CASH TECHNOLOGIES, MP3.COM, SENSAR SET TO BEGIN INTERNET ATM CARD PURCHASE PILOT.Security Provided By Tiny Camera Attached To PC Which Captures Image Of User's Iris Cash Technologies Inc. has reached agreements with popular online digital music destination MP3.com Inc., and Sensar Inc., a leading manufacturer of iris recognition Iris recognition is a method of biometric authentication that uses pattern recognition techniques based on high-resolution images of the irides of an individual's eyes. Not to be confused with another less prevalent ocular-based technology, retina scanning, iris recognition uses products, to pilot the use of ATM cards for purchasing music products at MP3's website using Sensar's iris recognition devices and Cash Tech's EMMA EMMA Engstrom Multigas Monitor for anesthesia. transaction processing system A Transaction Processing System (TPS) is a type of information system. TPSs collect, store, modify, and retrieve the transactions of an organization. A transaction is an event that generates or modifies data that is eventually stored in an information system. . Those participating in the pilot will for the first time be able to use their regular bank ATM card to shop securely over the Internet at MP3's website. Using Sensar's iris camera at the customer's PC will eliminate the need to send PIN numbers over the Internet, the Internet, the, international computer network linking together thousands of individual networks at military and government agencies, educational institutions, nonprofit organizations, industrial and financial corporations of all sizes, and commercial enterprises three firms say, removing the key stumbling block stum·bling block n. An obstacle or impediment. stumbling block Noun any obstacle that prevents something from taking place or progressing Noun 1. that has prevented the use of ATM cards on the Internet until now. Participating MP3 customers will enroll in the pilot, which is expected to take place during the first quarter of 2000, at an iris-enabled ATM supplied by Diebold Inc. Therefore, when the customer is ready to purchase products from MP3's website, a small handheld camera manufactured by Sensar, which plugs into the customer's PC, will take a picture of his or her iris and return the encoded information to MP3 over the Internet. MP3 in turn passes the information to Cash Tech's EMMA system to authenticate the customer and process the transaction through the ATM networks. Within seconds, an approval is returned by EMMA to MP3 and the customer can then receive the requested MP3 product in the usual way. Despite its sophistication so·phis·ti·cate v. so·phis·ti·cat·ed, so·phis·ti·cat·ing, so·phis·ti·cates v.tr. 1. To cause to become less natural, especially to make less naive and more worldly. 2. , for the customer the process is expected to be as fast and simple as using an ATM. "Today nearly half of the US population and one fourth of those who qualify do not have credit cards," says Bruce Korman, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Cash Technologies. "Additionally, credit card and password fraud has victimized millions of online customers. To support the continued explosive growth in Internet shopping and make online services available to the widest possible audience, a secure method of authorizing financial transactions, particularly the use of ATM cards for purchases over the Internet, is essential. The versatile capabilities of our EMMA system combined with Sensar's iris recognition products will make this possible for the first time." "Credit card penetration is particularly low amongst the teenage population despite their tremendous buying power Buying Power The money an investor has available to buy securities. In a margin account, the buying power is the total cash held in the brokerage account plus maximum margin available. Also referred to as "Excess Equity. ," adds Robin Richards, president of MP3.com. "We believe that providing a method for MP3 customers to use ATM debit cards to purchase our online products is another way that MP3 can expand its customer base and help advance the digital music revolution." Eventually the inexpensive handheld cameras, which will also double as "web cams" or video conferencing See videoconferencing. (communications) video conferencing - A discussion between two or more groups of people who are in different places but can see and hear each other using electronic communications. cameras, are expected to be distributed by banks, e-commerce providers, online securities trading firms and even built into computer monitors. According to the three firms, the EMMA/Sensar system requires no changes from the ATM networks or card issuers, will accept virtually all standard bank ATM cards and can be implemented easily by Internet commerce companies on their websites. |
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