Mizan Rahman, Founder, CEO & CTO In the last decade, the proliferation of groundbreaking technologies caused a tremendous transformation in the banking industry, changing customer perceptions and opening new opportunities. Darkening the horizon, however, is the nightmarish cyber threat landscape, which continues to haunt banks and financial institutions regarding the security of financial transactions. As technology evolved to counteract this menace, a new age in banking evolved with “Know-Your-Customer” (KYC) solutions helping banks to better identify their customers and eliminate fraudulent activities. Nevertheless, even conventional KYC practices are becoming limited with the magnitude and frequency of the evolving threat landscape.
Set against this backdrop, M2SYS Technology, a Georgia-based firm, is fortifying KYC with their biometric identity solution. Being in the industry for more than 16 years, M2SYS’s team witnessed the evolution of KYC and was continuously innovating to address the growing need for unique identity requirements. This marked the genesis of the M2SYS biometric solution, CertisID™ that promotes a safe and secure environment. “With our longevity, technical experience, and interaction with global clients, we understand the changing demands of the banking industry and continue to evolve alongside it,” states Mizan Rahman, founder and CEO of M2SYS Technology.
With M2SYS Technology, banking clients no longer have to fret about security as biometric identities serve as an unbreakable security barricade when compared to the legacy identity credentialing solutions. CertisID™ is a biometric customer and employee identification solution that is purpose-built for financial institutions and banks. With biometric authentication, the solution promotes secure payment transactions, protects sensitive information, prevents customer and employee fraud, eliminates passwords with single sign-on protection, and establishes a concrete audit trail for government compliance.
Implementing this solution is quite simple.
Developers can instantly add biometric recognition to any software application by utilizing M2SYS’s biometric software development kit (SDK), CloudScanr™. The SDK integrates various biometric devices with their award-winning CloudABIS™ biometric matching system, enabling clients to utilize several types of biometric credentials—fingerprint, finger vein, iris, and facial recognition.
With our longevity, technical experience, and interaction with global clients, we understand the changing demands of the banking industry and continue to evolve alongside it
“We want to be more than a partner; we want to add value and pave a meaningful journey for all of our clients,” remarks Rahman. Citing one of their success stories, Rahman mentioned a large bank who has been a partner for seven years. They serve almost two to three million customers in six different countries. This particular bank was facing a critical issue with some of their credit card users who were utilizing credit but not making payments. Today, with M2SYS’s unique biometric credentials, the bank can verify the account holders, check their transaction history to ascertain nonpayment behavior, and then issue credit, which assures the bank that the customer will not default.
In yet another implementation highlight, a particular client in the Caribbean has expanded their business by establishing agent banking locations in collaboration with Western Union and MoneyGram International. When it comes to agent banking, transactions are often unsecure, as anyone can just deposit and withdraw money without verification. Upon implementing the M2SYS biometric solution, the client achieved faster, simpler, and more secure branchless banking. “Pleased by our approach, the client even stated that we helped in expanding their agent banking business to a broader level in the industry, which helped them to become the number one bank in the country,” extols Rahman.
Forging ahead, M2SYS is taking progressive steps to design a mobile-based solution for which the firm is in active conversations with U.S-based retailers. This ensures that users on both sides of the transaction are positively identified and verified while providing an unprecedented level of flexibility to authenticate account holders anywhere at anytime. “We have been there from the outset of the KYC movement and are constantly evolving with the industry’s changing needs,” concludes Rahman.
