Introduction
In a significant leap for the fintech industry, FortressPay has unveiled its enterprise-ready biometric payment platform, poised to redefine the way transactions are conducted globally. This platform, developed with the AWS ISV modernization program, seamlessly blends global issuing and acquiring capabilities with a state-of-the-art biometric checkout experience.
Overview of FortressPay’s Biometric Payment Platform
The Concept
At its core, FortressPay’s Payment Identity Platform is designed to eliminate both friendly and attack payment fraud through a frictionless customer experience using biometrics. This innovation comes at a time when mobile device payments constitute over 65% of all credit card transactions worldwide. FortressPay’s CEO, Alessandro Chiarini, emphasizes that the simplicity of using a selfie to unlock a phone should extend to making payments.
Technology Integration
The platform employs government and border control accuracy level facial biometric technologies, which are a step above on-device biometrics. This ensures stringent security while being mobile carrier agnostic. The approach aligns with the movement of major card brands like Visa, MasterCard, Discover, and American Express towards biometric implementation to curtail fraud.
Merchant Benefits
For merchants, this technology spells a reduction in payment processing fees, drastically cutting down chargebacks to nearly zero. This is achieved while maintaining a seamless checkout experience for customers.
Collaboration with SoftwareOne
FortressPay collaborated with SoftwareOne to optimize the security and scalability of the platform. This partnership was crucial in ensuring the necessary redundancy and compliance for the platform to be enterprise-ready.
FortressPay: A Global Fintech Pioneer
Company Background
FortressPay, a global fintech company, is focused on credit card issuing, acquiring, and processing. Their operations span across the US, Canada, Latin America, and Europe. Their innovative concept of the Payment Identity Platform integrates decentralized payments with decentralized identity, giving users control over their credit and identity through clear opt-in and opt-out features.
Securing Identities and Transactions
This integration empowers users to manage their payment identities securely, significantly enhancing the security and privacy of online transactions.
The Future of Biometric Payments
Market Trends and Consumer Behavior
Recent studies have shown that nearly half of online shoppers in the United States already use biometric authentication methods for purchasing online. This trend is expected to grow as more consumers seek secure and convenient payment methods.
Aligning with Industry Shifts
The launch of FortressPay’s platform is timely, aligning with the ongoing shift towards biometric authentication in the financial sector. This shift is driven by the need for more secure transaction methods in the face of increasing online fraud.
Conclusion
Setting a New Standard
FortressPay’s launch of the biometric payment platform sets a new standard in the fintech industry, promising a more secure and streamlined payment experience for both merchants and consumers.
Vision for the Future
As the industry continues to evolve, FortressPay’s vision of eliminating payment fraud through biometrics paves the way for a more secure and efficient digital economy.
