ANZ trials voice biometrics for large-value mobile transactions
Australia & New Zealand Banking Group plans to use voice biometrics for authorizing large-value transfers to external bank accounts via its mobile banking service, according to The Sydney Morning Herald.
The Australian newspaper said ANZ is still piloting the voice biometrics feature, which would enable its mobile banking customers to make payments of more than A$1,000 ($910 U.S.) — the current limit for external transfers — to clients of other banks using its smartphone app. Customers would authorize a higher-value payment by speaking into their smartphones, and ANZ's IT system would compare their voices to digital voiceprints stored on its server.
Phil Chronican, the chief executive of ANZ's Australia operation, said during a Sydney press conference last week that the voice biometrics system will likely be launched within the next 12 to 18 months.
Chronican added that ANZ also plans to use voice biometrics for authenticating transactions initiated at its call centers.
In October 2012, ANZ announced an A$1.5 billion "Banking on Australia" technology initiative to upgrade its digital distribution channels, including mobile banking.
According to Australia's iTNews, ANZ will launch the revamped mobile apps that it has been developing as part of the "Banking on Australia" initiative in the first quarter of 2014.
ANZ's three-year old GoMoney mobile banking app and its more recent FastPay small business mobile payments service will both be re-released with new navigation and personalization options, iTNews said.
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