Interswitch, an electronic transaction and payment processing company, has teamed up with Precise Biometrics, a developer of biometric solutions, to deliver Match-on-Card technology to the African banking industry, according to a Vanguard Nigeria article. The partnership has already yielded one project which provides licenses for the product in 42 billion in Nigerian currency.
The partnership is significant to the banking sectors in Nigeria because the country has passed regulations requiring banks to do away with magnetic stripes for banking cards and instead adopting embedded chip cards.
The Match-on-Card technology from Precise enables banks to utilize biometrics for customer authentication at ATMs without having to store any biometric information.
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