News Releases
- 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"Biometric-based solutions are going to replace outdated options based on usernames and passwords", said Jeff Crews, Chief Customer Officer, BioConnect.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
