DUBLIN, Ohio -- R. C. Olmstead announced Wednesday it has signed with Passfaces Corp. to integrate the company's visual online authentication solution with its core data processing system for credit unions. The integration will enhance authentication for Olmstead's credit union customers and satisfy new federal requirements for multifactor authentication for all online transactions by year-end. Passfaces is a patented technology that uses the brain's innate cognitive ability to recognize human faces. The system asks users to remember a series of faces in a collection of mug shots; as many as nine series or as few as three. Users pick their assigned 'secret' face from each set to gain access to a secure system or Website. Retention rates are very high because people tend to recognize a familiar face, even if they forget the name that goes with it.
-
Synovus Financial demonstrated at an industry conference how it is using Microsoft's Copilot to help its staff address customers' concerns.
March 28 -
The U.S. arm of Spanish banking giant Santander has hired Swati Bhatia to oversee retail banking and its digital transformation efforts. Bhatia joins at "an inflection point" for the company, which aims to be "a digital bank with branches," CEO Tim Wennes said.
March 28 -
Mariya Rosberg is named Americas head of banking and financial services at Marsh McLennan's Oliver Wyman unit; startup ZayZoon raised $15 million in a new funding round; and more in the weekly banking news roundup.
March 28 -
Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
March 28 -
Once a prominent figure spurring financial institutions to engage in cryptocurrency, Bankman-Fried's downslide began with the collapse of the digital asset exchange FTX in late 2022 and hit rock bottom with his sentencing to 25 years in prison.
March 28 -
But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
March 28