OCBC in Biometric Breakthrough
As the Lion City drives towards becoming an e-payments society, Singapore lender OCBC is upping the ante on customer authentication technology.
With an initial investment of S$10 million over three years, Singapore's second-largest bank OCBC was the first bank in the country to establish a dedicated artificial intelligence unit. The bank is now rolling out a world's first according to a media statement issued on Wednesday.
In partnership with Singapore-based technology firm Touché, OCBC will introduce the first fingerprint biometric-based payment and loyalty management solution to OCBC’s Singapore credit card merchant customers.
Eliminating Paper Entirely
Developed in Singapore, the new device will house a robust software solution providing secure, convenient and personalized point of sale transaction services at the touch of two fingers.
The new operation will eliminate the need for multiple payment devices and is set up to accept traditional card payments as well as fingerprint-based payments. The whole reconciliation process is more efficient and time saving as receipts are not printed but emailed.
