MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--First Tech Federal Credit Union today announced a pilot program with MasterCard that will enable First Tech employees to authenticate and verify transactions using facial recognition and fingerprint biometrics.
Dubbed “Selfie Pay,” by industry observers, this initial test will be conducted in a closed environment where First Tech employees will use artificial funds and biometrics. The pilot will test the potential of delivering greater security and convenience to First Tech’s U.S. cardholders by verifying identity via facial photographs or fingerprint scans conducted on smartphones. This technology will enhance the ease and convenience that Americans have come to expect when using credit and debit cards for online purchases while leveraging advanced technologies to help ensure payment security.
“At First Tech, we’re establishing a strong track record for bringing the most secure and forward-looking payments security to our members, first with our introduction this year of chip-and-PIN debit and credit cards. In that spirit, this biometrics pilot program represents an exciting next step in payment convenience and security,” said Greg Mitchell, CEO of First Tech Federal Credit Union. “Our members are some of the most technologically focused consumers on the planet, and being an innovator in the payments security space is evidence of our strong desire to meet our members’ unique needs.”
The pilot program will run in September and October and include over 200 credit union employees. Pilot participants will use smartphone apps to make virtual donations to the Children’s Miracle Network (CMN) Hospitals, all authenticated by facial recognition or fingerprint biometrics. MasterCard and First Tech are proud to support CMN Hospitals, a nonprofit organization raising funds and awareness for 170 children’s hospitals across North America.
“A recent MasterCard survey found that 83 percent of consumers are excited about new secure technologies helping to protect their financial information. In the same survey, three-fourths (75 percent) of consumers stated that they have heard of biometric payments,” said Catherine Murchie, Senior Vice President of U.S. Processing, Network & Enterprise Security Solutions for MasterCard. “We’re excited to be on the cutting edge of exploring biometrics and engaged in the first U.S. pilot with First Tech Federal Credit Union.”
First Tech and MasterCard introduced the concept for this biometrics pilot program at the White House Cyber Security Summit held at Stanford University in California on February 9.
The pilot program builds on existing activities by MasterCard and CardinalCommerce to power First Tech Federal Credit Union’s cardholder verification processes.
About First Tech Federal Credit Union
First Tech Federal Credit Union is a $8.1 billion institution headquartered in Mountain View, Calif. It is the nation’s premier credit union serving the world’s leading technology-oriented companies and their employees, including HP, Microsoft, Agilent, Intel, CISCO, Amazon, Nike, CH2M Hill, Intuit, Google and more. First Tech is recognized as the industry catalyst for delivering effortless banking experiences to its 400,000 members through its 39 branch locations, more than 5,000 CO-OP Branch locations, 30,000 COOP Network ATMs and 286,000 ATMs nationwide. First Tech offers a full range of banking services, including traditional banking, mortgage, financial planning and insurance services. For more information, visit firsttechfed.com.
MasterCard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardNews, join the discussion on the Cashless Pioneers Blog and subscribe for the latest news on the Engagement Bureau.