Home-grown leading online electronic payments and authentication solutions provider in Asia, Infinitium has recently announced its strategic alliance with Raonsecure, a leading provider of biometric mobile security based on Fast Identity Online (FIDO) standards in Korea, to bring together global standards and best practices in biometrics authentication and digital payments.
Following this partnership, Infinitium will adopt Raonsecure’s FIDO-certified biometric authentication platform with its electronic payment offerings that are already deployed in the current markets. This will pave the way for biometric technology as an emerging methodology for payments and stronger security, adding enhanced security value besides enabling new types of jointly developed products.
Addressing growing trends in the industry, biometric authentication security will form one of the central pillars of the partnership. The partnership will offer a range of different services to clients, the first of which will be launched as early as the first quarter of 2018.
For the first initiative, Infinitium will adopt Raonsecure’s biometric authentication platform to enhance Infinitium’s two-factor authentication (2FA) products and extend its strong authentication capabilities.
The global explosion of digital and mobile payments is driving the need for a more secure authentication system. Technological advances continue to challenge banks and financial service providers to migrate to new authentication systems that meet the twin objectives of tightening payment security and improving user experience.
Biometrics related to payments is about ways to enhance authentication, and among the core drivers around it are about increasing usability and provide a better user experience, while at the same time reducing fraud.
Currently, adoption of biometrics solutions is happening across two forms of payment – mobile and online. Biometric technology is used alongside other security protocols for multi-factor authentication (MFA) as a secure way of verifying the account holder’s identity.
MFA security methods include the fusion of things like “what you know”, such as a PIN or a password; “what you have”, like a mobile phone or One-Time Password (OTP); and “who you are”, say a fingerprint or voice recognition.
While Korea has in many ways pioneered strong authentication technologies particularly with the FIDO-based biometric authentication, the rise of this technology is now seen in the Asia Pacific region, as biometric authentication becomes incorporated in payments processing for increased payment security and enhanced user experience. As biometric authentication becomes readily available for the regional markets, it is set to take e-commerce to new heights given the impact on every aspect of the ecosystem.
From an end-user perspective, greater convenience for consumers leads to fewer refused transactions, and better security for peace of mind. Stronger authentication support increases non-repudiation and anti-fraud capabilities for Issuing Banks and Acquiring Banks, whereas product and service innovations is made possible for Merchants and Fintech players to offer better security and user experience for end-users.