Unprecedented Financial Inclusion Achieved in Pakistan

 

U.S.-based Diamond Fortress Technologies, Inc. (“DFT”) is pleased to announce that, together with its Pakistani partner, Paysys Labs Pvt. Ltd., have integrated their jointly-developed solution, Instascan, into JS Bank Ltd’s mobile over-the-counter (OTC) banking solution, J-Cash.

On August 11th, JS Bank launched its J-Cash with Instascan which allows consumers to verify their identity against the Pakistan National Database and Registration Authority (“NADRA”) system for the purpose of sending and receiving domestic remittances in compliance with forthcoming Pakistan Central Bank regulations.

This breakthrough solution is powered by DFT’s ONYX®, a patented technology which converts standard smartphone cameras into high quality fingerprint sensors without any additional hardware!  ONYX enabled Paysys Labs and JS Bank to provide safe, secure access to the digital financial system to a broad section of underserved Pakistani society. DFT’s CEO, Chace Hatcher, explained: “This is the first of many deployments of ONYX that will finally unlock the potential of mobile devices to offer true financial inclusion. DFT is proud to lead the way in securing a more inclusive economic future for the world”.

 J-Cash Agents can now capture an image of the customer’s finger using a standard smartphone camera, which Instascan, using ONYX, then converts into a high-quality fingerprint suitable for matching, using DFT’s patented image processing algorithms. The fingerprint image is then securely transferred to NADRA for verification.

 
The signing ceremony between JS Bank & Paysys Labs was attended by Mr. Imran Soomro, Chief Information Officer, JS Bank, Mr. Khurram Shaikh, Chief Digital Officer, JS Bank and Mr. Karim Jindani, Chief Executive Officer of Paysys Labs Private Limited.

 Speaking on the occasion, Chief Digital Officer JS Bank, Mr. Khurram Shaikh said, “JS Bank is pleased to be the first bank in Pakistan to introduce the mobile-based biometric authentication technology which will cater to our banking customers’ needs by providing a much more convenient way to authenticate themselves and avail our banking services instantly.”

The signing ceremony between JS Bank & Paysys Labs was attended by Mr. Imran Soomro, Chief Information Officer, JS Bank, Mr. Khurram Shaikh, Chief Digital Officer, JS Bank and Mr. Karim Jindani, Chief Executive Officer of Paysys Labs Private Limited. 

Speaking on the occasion, Chief Digital Officer JS Bank, Mr. Khurram Shaikh said, “JS Bank is pleased to be the first bank in Pakistan to introduce the mobile-based biometric authentication technology which will cater to our banking customers’ needs by providing a much more convenient way to authenticate themselves and avail our banking services instantly.”

Paysys Labs performed the integration of ONYX for JS Bank and set up the intermediate service between J-Cash and NADRA that makes the verification process possible. Paysys’ CEO, Karim Jindani says “The integration of our ONYX Powered solution, Instascan, with J-Cash is a great first step toward realizing the goal of financial inclusion. Our team here in Pakistan is dedicated to maximizing the potential of ONYX in this region and beyond, and we look forward to our continued successful partnership with DFT”.

The DFT / Paysys solution is an extraordinary breakthrough in the financial industry as it is the first time a nation has had the capability of utilizing its fingerprint biometric enabled national ID program to offer unprecedented financial inclusion to its citizens.  True identity verification can now be securely achieved using only standard consumer mobile devices, thereby enabling millions of disenfranchised citizens to enter the mainstream digital economy.

About Diamond Fortress Technologies:

DFT is the first company to successfully develop a mobile touchless  fingerprint biometrics software solution. DFT’s patented technology, ONYX®, utilizes only the rear-facing camera found on mobile devices such as smartphones and tablets as the fingerprint collection sensor. ONYX eliminates the need for hardware peripherals or device form-factor redesign for scanner integration. ONYX brings the high security and authentication of biometrics to everyone in a cost-effective and easily adoptable way.

About Paysys Labs:

Paysys Labs provides reliable and secure technology platforms that enable Banks, Telcos and Businesses to offer their customers a vast array of secure payment types, across multiple channels, anywhere, at any time. Paysys’ team is comprised of industry experts with hands-on experience in technology enablement and implementations. They develop pragmatic strategies – bringing their experience, creativity and passion to foster digital financial services all over the globe and helping their clients tackle complex market challenges head-on.

 About JS Bank

JS Bank is considered amongst the fastest growing banks within Pakistan’s banking landscape with 307 branches in 152 cities and one international branch. JS Bank is part of JS Group, one of Pakistan’s most diversified and progressive financial services groups. For more information, visit http://www.jsbl.com

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