help financial institutions or merchants
make smarter decisions and instantly provision banking services.
Uses include creating new accounts, and as an alternative to
customer service calls to perform password reset and lost or stolen
card replacement. Au10tix provides identity document services
through the Visa ID Intelligence platform.
- Biometrics – allows clients to
use biometrics such as eyes, face, fingerprint and voice to create
simpler authentication experiences that meet consumer needs for
convenience, security and speed. Applications include app login,
payments, step-up authentication, and more. Daon, a global
authentication and identity assurance solutions provider, will
offer Visa ID Intelligence biometric authentication services.
Visa ID Intelligence offerings will expand in 2018 to user data
and device data to improve digital identity decisioning, working
with Neustar and ThreatMetrix. More information about Visa ID
Intelligence can be found at www.visaidintelligence.com.
About Visa Inc.
Visa Inc. (NYSE: V) is the world’s leader in digital payments.
Our mission is to connect the world through the most innovative,
reliable and secure payment network—enabling individuals,
businesses and economies to thrive. Our advanced global processing
network, VisaNet, provides secure and reliable payments around the
world, and is capable of handling more than 65,000 transaction
messages a second. The company’s relentless focus on innovation is
a catalyst for the rapid growth of connected commerce on any
device, and a driving force behind the dream of a cashless future
for everyone, everywhere. As the world moves from analog to
digital, Visa is applying our brand, products, people, network and
scale to reshape the future of commerce. For more information,
visit usa.visa.com/aboutvisa, visacorporate.tumblr.com and
@VisaNews.
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version on businesswire.com: http://www.businesswire.com/news/home/20171019005445/en/
Visa Inc.Sandra Chu, 415-805-4124sanchu@visa.com
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