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IndustryUpdate
Mastercard certifies Fingerprints'
biometric platform
Fingerprint Cards AB’s second-generation T-Shape sen-
sor module and software platform for biometric payment
cards have achieved compliance with Mastercard’s new
fingerprint sensor evaluation process. Having passed
the former specifications in 2021, Fingerprints secured
this updated approval to simplify the process for card
manufacturers to launch second generation biomet-
ric payment cards, Fingerprints stated. The company
expects this step will minimize time to market, lower
related costs, and facilitate deployment of biometric
payment cards at scale, supporting greater convenience
and security for consumers making in-store purchases.
ANNOUNCEMENTS MPC asks Fed to finalize debit, credit regs
Merchants Payments Coalition reported it called on the
Deloitte names Cinchy a company to watch Fed to finalize its proposal making it clear that mer-
Cinchy, a pioneer in the dataware space, received chants can choose which payment networks process
Canada's Deloitte Technology Fast 50 Companies-to- debit card transactions and to update its out-of-date
Watch 2021 award. The program spotlights emerg- debit card swipe fee regulations.
ing companies that exhibit strong growth and show
potential to be future candidates of the Technology "We’re quickly coming up on a year since the Fed
Fast 50 award. “Our mission is to enable organizations acknowledged that big banks and the big payment net-
to quickly create and deliver the software and apps works are standing in the way of competition over online
they need to run their business without compromising debit card processing that could save retailers and their
control," Cinchy CEO and co-founder Dan Demers said customers billions of dollars,” stated Doug Kantor, MPC
upon receiving the award. executive committee member and National Association
of Convenience Stores general counsel. “During that
"We pledge to maintain our commitment to expand- time, the number of transactions that the banks won’t
ing the reach of dataware with new technologies that allow competition on has continued to increase, and
enhance fundamental business processes related to inte- merchants and consumers have continued to suffer. It’s
gration and collaboration.” time for the Fed to act.”
FaceTec sues iProov Ltd. W Tech rebrands as Descrypto
FaceTec, a provider of 3D biometric face liveness detec- W Technologies Inc. changed its name to Descrypto
tion, filed a lawsuit against UK company iProov Ltd. Holdings Inc., filing an amendment to its articles of
for alleged patent infringement, breach of contract and incorporation with the State of Delaware. About the
intentional interference with contractual relations. The rebranding, Descrypto CEO Howard Gostfrand stated,
lawsuit alleges the defendants are willfully infringing "We are very excited to be developing a leading block-
on FaceTec's patented technology by adding features chain, NFT, crypto infrastructure holding company.
copied from FaceTec to its Liveness Assurance software. While we await FINRA processing of our new name we
are diligently building the pillars of Descrypto Holdings
Further, FaceTec alleges iProov improperly incor- Inc. to provide investors an opportunity to invest in a
porates aspects of FaceTec's technology that iProov diversified platform through our acquisition strategy."
learned through participation in FaceTec’s $100,000
Spoof Bounty Program, which requires acceptance of RESEARCH
strict terms and conditions. In addition, FaceTec alleges
that iProov, without authorization, used the FaceTec Arizent demystifies digital transformation
software for its own purposes outside the scope of the
Bounty Program and broke confidentiality provisions. A new Arizent report for American Banker, con-
ducted with Thought Machine, Demystifying Digital
Transformation in Banking, details the digital transforma-
tion practices banks are embracing and the challenges
they face as they seek to accelerate transformation and
lead the next era of consumer finance.
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