EyeLock announced a partnership with Capco, a global business and technology consultancy dedicated to the financial services industry, to implement iris authentication security solutions across the financial services sector.
EyeLock announced a partnership with Capco, a global business and technology consultancy dedicated to the financial services industry, to implement iris authentication security solutions across the financial services sector.
Capco recently launched its secure banking and capital markets practice. The goal of this practice is to increase security for financial institutions by implementing EyeLock's iris authentication technology as the cornerstone of the practice.
Eyelock's solutions include cost-out physical security strategies such as keyless branch conversion. Additionally, solutions are aimed at increasing logical security for customer-facing applications, online and mobile systems such as ATM access, account opening, check clearing, wire transfers and mobile banking, among others. EyeLock estimates that by implementing this technology, Tier one banks will be able to eliminate annual recurring costs of approximately US$45 million over the course of the first two years by using keyless bank entry for employees and vendors alone.
"The banking and capital markets industries are currently facing a very serious security crisis," said Bill Adiletta, New York Technology Partner at Capco. "Each year, financial firms lose tens of billions of dollars due to security breaches. “ A better solution is needed as security risks escalate, especially as society becomes increasingly digitalized. Fortunately, technology to prevent security breaches has progressed exponentially.
"The financial services sector has a crisis level need for trusted identity, which means banks and other financial institutions need to verify that a person is who he or she claims he or she is, otherwise the door is left open for breaches," said Jeff Carter, Chief Strategy Officer at EyeLock. "Working with Capco, EyeLock delivers a high-value service-related solution across employee and customer-facing touch points, including physical branch access, ATM account authentication and kiosks, teller transactions, account opening and check cashing."
"Our partnering relationship with Capco accelerates our growth and market reach deep into the financial services marketplace," said Anthony Antolino, Chief Marketing Officer at EyeLock.