Compulynx has launched a software application for securing banking transactions using biometrics.
The solution, dubbed e-verification, was developed to enhance Know Your Customer (KYS) process and security requirements in the banking and financial service industry.
The solution will ensure that account holders are securely and accurately identified in the banks' systems in turn ensuring faster customers identification process and hence improved service delivery by maintaining a single biometric profile of the customer, thus eliminating financial frauds associated with identity theft.
Speaking during the launch of e-verification, Compulynx CEO Sailesh Savani said the transformative security software had been engineered to very high standards and meets the strict requirements of the financial institutions."We have been privileged to successfully deploy this system for leading Financial Institution in the East Africa Region, who have been early adaptors of our innovative solution," said Savani.
The e-verification solution can be customized to meet the varying requirements of banks, and is is easily and securely integrated with the core banking software which makes it a seamless system for both users of the bank as well as the banks' customers.
Also showcased at the event was the Financial Instant Issuance solution from US-based Datacard which enables banks to instantly issue Debit or Credit cards to their customers while they wait at the bank branch as opposed to the traditional method whereby the customers are sent or asked to collect after a few days after application.
Globally, banks that have implemented the instant issuance system have seen greater uptake in cards and an increase in usage of cards, leading to an increase in revenues to the banks.
In Kenya, the financial instant issuance is expected to result in achieving deeper and greater financial inclusion for the large un-banked population in Kenya, according Savani.
With the launch of e-verification and Financial Instant Issuance systems, Compulynx becomes one of the first firms in East Africa to introduce a tamper-proof transaction security solution for the banking and financial services industry. The solutions can be integrated with bank's core banking software.
Cabinet Secretary, Ministry of Information, Communication and Technology, Dr Fred Matiangi complimented Compulynx for being a major player in the ICT ministry. said Dr Matiangi: "With innovation like e-verification, Kenya's banking sector is becoming more efficient. It is also through this that we will also be able to achieve our set goal of innovations contributing up to 25 per cent of Kenya's GDP."
Various banks have already implemented the solution, among this being Equity Bank which operations in Kenya and other East African countries.