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CB Bank Card System to adopt biometry in payment transactions.

BANKING AND CREDIT NEWS-June 23, 2014-- CB Bank Card System to adopt biometry in payment transactions

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23 June 2014 - Franch national interbank network Groupement des Cartes Bancaires CB said it is currently evaluating the use of biometry in payment transactions and is expected to approve a strong authentication standard as defined by Natural Security for use in the CB system before the end of the year.

According to the non-profit, the objective of the authentication method defined by the Natural Security Alliance is to simplify and secure payments. The cardholder simply has to place his or her finger on a biometric reader in store or at an ATM to validate a payment or cash withdrawal.

The first CB approval will involve the association of biometry and a chip integrated into a keyfob.

Integration of the chip into a micro-SD card of a mobile phone is also being studied. Highly convenient, the user keeps the keyfob or telephone on his or her person, for example in a pocket or handbag, without needing to present it physically to pay or withdraw cash.

Beyond the fact that biometry simplifies authentication by the single act of placing a finger on a reader and without the need for a confidential code, it reinforces security because the cardholder must be present for the transaction.

Moreover, the implementation of this solution respects the user's privacy and personal data protection, as the user's biometric data is not stored in a centralised database, but remains in the chip integrated into the key ring or telephone.

Groupement des Cartes Bancaires CB is a non-profit organisation acting as the governing body of the CB payment scheme to provide a universal and interoperable card payment and ATM cash withdrawal scheme in Europe.

End 2013, CB has 126members, comprising both banks and payment institutions worldwide.

CB is responsible for the system's overall architecture, inter-member rules & procedures and risk management. CB also defines technical and security standards, and ensures that manufacturers and vendors whose products and services are used in the CB system comply with these standards.

The Natural Security Alliance is a global community of companies dedicated to accelerating the adoption and ongoing development of Natural Security Technology based solutions.

Find out more at www.naturalsecurityalliance.org.

1 USD = .59 GBP

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Publication:M2 Banking & Credit News (BCN)
Date:Jun 23, 2014
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