back Back

OCBC Bank launches facial verification system at ATMs

By Leandra Monteiro

March 19, 2021

  • Ocbc Bank
  • Singapore
Share

OCBC Bank, facial verification, ATM, Singapore, SingPass Face Verification, PayNowSingapore’s OCBC Bank has introduced facial biometrics for ATM transaction, which it claimed will allow users to access ATM services with just face recognition and eliminating the need to carry an ATM card. The face verification has been rolled out in eight ATMs around the city state. In a statement, the bank said it will extend face verification for cash withdrawals to all OCBC Bank ATMs in Singapore progressively.

The bank claimed that it is the first bank to tap into Singapore’s National Digital Identity infrastructure, SingPass Face Verification, to securely verify customers for banking transactions at ATMs without the need for ATM cards. The customer’s scanned face is matched and verified against Singapore’s national biometric database containing the images and identities of 4 million Singapore residents. SingPass Face Verification is embedded with security features which effectively prevent fraud, including liveness-detection technology that detects and blocks the use of photographs, videos, or masks during the verification process.

According to media reports, Sunny Quek, OCBC Bank’s head of consumer financial services Singapore said, “QR code cash withdrawals at ATMs grew 88% year-on-year in 2020. With many customers already embracing QR cash withdrawals without having to use an ATM card, face verification will add a layer of convenience to more customers as they access our banking touchpoints.”

He added that digital adoption within OCBC has overall grown year-on-year in 2020, with more than 40% more customers signing up on PayNow, which allows users to send or receive money using ID numbers, mobile numbers or a QR code.

The OCBC Bank said following the roll out of face verification for balance enquiries and cash withdrawals across it’s ATM network, the feature will be further extended to other ATM transactions such as cash deposits, funds transfers to other banks, cashcard top-ups and credit card bill payments from next year.

Previous Article

March 19, 2021

Fireblocks secures $133 million in Series C led by Coatue, Ribbit, and Stripes

Read More
Next Article

March 19, 2021

Signature Bank teams up with Arca Labs to boost digital payment platform

Read More






IBSi Daily News Analysis

Data privacy

June 19, 2024

Ocbc Bank

EMEA faces $85bn annual financial crime compliance costs, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

June 19, 2024

POP raises $2.4m in Seed Funding from India Quotient to launch UPI Play

Read More

June 19, 2024

FinTech Zilch secures £100m debt finance ahead of its public listing

Read More

June 19, 2024

Corpay expands global footprint with launch of a new office in New Zealand

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023