Ensuring banks’ competitiveness by the implementation of innovative payment systems

Анотація

The article considers the main stages of the evolution of modern non-cash payment instruments. The rapid development of technologies in the banking sector was noted, which leads to increased competition in the struggle for customers. Payment systems, which can be both physical and electronic, have their own procedures. Standardization has allowed some of these systems to spread globally, but there are still many local products that are country-specific. The essence of biometric technology was determined, which consists in recognizing persons by one or more physical and behavioral characteristics inherent only to them, with the purpose of forming a profile of a person, which can be used in the future to ensure the reliability of payments in banking. Biometrics is the new way to securely identify and verify bank customers. Since banking has become such a sensitive industry that often requires consumers to identify themselves, biometrics security offers many excellent advantages. By making use of biometrics technologies, the banking industry can enjoy enhanced security, providing consumers with better security that protects their money, financial information and identity. Biometric identifiers, can be anything from fingerprints and veins, palm veins, iris, retina, face, voice, or even handwritten signature -as long as it is something unique for any individual. For example, the patterns of blood vessels in the finger or palm are so complex that no two individuals possess the same. Certainly, biometric technologies are not completely protected from frauds. Another problem is the fact that on rare occasions, due to illness or advanced technology , it's difficult or impossible to identify an individual using certain metrics (e.g. skin lesions & fingerprinting or blood vessel diseases, iris texture may change as a result of certain surgeries). To address these kinds of problems, banks use several biometric identifier at the same time. Despite all these issues, various biometric technologies have repeatedly proven to be both more secure and convenient that any traditional way of authenticating users. A vision of the further functioning of the biometric system is proposed, however, for the large-scale use and transfer of biometric data in compliance with safety rules, it is necessary to agree on a global standard.

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