News

Use of bio ID yields savings, award for Argentine bank

October 2, 2013

Argentina's largest private bank, Banco Supervielle, has won a FELABAN Financial Innovation Award for a biometric identification project that facilitates the transfer of pension funds to retirees. The announcement was made by Lumidigm, which deployed the biometric solution.

According to a news release, the payment of pension checks was a complex and tedious process at Banco Supervielle, with extensive authentication requirements. But with the deployment of Lumidigm multispectral technology, pensioners now need only present a finger to prove their identity and receive their monthly stipend quickly and easily, Lumidigm said. 

In the first phase of the project, Banco Supervielle is enrolling 1 million retirees using enrollment stations and terminals with Lumidigm V-Series readers. 

"We are enrolling 7,900 retirees per day and plan to have 800,000 enrolled by the end of this year," said Banco Supervielle CIO Claudio Ercolessi. "The enrollment phase is going faster than what we expected, mainly because the performance and accuracy of Lumidigm's multispectral technology lets us get very good enrollment data very quickly."

A second project phase under consideration would extend biometric authentication to all of the bank's customers to facilitate other banking services.

The bank's investment in biometric kiosks has already resulted in considerable savings due to fraud reduction, the news release said. In addition, the technology has freed up 170 cashiers, who are being retrained as commercial advisors.

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