Panini Debuts ID Verification Tool BioCred

Fraud prevention company Panini has debuted BioCred, its identity verification product.

Unveiled Monday (Dec. 5) at the Future Branches conference in Austin, BioCred is designed to reduce fraud and improve service for walk-in customers visiting physical branches, the company said in a news release.

“No bank doubts about the reliability and quality of our payment documents processing product range, but it’s time to embrace new challenges: while paper may be gradually going away, people aren’t,” Massimo Biffi, the company’s strategy and business development director, said in the release.

BioCred is a “hub-like platform” that includes “FBI-certified fingerprint biometrics,” QR code and NFC reading, electronic signature, digital signage, and card and eWallet payment capabilities, the company said.

Panini says its biometric authentication process generates a unique, encrypted credential that the enrolled customer will retain control of, therefore removing privacy and safety concerns.

The device also combines “several branch-relevant functions within the same compact footprint, optimizing ergonomics and cable management and allowing savings on both expenditure and maintenance,” the release said.

PYMNTS noted last month that companies that specialize in biometric security technology are finding themselves in hot demand.

Among them is Swedish biometrics company Fingerprint Cards, which recently announced that it had launched a partnership with card manufacturer Tag Systems to bring the solution to its bank and FinTech customers worldwide.

The AUSTRIACard Group companies, of which Tag Systems is a part, make 100 million payment cards per year across Europe, the Middle East and the U.S., with clients that include large European banks, smaller challenger banks, and non-bank card issuers.

As such, the company’s merger with Fingerprint Cards sets the stage for biometric payment card adoption to enter the mainstream.

That demand is being driven by consumer interest in new identity verification tools, with 58% of consumers telling PYMNTS in a recent survey that biometric authentication is both faster and more convenient than less secure options such as passwords.