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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.

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Natasha Chilingerian

Natasha Chilingerian has worked in the credit union space for over a decade. She joined CU Times as managing editor in 2015 and was promoted to executive editor in 2019. Before that, she served as a communications specialist for Xceed Financial Credit Union (now Kinecta Federal Credit Union) in Los Angeles from 2013-2015, and as a CU Times freelancer from 2011-2013. She has been a professional writer and editor for more than 17 years, specializing in news and lifestyle journalism as well as marketing copywriting for companies in the finance and technology space.

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