PHOTO
Technology will be used for the first time in Qatar and the Middle East
Doha, Qatar: Commercial Bank, Qatar's first private bank, has announced that it has obtained QCB's approval to introduce new finger vein pattern recognition technology to its ATMs, allowing customers to withdraw cash without the need for a bank card or PIN number.
Commercial Bank is the first bank in Qatar and the Middle East to obtain approval to deploy finger vein pattern recognition technology. Implementation of this technology means customers will be able to use this new security feature to access their account at Commercial Bank ATMs with finger vein scanners installed, and the technology will also be extended to Corporate and VIP customers to access their Internet Banking Accounts using a finger vein scanner. Registration to use the finger vein scanning technology is free.
The technology maps the internal vein system within a finger, and will only accept a living finger unlike fingerprint scanning, meaning that authentication requires the customer to be present in person each and every time. The technology is secure and eliminates fraud as the pattern of blood vessels in fingers are unique to each individual and finger vein patterns cannot be reproduced or forged. For finger vein scanning to access Internet Banking accounts, communication is encrypted between the scanner device and the host's PC using a two-way authentication key. The technology is also highly accurate and rejection rates for users are amongst the lowest for biometric technology, making finger vein authentication a reliable and secure high-tech solution.
Abdulhadi Ahen, Acting Director of Banking, Payment & Settlement Systems at Qatar Central Bank, attended the first demonstration of the new finger vein technology successfully presented by Commercial Bank. The demonstration showcased cutting edge features that will eliminate the possibility of forgery and heighten security measures of daily ATM customer transactions. Commercial Bank is set to immediately begin with the implementation of the high-tech security solution in the local market.
Commenting on the launch of this technology, Commercial Bank CEO Joseph Abraham said: "Biometric security features are an important tool to combat financial fraud and identity theft. Enhancing the client experience without compromising customer security is a priority at Commercial Bank. Introducing finger vein scanning technology to the local market and region is not only innovative but also provides an effective way for customers to access their accounts securely without the need for a card or PIN. Commercial Bank is proud to introduce another 'first to market' technology to the Middle East and we are committed to a continual investment in technology as part of our digital transformation journey to provide the best and safest experience for our loyal customers."
Ali Sharif, CEO of 01 Systems said: "We are delighted to announce our strategic cooperation with Commercial Bank and look forward to working with such a professional team. Together, we can enable the successful deployment of advanced security systems for Commercial Bank customers. Finger Vein technology is already widely used in international markets and provides customers with easy and secure access to thousands of ATM machines. This is an exciting opportunity to set new standards for authentication technology, and more importantly to protect the customer's identity."
George Flouros, NCR IMEA Vice President for Financial Industry said: "NCR empowers customers and enterprises to do business on their own terms backed by our innovations that make banking easier and more convenient. It indeed gives us immense pleasure to partner with Commercial Bank in their digital transformation journey of bringing true omni-channel solutions over the next few years, and the introduction of the first ever finger vein authentication technology to the region reiterates our commitment."
Satoshi Amagai, CEO of Morfiria said: "We are thrilled to work with the market experts 01 Systems to introduce the finger vein technology in Commercial Bank. This finger vein authentication module, co-developed by Morfiria using finger vein patterns for authentication, tackles forgery and identity theft. It is designed to minimise the calculations required for authentication for a faster and more secure banking process."
-Ends-
About Commercial Bank
Commercial Bank has total assets of QAR 127 billion as at 30 June 2016. As a full service commercial bank, the Bank offers a full range of corporate, retail and investment banking services as well as owning and operating exclusive Diners Club franchises in Qatar and Oman. The Bank's countrywide network includes 31 full service branches and 174 ATMs.
Profitable every year since incorporation in 1974, continual investment in technology and human capital, together with a strong capital base, provides a solid foundation for continued growth. A successful diversification strategy has expanded Commercial Bank's GCC footprint through strategic partnerships with associated banks, the National Bank of Oman (NBO) in Oman and United Arab Bank (UAB) in the UAE. NBO, the second largest bank in Oman with total assets of OMR 3.5 billion as at 30 June 2016, has 60 conventional branches and 6 Islamic branches in Oman and 1 branch each in Egypt, Abu Dhabi and Dubai. UAB is headquartered in Sharjah, with total assets of AED 22.5 billion as at 30 June 2016, and operates 25 branches across the emirates in the UAE. Building on the successful execution of the Bank's expansion strategy to date, Commercial Bank completed the acquisition of a majority stake in Alternatifbank in Turkey in July 2013.
