Despite Apple's attempts to keep the next iPhone's features secret until it is formally announced, developers are unearthing more clues about the handset's support for payments.
One developer has found evidence that "Pearl ID," Apple's codename for facial recognition, will be used to authorize payments, The Verge reports. The new system will be able to store multiple faces and also be accessible to third party apps, according to the article.
A customer takes a photograph using an Apple Inc. iPhone 6 Plus at KT Corp.'s Olleh Square flagship store in Seoul, South Korea, on Friday, Oct. 21, 2016. Samsung Electronics Co. will be without its highest-end Galaxy Note 7 smartphone that was supposed to compete against Apple's iPhones and other premium devices during the holiday shopping season. Photographer: SeongJoon Cho/Bloomberg
SeongJoon Cho/Bloomberg
The term "multi-biometric" has also come up recently, suggesting that Apple may turn to a multifactor authentication method, possibly based on adding facial recognition to its current Touch ID fingerprint scans.
It makes sense that Apple would move toward biometrics that are advanced beyond its current TouchID fingerprint scans to connect individuals to devices, particularly given rumors that Apple's next iPhone will move or remove the home button that doubles as a fingerprint scanner.
The payments industry has been dabbling with facial recognition tools more heavily the past few years, with Samsung, Mastercard, Android and UnionPay all having some form of it in a payments or security scheme.
Years before it became a security option in mobile commerce, the Federal Trade Commission urged the use of facial recognition in commerce.
The Charlotte-based megabank announced that it had appointed two business leaders to be co-presidents of the bank, and elevated its chief financial officer to serve as executive vice president.
The Massachusetts bank is being accused of aiding and abetting the operation of a Ponzi scheme centered in Hamilton, New York. The bank declined to comment on the allegations.
City National Bank promotes Brandon Williams to head private banking and wealth management; a former U.S. Postal Service letter carrier is sentenced to five and a half years for stealing over $10 million in checks from the mail; Lazard expands its North American investment banking franchise with two managing director hires; and more in this week's banking news roundup.
The government-powered network is allowing larger payments to settle instantly, a move The Clearing House has also made for its RTP network. Payment experts say more than higher limits are needed to make speedy processing ubiquitous.
