About three years ago, Fidelity's top management decided it was time the company explored biometrics and how it could benefit from the use of these technologies. Since then, Boston-based Fidelity has taken some decisive steps toward implementing biometrics tools and learned quite a bit about the challenges associated with the field, according to Sheldon Watson, a senior systems analyst at Fidelity who chairs the company's biometrics steering committee.
Michael Madden, VP of e-business development for Mastercard International, said that using a contactless smart card could reduce the average transaction by 15 seconds. And since customers don't have to figure out how to swipe a card through a reader, the shopping experience is more satisfying.
Here's how it works: After TSYS gauges a transaction's veracity with its TSYS CardGuard® fraud detection system, TSYS Notification immediately sends a detailed, automated phone message that requests the customer to verify the transaction (e-mail notification will be added later). TSYS Notification then offers the customer several sophisticated response options: the customer could confirm the purchase, forward the information to other users on the account or connect to a CSR to discuss the transaction in more detail. The customer's responses are immediately updated in the processing system, which ensures that service personnel are fully prepared to meet the customer's needs before receiving the call.
The service uses an i-Appli Java application and the IR port of DoCoMo's 504i series handsets. Users enter their credit card details into the i-Appli application and can then use the handset to transmit payment via IR to specially-equipped retail terminals. The trial will involve about 3000 users, selected by Nippon Shinpan from its existing Visa customers, and 500 retailers in the Tokyo area. Visa is supplying technical expertise and implementation of its 'Visa Proximity Payments Messaging Specification'.
"The sole reason we're in the credit-card business is to give our guests a reason to visit the store more often and spend more on each visit," Douglas Scovanner, Target's executive vice president and chief financial officer, said in a recent interview. But the growth in Target's $6 billion credit portfolio, and the Minneapolis-based company's ability to manage risk at a time of rising joblessness and personal bankruptcies has given some analysts pause.