Thursday, 10 August 2017
Mitek's Mobile Verify Now Has NFC Capabilities
Mitek announces the addition of near-field communication (NFC) capability to its Mobile Verify solution. By adding NFC, Mobile Verify can now read the biometric data embedded on RFID chips, delivering definitive authentication assurance simply by touching the document to the smartphone.
Almost 1 billion ePassports with embedded RFID chips have been issued to date and 3.6 billion people are expected to use RFID chip-enabled ID cards by 2021.These documents are becoming the standard for identity verification and the preferred government-issued root credential.
"Global business in the banking, payments, sharing, education and lending industries need modern methods for ensuring the identities of their users and verifying electronic ID documents," said James DeBello, Chairman and CEO, Mitek. "Mobile Verify with NFC creates a faster, easier and extremely secure digital identity verification process for billions of people around the world.
By comparing the user's high-resolution photograph on the identity document's chip, to the photo printed on the document and to a selfie taken by the user, organisations have definitive assurance of the user's identity in the digital channel. In addition, Mitek's Mobile Verify with NFC also checks for any alterations of the RFID chip's data to ensure no tampering or forgery has taken place.
GreenKey Awarded Only Patent for Speech-To-Text Engine Designed for Financial Markets
GreenKey Technologies, creator of an award-winning, team-based, voice collaboration tool for financial and regulated markets, announces that the U.S. Patent and Trademark Office has granted the company a second patent for its latest innovation: speech-to-text for the financial markets, incorporating custom processes for language model creation; model training; error correction, and accelerated transcription to allow for fast, accurate transcription of domain-specific conversations and instructions.
The technology was designed to help firms comply with regulations such as MiFID II, which requires the capture of all voice orders and quotes intended to lead to an execution, even if they do not result in a trade. With GreenKey's patented speech-to-text solution called GreenKey Scribe, orders, quotes and trades can now be extracted directly from real-time conversations taking place on any platform and fed into any execution, analytics or compliance system. The tool was designed to function and improve learning when interacting with very nuanced, "tribal" dialects, such as those that exist within voice-executed markets. Partnering with market participants across all major asset classes has given GreenKey access to thousands of hours of actual sales, dealer and broker conversations, resulting in accuracy rates above 95 percent - up to twice as high as ubiquitous offerings from Google and Microsoft, or other capital markets specific solutions.
Tejas Shastry, Ph.D., GreenKey Vice President of Data Science, said: "We are absolutely thrilled to have been awarded a patent for our unique training, prediction and deployment methods. We are working with the largest financial firms in the world, and they're starting to recognise the power that AI-driven speech recognition has to transform many of their workflows and business units. Beyond just regulatory compliance, we're now partnering with customers on cutting-edge concepts around speaker recognition, real-time call transcripts and customer relationship management (CRM) integrations. It is extremely rewarding to be able to help them extract powerful, actionable data from their voice conversations."
Talk Talk Fined GBP 100,000
The Information Commissioner's Office has fined TalkTalk Telecom Group PLC GBP 100,000 after it failed to look after its customers' data and risked it falling into the hands of scammers and fraudsters.
An ICO investigation found TalkTalk breached the Data Protection Act because it allowed staff to have access to large quantities of customers' data. Its lack of adequate security measures left the data open to exploitation by rogue employees.
The breach came to light in September 2014 when TalkTalk started getting complaints from customers that they were receiving scam calls. Typically, the scammers pretended they were providing support for technical problems. They quoted customers' addresses and TalkTalk account numbers.
The ICO launched an investigation into how customer details - names, addresses, phone numbers and account numbers - were compromised.
The investigation found the issue lay with a TalkTalk portal through which customer information could be accessed. One of the companies with access to the portal was Wipro, a multinational IT services company in India that resolved high level complaints and addressed network coverage problems on TalkTalk's behalf.
A specialist investigation by TalkTalk identified three Wipro accounts that had been used to gain unauthorised and unlawful access to the personal data of up to 21,000 customers.
The ICO has fined TalkTalk because it breached the seventh principle of the Data Protection Act. It did not have appropriate technical or organisational measures in place to keep personal data secure.
Oracle Announces Oracle Banking Payments Offering
Oracle announces the worldwide release of its Oracle Banking Payments solution. The offering was built from the ground up leveraging ISO 20022 and is designed to help banks compartmentalise payments messaging, message transformation and payment processing while providing high fidelity insight. Using the Oracle Banking Payments API, banks can also innovate within the Internet of Payments, collaboration with 3rd parties or curate new business models in collaboration with Fintechs.
Chet Kamat, senior vice president, Oracle Financial Services comments: "With Oracle Banking Payments, financial institutions can improve straight through processing, support real-time and immediate payment settlement and reduce time-to-market while driving innovation."
Digitisation has brought banks to a payments arena tipping point where customers demand constant availability for real-time, frictionless payments. Grappling with increasing levels of operational complexities, banks have increasingly adopted siloed structures and multiple messaging standards leading to a disharmonised payment landscape. At the same time, new players are challenging incumbents by offering personalised products, exemplary efficiency and security. To remain competitive, financial institutions need to adopt a transformational approach that addresses the changing dynamics of the payments marketplace.
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