B2B Payments

Biz Banking Security Worthy Of A James Bond Film

Corporate banking clients of Wells Fargo will have access to security measures worthy of a James Bond film. Reports on Monday (Oct. 26) said the financial institution demonstrated a new security feature at the annual conference of the Association of Finance Professionals held in Denver last week, and it’s a high-tech move for business customers.

Wells Fargo is reportedly rolling out biometric technology to heighten security for its corporate clients. During demonstrations, Wells Fargo Wholesale Internet Solutions Senior Vice President Jinee Ellis showed how the mobile banking app can scan the eye veins of a user to grant access to a corporate bank account.

[bctt tweet=”Wells Fargo rolls out biometric technology to heighten security for its corporate clients.”]

The firm’s executive vice president and head of wholesale Internet solutions, Secil Watson, explained that each person, even among twins, has unique eye vein structures.

“From a machine’s perspective, they look at a number of elements in the eye, and they can make a print — the eyes have more elements than even the face,” Watson said, according to reports by the Minneapolis/St. Paul Business Journal.

Wells Fargo said the solution is a response to corporate clients’ needs for easier access to bank accounts without compromising security. The bank’s Commercial Electronic Office (CEO) portal allows corporate clients to view any bank transaction, but according to reports, every time a user logs on, they need a customer user name, password and token, whose ID number changes every 90 seconds. Each token is different for each bank, Watson explained, leading to some challenges for corporate clients that bank with multiple partners.

According to Watson, Wells Fargo has been testing the new solution with a small number of corporate clients and expects to release it to all corporate customers using the CEO app for iPhone in the first half of next year.

Reports added that Wells Fargo became the first bank in the U.S. to launch face and voice recognition technology in 2014.

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The PYMNTS Cross-Border Merchant Friction Index analyzes the key friction points experienced by consumers browsing, shopping and paying for purchases on international eCommerce sites. PYMNTS examined the checkout processes of 266 B2B and B2C eCommerce sites across 12 industries and operating from locations across Europe and the United States to provide a comprehensive overview of their checkout offerings.