When Marty McFly was asked to donate $100 to save the Clock Tower by scanning his thumb on the Portable Thumb Unit, I was bowled over by the thought that such ludicrous technology may one day exist.
That technology was Biometric Technology and it’s no longer just a Back to the Future II prophecy. When it comes to verifying and authenticating your identity, biometric tech is becoming the go to approach for digital service providers – and banks and financial services providers are ramping up the pace of adoption, as they strive to keep up with the latest in innovation.
In order to completely automate your Bacs Direct Debit, Direct Credit, or Faster Payments transactions, your business will require two critical elements:
1. A Bacs Service User Number and
2. Access to a HSM (Hardware Security Module)
Just like Apple has brushed the headphone jack under the carpet in its latest iPhone 7 release, should banks look to eliminate old-fashioned cheques from their dusty shelves?
In 2008, when the CD drive-less MacBook Air was pulled out of a brown paper envelope, Steve Jobs accurately predicted that software delivered over the internet would soon replace the faithful disc.
Direct Debit Best Practice – Improve Process Efficiency
Could you reduce the cost of collecting monthly payments by up to 90%?
Membership and subscription-based organisations could potentially save up to 90% by switching to a single monthly direct debit collection submission.