STME, a leading solutions provider and systems integrator, has teamed up with Hitachi Europe to deliver a unique digital signing solution to the banking sector using Hitachi’s biometric finger vein authentication technology.
Hitachi’s VeinID is recognised as one of the most secure biometrics in the market. Unlike finger prints, vein patterns are extremely difficult to spoof or replicate. The scanned finger must be attached to a live human body in order for the veins in the finger to be authenticated.
Through the STME-Hitachi Europe partnership, regional banks are guaranteed that large transactions with their corporate customers can be carried out seamlessly and securely, utilising Hitachi’s VeinID for single sign-on procedures, a statement said.
Ayman Al Bayaa, chief executive officer of STME, said the partnership will help organisations in the financial services industry (FSI) to find a more cost-effective approach to integrating legacy systems into their software architecture. In addition, the technology offered will promote innovation and safeguard leading regional banks’ network security system.
“This partnership was formed as a result of extensive research aimed at bringing innovation and a more effective security solution to some of the Middle East’s major banks. It supports our existing fully integrated security portfolio,” Al Bayaa said.
Under the agreement, STME will be the main provider of the technology – covering pre-sales, deployment and operation – and will serve as the first line of support to FSI customers, while Hitachi will offer a second level of support.
Al Bayaa said that the offering comes as demand for system integration systems in Middle East banks increases, driven mainly by the sector’s robust performance and evolving IT and security needs. In the GCC alone, banking assets are expected to reach US$2 trillion by the end of 2015, according to estimates by Standard & Poor’s Ratings Services.
Ravi Ahluwalia of Hitachi Europe said: “This unique biometric security solution enables large corporate financial customers to execute transactions of all sizes, securely and safely. This technology has already been adopted by several banks globally, in particular Barclays Bank Plc. in the UK and we are very proud to be at the forefront of such pioneering technology.”
Al Bayaa added that the newly developed solution will dramatically improve the way banks do business in the region by converting their systems into agile and flexible infrastructure.
“We are expecting the solution to be deployed by around three major banks in the region by the end of this year,” he concluded. – TradeArabia News Service