September 20, 2015
After the successful release of the leaderboard analysis on topics like Fraud and Authentication, Lending, International Remittance sectors of the payment industry, Let’s Talk Payments announces its next LTP9 leaderboard analysis on another important category in the payments domain—Biometrically Authenticated Payments.
This leaderboard represents the nine most promising companies in this category.
Extensive research, including detailed company profiling and regular interactions with industry stakeholders, has helped us in developing key insights which are also backed by our own data analysis. These leaderboards have been identified through a rigorous methodology, beginning with a comprehensive list of all the companies in the space and then analyzing each of them on a scorecard with 10+ subjective and objective parameters to finally arrive at a quantified assessment for each of them. These parameters are further clubbed under three main heads: impact, momentum and focus. Continuous brainstorming and exhaustive research have been instrumental in developing these scorecards to help capture all the salient aspects of this category—both at the industry and the company level. Our own coverage of the space on LTP over the past year, coupled with first-hand industry experience, has been a valuable source of inputs in determining the LTP9 selection. [Read more about the selection framework here.]
Not limiting ourselves to publicly available information but rather taking the additional step of listening directly to industry leaders is what drives the authenticity of the LTP9 framework. One very important aspect of the LTP9 companies is their core competency in the category under consideration. This will help our readers to obtain a clear understanding of the product positioning of each company amidst a plethora of exciting companies in this space.
A brief profile of the shortlisted LTP9 companies with regard to biometrically authenticated payments:
1. Qualcomm: Qualcomm provides primary business is digital communications where it designs, manufactures and sources products and services globally. The business of primary interest to this study is Qualcomm’s Snapdragon unit which supplies processors and modems to the smartphone market. In March 2015, Qualcomm announced Sense ID. Sense ID is a FIDO-compliant biometrics platform which enables smartphones to leverage a variety of biometric authentication solutions for authentication. Sense ID was implemented by NTT DOMOCO in May 2015 and is driving a number of their biometrically enabled devices. Also announced was Qualcomm’s new Sense ID 3D fingerprint solution.
2. Daon: Daon’s vision is to be the world’s leading human authentication platform enabling people across any channel to easily assert and protect their identity. Founded to build biometrics authentication solutions, Daon has developed a variety of authentication solutions ranging from identity assurance software designed to enable governments and corporations to establish a trusted authentication relationship with individuals to IdentityX, a universal authentication platform for mobile devices. Globally, Daon securely manages hundreds of millions of biometric identities and is a leader in the biometric authentication space.
3. Hitachi: Hitachi, Ltd. manufactures, sells and services information and telecommunication systems, power systems, social infrastructure and industrial systems, electronic systems and equipment, construction machinery, functional materials and components, automotive systems, and smart life and eco-friendly systems worldwide. Hitachi’s VeinID VPR biometric solution is the leading deployment of the technology providing read precision similar to iris and retinal scans delivered in a use case similar to fingerprinting. Hitachi deploys VeinID technology to the financial services market via logical (digital) access solutions, physical access solutions and ATM access. Estimates suggest that Hitachi has over 100,000 scanners in market globally of which 40,000 are at ATM deployments in Japan, Poland and the UK.
4. Fujitsu: Fujitsu Limited provides a range of technology products and services worldwide to the automotive, financial services, manufacturing, retail, telecommunications, healthcare and life sciences industries. Fujitsu has deployed PalmSecure to authenticate over 30,000 Banco Bradesco ATMs in Brazil and was recently selected by Robocoin to secure bitcoin ATMs. More recently, PalmSecure selected by Fiserv to be integrated into the Fiserv DNA banking platform as an authentication method for securing financial transactions across the platform.
5. EyeVerify: EyeVerify Inc. is the creator of Eyeprint ID, eye recognition biometrics software which will work on any smartphone with a 1+ MP camera, enabling the customers to open the mobile device, log into apps and secure mobile payments. Eyeprint ID transforms an ordinary selfie into a key that protects your digital life. The patented, software-only biometric solution is 99.99% accurate and has a read time of less than one second. Addressing one of the main questions with biometrics (What happens if my biometric information is stolen?), with Eyeprint ID, an Eyeprint can never be lost, stolen or intercepted because it’s scrambled and encrypted locally.
6. Nymi: Formerly Bionym, NYMI is a biometric technology firm based in Toronto which has created the Nymi Band. The Nymi Band is a lightweight wristband that acts as a secure identity for its user. Incorporating a number of different security features including proximity detection, gesture control and the use of a user’s electrocardiogram (heartbeat) called HeartID to provide secure authentication of its wearer.
7. ImageWare Systems: ImageWare Systems, Inc. (IWS) is a leading provider of biometric authentication offering multifactor biometric authentication via mobile devices, on premises and in the cloud. IWS operates in multiple markets, providing biometrically enabled software-based identity management solutions for biometrics, secure credential, and law enforcement and public safety markets worldwide. IWS provides a number of biometric solutions, including GoVerifyID (which won numerous 2014 awards), a leading biometric technology for a variety of markets including payments.
8. IrisGuard Ltd.: IrisGuard Ltd. provides IrisGuard technology, an iris recognition biometric solution. Incorporated into cameras, software and backend servers, IrisGuard’s technology has been used in real-world operations since 2001 to quickly and accurately identify tens of millions of customers in over 190 countries. IrisGuard provides IrisGuard technology in a suite of services for financial institutions called EyeBank. Implemented at Cairo Amman Bank in 2009 to authenticate customers for ATM transactions, teller withdrawals and payment guarantees, IrisGuard has secured millions of transactions for more than 100,000 customers.
9. Hoyos Labs: Hoyos Labs is a digital infrastructure security company devoted to developing highly secured identity assertion platforms capable of authenticating and assuring identities quickly yet accurately. Hoyos Labs developed a standard for a biometric-based identity authentication called BOPS, (Biometric Open Protocol Standard) which has recently been adopted by IEEE as the approved international standard for biometric identity assertion.
Table of Contents:
1. LTP9 Evaluation
2. LTP9 Company Profiles: Company profiling include details like