Banking systems throughout Latin America and the Caribbean are preparing for new biometric technology to help strengthen their security infrastructure.
Financial institutions, such as Citigroup, Banco Santander and Banco Azteca, will be outfitted with new iris-scanning technology to ensure greater protection and their sites. The iris recognition system will offer banks increased identity management capabilities through cost-effective methods.
Banking customers will benefit from the new solution by safely conducting transactions through mobile devices and ATMs. The iris recognition system supports service to more than a billion users through image capturing and database matching technologies.
Facial recognition and iris scanning have become major strategies implemented by businesses and government agencies to provide users with the most advanced security available. A recent Frost & Sullivan report found the tandem accounted for the second and third most profitable biometric technologies, at 14 and 6 percent, respectively.
The dominant form of biometric technology continues to be fingerprint scanning, which many companies and individuals have integrated into their everyday security systems. The report found the mechanism accounted for 73 percent of all biometric revenue the Asia-Pacific market in 2009.
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