Commercial Bank enjoys strong credit ratings of (A2) from Moody's, (A+) from Fitch, and (BBB+) from Standard & Poor's. The Bank is listed on the Qatar Exchange and was the first Qatari bank to list its Global Depository Receipts (GDRs) on the London Stock Exchange. Commercial Bank's Swiss Franc bond issuance in December 2010, listed on the SIX Swiss Exchange, was the first public bond issuance by a Qatari bank in Switzerland. Commercial Bank's latest bond issuance in June 2014 and June 2016 are listed on the Irish Stock Exchange.
Commercial Bank was awarded "SME Bank of the Year" for 2016 by The Asian Banker based on its wide-ranging achievements over the past three years, specialised team and customer focused products and services for SMEs. Commercial Bank also won the "Best Contact Centre" award at The Gulf Customer Experience Awards 2015 for outstanding customer service. In recognition of its CSR activities benefitting the Qatari community, Commercial Bank was awarded the "Best CSR Report", at the Corporate Social Responsibility awards ceremony for organisations in Qatar
The Bank is dedicated to supporting Qatar's community and social infrastructure through Corporate Social Responsibility programmes and sponsorship of various events. Title sponsorship of the Commercial Bank Qatar Masters reflects the Bank's promotion of excellence in sports and its keen interest in enhancing Qatar's international sporting reputation.
About Alternatifbank (ABank)
ABank was established in 1991 and has been listed on the Istanbul Stock Exchange since 1995. Commercial Bank became the majority shareholder in ABank in 2013 holding a 74.24% stake, following the acquisition of ABank shares of 70.84% from the Anadolu Group and 3.40% through a public tender offer. Anadolu Group remains a significant shareholder retaining 25% of shares in ABank. Currently the Bank owns 75% of ABank shares.
ABank is a mid-size Turkish bank that predominately serves medium-sized companies through a country-wide network of 54 branches in 20 cities. ABank provides commercial/corporate banking services and products, with a special focus on the growing segment of Small and Medium-Sized Enterprises. ABank's main product ranges cover trade finance instruments, working capital finance, cash management, and portfolio management.
At 30 June 2016, ABank had total assets of TL 14.8 billion, total loans stood at TL 10 billion, customer deposits of TL 7.2 billion and shareholders' equity of TL 1.2 billion.
wwweng.abank.com.tr
About 01Systems
01 Systems is a leading software solutions provider, with more than 30 years of innovation in the fields of enterprise signatory management, content management, business process automation and branch digitization. Focused on the financial sector, 01 Systems assists more than 300 customers globally, to efficiently process/authorize millions of daily transactions. Website at http://www.01systems.com/.
About Mofiria
Founded in 2010, mofiria has been focusing on the unique finger vein authentication technology which is recognized as one of the most accurate forms of biometric authentication. The motto "Compact, Fast and Comfortable", tells our story that "mofiria" finger vein authentication technology taken over from Sony Corporation will provide the best biometric solution for global security needs. Website athttp://www.mofiria.com/en/.
About NCR Corporation
NCR Corporation (NYSE: NCR) is the global leader in consumer transaction technologies, turning everyday interactions with businesses into exceptional experiences. With its software, hardware, and portfolio of services, NCR enables more than 550 million transactions daily across retail, financial, travel, hospitality, telecom and technology, and small business. NCR solutions run the everyday transactions that make your life easier.
NCR is headquartered in Duluth, Georgia with over 30,000 employees and does business in 180 countries. NCR is a trademark of NCR Corporation in the United States and other countries.
Web sites: www.ncr.com, www.ncrsilver.com
Twitter: @NCRCorporation
Facebook: www.facebook.com/ncrcorp
LinkedIn: www.linkedin.com/company/ncr-corporation
YouTube: www.youtube.com/user/ncrcorporation
Media Contact
Rakesh Aulaya
NCR Corporation
912. 261. 954. 583
rakesh.aulaya@ncr.com
© Press Release 2016
