Samsung SDS Partners On Mobile Payments Solution

Infosys Finacle, part of EdgeVerve Systems, and Samsung SDS, a subsidiary of Samsung Electronics, announced a new partnership aimed at providing consumers with a frictionless mobile banking/payment solution.

What this entails is using Samsung SDS FIDO Authentication to enable banking and mobile payments customers to use select OEMs (original equipment manufacturers) and the handheld device of their choice to make such payments.

“In addition to our recent deployment in the financial sector, including Samsung Pay, we are pleased to partner with EdgeVerve to provide our FIDO solution to global banking customers. User authentication and mobile security is gaining more significance in this era of digital banking, and Samsung SDS’ standard-based biometrics solution ensures simpler and secure user authentication to bring enhanced user experience to our customers. Samsung SDS will continue its innovation to bring Samsung’s technology into the future digital banking,” said Ho Kim, head of the advanced mobile solution business for Samsung SDS.

Samsung SDS FIDO is built on Fast IDentity Online (FIDO) specifications, which are the de facto standard for authentication that uses biometrics information and PKI (public key infrastructure) technology to store user information. The technology enables users to scan their fingerprint or use facial recognition or other biometric authenticators — including voice and iris detection — to make a payment.

“Customers are becoming far more accustomed to accessing and spending their money via mobile. As such, financial services providers should be empowered with mobile solutions where they never have to choose between providing a good user experience and robust security. We want to enable banking without passwords wherein people can authenticate transactions by using flexible biometric options, such as facial recognition and fingerprints. Our partnership with Samsung SDS achieves exactly this kind of frictionless banking, allowing greater customer retention, engagement and loyalty,” said Andy Dey, president of customer and operations for EdgeVerve.