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March 29, 2016

BMO Financial, MasterCard launch biometric corporate card programme

Canadian lender BMO Financial Group in association with MasterCard has introduced the first biometric corporate credit card programme in Canada and the US.

By Verdict Staff

Canadian lender BMO Financial Group in association with MasterCard has introduced the first biometric corporate credit card programme in Canada and the US.

The newly launched programme will allow cardholders to verify transactions using facial recognition and fingerprint biometrics when making online purchases.

The companies in a statement said that the technology will enhance security when making payments that don`t include a face-to-face interaction, and will be integrated for easy use in minimizing the likelihood of a card being used by anyone who is not the cardholder.

The companies added that the MasterCard Identity Check mobile app will prompt participants to scan fingerprints or snap selfies to validate their identities thorough biometrics; and when verified, return to the merchant site to finish the online purchase.

Initially, the corporate cards have been issued to BMO employees in Canada and the US. The next phase will commence in the summer of 2016.

BMO Financial Group head of North American corporate card products Steve Pedersen said that the first phase will test the potential of delivering greater security and convenience using BMO employee corporate cardholders in the US and Canada.

It will include establishing and enhancing best practices in corporate environments, developing better protection against potential fraud and continually minimizing the need for customer service inquiries.

Pedersen said: "The use of biometric technology has become more common for consumers looking for convenient and secure ways to make purchases using their smartphones, so this was the natural next step for us as innovators in the payment security space.

"Mitigating the risk of fraud is always our top priority, and the inclusion of this technology is going to make payment authentication easier, and strengthen the security of the entire payments ecosystem."

Commenting on the launch, MasterCard senior vice president of North America processing, enterprise security & network solutions Catherine Murchie said: "With BMO, MasterCard is hosting our first Canadian and U.S. corporate card biometric user engagement. By snapping a selfie or scanning a fingerprint, the person becomes the password."

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