A Financial Type Of Partnership
A Biometrics/Security Vendor known as “Precise Biometrics” (I have written about them a few times in the past in previous Postings-this Vendor is actively in various National ID Card Programs) with a top “financial solutions provider” known as “Interswitch”, based out of Nigeria.
This Strategic Partnership is geared exclusively to the Banking Sector in Nigeria: “Precise Biometrics has entered into a strategic partnership with Interswitch - one of the leading African financial solution providers based in Nigeria. The aim is to supply fingerprint recognition with Precise Match-on-Card(TM) to bank applications. The partnership is already engaged in a first project, which will provide license sales at a minimum of € 200,000 in 2009 . . . the partnership between Precise Biometrics and Interswitch aims at building and promoting biometric Match-on-Card solutions for the bank segment in Africa.” (SOURCE: http://findbiometrics.com/industry-news/i/7255/)
Final Thoughts On Today’s Posting
I think this is the first time I have written a Posting about the use of Biometrics in a Banking Application, on the African Continent. Anything related to this topic has always been on the United States, Europe, or the Pacific Rim. This Strategic Partnership is, in my opinion, is significant for a few reasons.
First, the target market is Nigeria, and based from the Press Release from there I got his story, this country is the largest on the African Continent, in terms of population, of over 150,000 Million people. This is certainly a strong will of commitment, as there is no doubt, there will be a lot of work and time involved in getting the citizens of Nigeria trained and using this new type Bank Card, as mentioned above in the previous quote.
Second, one of the primary goals of this new type of Bank Card is to eliminate entirely the use of the old Bank Card system in Nigeria, which utilized a Magnetic Stripe based Bank Card. This project is expected to be completed by the end of this calendar year (12/31/2009), with another primary goal of having these new types of Bank Cards be compatible with VISA, Europay, as well as Master Card.
Third, this new type of Bank Card is based on the Verve Card Technology, developed by Interswitch, with increased levels of Security Technology, along with the Biometrics Component included, . For example, “The Verve card has both international and local security features, and through Interswitch's partnership with Precise Biometrics, it also includes fingerprint recognition and Match-on-Card features. These features are used to control a cardholder's physical presence at the moment of a transaction. With fingerprint recognition and Match-on-Card, banks, governments and organizations increase security internally as well as for customers through personal verification and KYE (Know Your Employee).” (SOURCE: http://findbiometrics.com/industry-news/i/7255/)
Fourth, Interswitch is also a prime stakeholder for the National ID Card Program in Nigeria. It will be interesting to see how this new Bank Card fits into the overall Nigerian National ID Card goals and objectives . . . for example, is it possible a National ID Card can be used as a Bank Card as well, and serve two very important functions for the citizens of Nigeria at the same time???
Only time will tell.
Source for this Posting: http://findbiometrics.com/industry-news/i/7255/