Despite Apple's attempts to keep the next iPhone's features secret until it is formally announced, developers are unearthing more clues about the handset's support for payments.
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One developer has found evidence that "Pearl ID," Apple's codename for facial recognition, will be used to authorize payments, The Verge reports. The new system will be able to store multiple faces and also be accessible to third party apps, according to the article.
A customer takes a photograph using an Apple Inc. iPhone 6 Plus at KT Corp.'s Olleh Square flagship store in Seoul, South Korea, on Friday, Oct. 21, 2016. Samsung Electronics Co. will be without its highest-end Galaxy Note 7 smartphone that was supposed to compete against Apple's iPhones and other premium devices during the holiday shopping season. Photographer: SeongJoon Cho/Bloomberg
SeongJoon Cho/Bloomberg
The term "multi-biometric" has also come up recently, suggesting that Apple may turn to a multifactor authentication method, possibly based on adding facial recognition to its current Touch ID fingerprint scans.
It makes sense that Apple would move toward biometrics that are advanced beyond its current TouchID fingerprint scans to connect individuals to devices, particularly given rumors that Apple's next iPhone will move or remove the home button that doubles as a fingerprint scanner.
The payments industry has been dabbling with facial recognition tools more heavily the past few years, with Samsung, Mastercard, Android and UnionPay all having some form of it in a payments or security scheme.
Years before it became a security option in mobile commerce, the Federal Trade Commission urged the use of facial recognition in commerce.
The move comes about a year after rising delinquency levels prompted SBA to raise lender fees and tightened underwriting standards in its flagship 7(a) program.
Select ChatGPT users can now connect their bank accounts to the AI-powered chatbot for personal money management advice based on their financial history.
Suncoast Credit Union moved from one-time identity checks to monitoring members for the life of the account. It says fraud losses fell more than a third.
The $110 million settlement, which was mapped out last fall, requires Wells Fargo to establish a $100 million fund to provide downpayment and closing-cost assistance to eligible borrowers who live in or plan to buy a home in certain low- and moderate-income census tracts.
Whether red or blue, leaders share an affinity for battling fintech giants, as the liberal mayor is pressuring regulators to scuttle Western Union's plan to buy digital transfer Intermex, shortly following PayPal's 'DEI settlement' with the Trump administration.
Prashant Sharma, JPMorgan Payments' executive director of biometrics and identity solutions, spoke with American Banker about agentic commerce and how liability is shifting as a result of large language models.
