Allegacy FCU Boosts Security, Convenience With New Digital Offerings

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The $1.9 billion Allegacy Federal Credit Union based in Winston-Salem, N.C., unveiled a major upgrade to its suite of digital banking products and services Friday, which include Alexa voice banking, smartwatch banking and Verifast palm vein authentication technology. The introduction of Verifast makes Allegacy the first credit union in the Southeastern U.S. region to offer the advanced authentication service in branches and at interactive teller machines (ITMs), according to the credit union.

Offered by the Brookfield, Wis.-based core processor and fintech Fiserv, Verifast uses biometric technology to scan the vein pattern of a member’s palm to verify his or her identity. The process is similar to using one’s face or thumbprint to log into a smartphone, but provides even more security, as palm vein patterns hold more than five million reference points and no two individuals have the same pattern – not even identical twins, Allegacy noted.