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Feb. 12, 2019
London-based iProov is launching a contactless biometric security product called a Palm Verifier, which allows users to authenticate identity across multiple personal devices and varying transactions.
The Palm Verifier technology can be used to authenticate identity for different types of activities as well, according to a press release. The activities can include accessing medical records, conducting high-value transactions, accessing remote ATMs or gaining secure access to remote sites.
The user needs to hover their palm over the device for five seconds in order to be authenticated. The method works in varying light conditions. The company said palm prints are not stored in government records or shared on social media, thus allowing users to protect their identity and remain anonymous.
The technology uses the company’s patented Flashmark technology, which has been endorsed by the U.K. National Physical Laboratory. The one-time verification technology is safe against spoof and replay attacks, which are derived from social media and malware, according to the release.
"Our mission is to create a safe and secure digital environment, in which users feel protected and organizations can trust in the genuine presence of their remote customer," Andrew Bud, founder and CEO of iProov, said in the release.
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Topics: Contactless / NFC, Security
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Feb. 11, 2019
SendFriend, a New York-based blockchain startup specializing in international money transfer to the Philippines, has raised $1.7 million in pre-seed funding from a group led by MIT Media Lab, Ripple and Barclays.
Other investors include Techstars, Mahindra Finance, 2020 Ventures and 8 Decimal Capital.
The blockchain-based platform, set to launch service from New Jersey and expand to other U.S. states, will allow customers, mostly overseas Filipino workers, to transfer funds back home for about 65 percent less than what is currently on the market, according to David Lighton, co-founder and CEO.
He said the market opportunity is huge, with more than $34 billion in inflows, yet 80 percent of the fund transfer market is offline, despite a large percentage of unbanked consumers that use mobile phones.
"Our service is different from what’s available, because we are the only company there to leverage a blockchain technology in a commercial, regulatory compliant way," he told Mobile Payments Today via email. "Our service enables real-time payments, with a mere 2.5 percent price tag, while the next cheapest thing is about 4 percent and requires the customer to wait three to five days, unless they choose to pay a premium for instant service."
SendFriend is working with Ripple as its strategic partner on the funds transfer service, he added. Ripple’s XRapid service allows money to be transferred in real time across the globe.
Lighton decided to launch the company after working for the World Bank in Haiti after the deadly 2010 earthquake. He co-authored the National Financial Inclusion Strategy for the country, which involved how to deal with payments and remittances.
The company went through the Barclays Accelerator Program and founded at MIT, where Lighton got his MBA. The company got an MIT Legatum Fellowship and MIT Translational Innovation Alliance Award, leading to about $450,000 in cash grants and in-kind awards to help launch the firm.
Topics: Bitcoin, Money Transfer / P2P, Region: APAC
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Feb. 11, 2019
SendFriend, a New York-based blockchain startup specializing in international money transfer to the Philippines, has raised $1.7 million in pre-seed funding from a group led by MIT Media Lab, Mastercard Foundation, Ripple and Barclays.
Other investors include Techstars, Mahindra Finance, 2020 Ventures and 8 Decimal Capital.
The blockchain-based platform, set to launch service from New Jersey and expand to other U.S. states, will allow customers, mostly overseas Filipino workers, to transfer funds back home for about 65 percent less than what is currently on the market, according to David Lighton, co-founder and CEO.
He said the market opportunity is huge, with more than $34 billion in inflows, yet 80 percent of the fund transfer market is offline, despite a large percentage of unbanked consumers that use mobile phones.
"Our service is different from what’s available, because we are the only company there to leverage a blockchain technology in a commercial, regulatory compliant way," he told Mobile Payments Today via email. "Our service enables real-time payments, with a mere 2.5 percent price tag, while the next cheapest thing is about 4 percent and requires the customer to wait three to five days, unless they choose to pay a premium for instant service."
SendFriend is working with Ripple as its strategic partner on the funds transfer service, he added. Ripple’s XRapid service allows money to be transferred in real time across the globe.
Lighton decided to launch the company after working for the World Bank in Haiti after the deadly 2010 earthquake. He co-authored the National Financial Inclusion Strategy for the country, which involved how to deal with payments and remittances.
The company went through the Barclays Accelerator Program and founded at MIT, where Lighton got his MBA. The company got an MIT Legatum Fellowship and MIT Translational Innovation Alliance Award, leading to about $450,000 in cash grants and in-kind awards to help launch the firm.
Topics: Bitcoin, Money Transfer / P2P, Region: APAC
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Feb. 11, 2019
ACI Worldwide has acquired the technology assets of RevChip, a firm that provides software for Apple Pay, and TranSend, an affiliated data migration firm, according to company officials.
ACI plans to launch a service, in connection with the acquisition, that gives retailers a cloud-based ominchannel solution featuring an deeper integrated suite of point-of-sale and payments technology.
ACI Worldwide had been working with RevChip, and TranSend for months under a joint marketing agreement.
"With this acquisition and new capabilities, we will be able to address a need for existing and prospective merchant clients," Sanjay Gupta, executive vice president, ACI Worldwide, told Mobile Payments Today in an email. "The new omnichannel capabilities will supplement the existing strong capabilities of ACI's Up Merchant Payments platform."
The agreement allows merchants to offer in-store mobile checkout.
Topics: In-App Payments, Mobile/Digital Wallet, POS, Retail
Companies: ACI Worldwide
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