- The technology enables customers to authenticate transactions using fingerprint, voice, face or eye via BMO's desktop
and mobile solutions
- Additionally, BMO announced the launch of the BMO Banking for Business Mobile App, leveraging biometric authentication
technology to allow businesses to approve transactions while on the go
TORONTO, Oct. 22, 2018 /CNW/ - BMO Financial Group and
Toronto-based BioConnect today announced the launch of a biometric authentication
platform.
Integrated with IBM's security authentication solutions, the platform enables BMO to offer its commercial and corporate
clients BioConnect's leading mobile biometric authentication platform through BMO Online Banking for Business.
"We continue to transform the bank with a focus on offering new digital capabilities that will enhance the user experience and
align with changing customer expectations, and this partnership is a reflection of that," said Sharon
Haward-Laird, Head, NA Treasury & Payment Solutions. "Offering a way for our customers to quickly authenticate
transactions and payments using biometric authentication vastly improves the customer experience while enhancing security for our
clients in Canada and the U.S."
BMO has also launched the BMO Banking for Business Mobile App, which also uses biometric authentication to handle and approve
transactions quickly and safely while on the go.
Biometric Technology Quickly Replacing Traditional Authentication Methods
Instead of leveraging a traditional physical token, BioConnect's robust platform curates biometric sensory information,
fingerprint, voice, face or eye, to authenticate transactions, providing stronger identity assurance during the authentication
process and augmenting the familiar username and password method.
"Biometric-based solutions are going to replace outdated options based on usernames and passwords", said Jeff Crews, Chief Customer Officer, BioConnect. "We are very excited to be collaborating with both BMO
and IBM Canada to leverage the latest available biometric technology into a simple, secure authentication solution for
end-users."
"For the past 101 years, IBM has had an unwavering commitment to bring innovative and relevant solutions to help the Canadian
financial services industry continuously evolve and reinvent," said Maxime Desbiens, Market
Leader, Security, IBM Canada. "This collaboration pairs BioConnect's biometrics and IBM's broad security expertise to help
BMO provide its customers with secure access management as they introduce new digital technologies to meet current and future
banking needs."
For more information on BMO Treasury and Payment Solutions, please visit https://www.bmo.com/main/business/
About BMO Financial Group
Serving customers for 200 years and counting, BMO is a highly diversified financial services provider - the 8th largest bank, by
assets, in North America. With total assets of $765 billion as of July 31, 2018, and a team of diverse and highly
engaged employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking
products and services to more than 12 million customers and conducts business through three operating groups: Personal and
Commercial Banking, BMO Wealth Management and BMO Capital Markets.
About BioConnect
BioConnect is based in Toronto, Canada and is passionately powered by the brightest
and most innovative minds. With over 1600 Customers, 60 Partnerships and 70 BioConnectors, they are quickly delivering on the
World's Quest for Rightful Identity.
SOURCE BMO Financial Group
View original content: http://www.newswire.ca/en/releases/archive/October2018/22/c3327.html