The Argentine pension system, re-nationalized in 2008, now covers more than 90 percent of people of retirement age, the highest coverage in Latin America.
Founded in 1887, Banco Supervielle Argentina’s sixth largest locally owned bank had a peculiar issue with pension payments. It was noticed that the relatives of deceased pensioners were claiming the pension benefits. A lot of trained man-power had to be deployed to reduce such fraudulent claims.
To minimize such fraudlent claims, the bank decided to go the hitec way. It has adopted Albuquerque-based Lumidigm’s Biometric authentication kit. The kit which uses multispectral technology is being installed in 77 out of its 125+ branches.
Banco Supervielle has a customer base of one million plus retirees. In the first phase, the retirees would be enrolled with Lumidigm’s V-Series readers. On the success of the first phase, the biometric authentication would be rolled out to all its banks customers especially for sensitive banking services.
The current authentication tool is the yearly Life Certificate which confirms the physical existence of the individual.
The life certificate is issued at the request of the interested party so as to be submitted to the pension and retirement plan administrators in Argentina, in order to receive the corresponding benefit.
With the adoption of the ‘biometric authentication tool’, the bank expects to redeploy its staff to other desks.
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