PayEye is turning to Advapay to create a new biometric banking platform that will allow customers to pay for goods and services with only an iris recognition scan. The solution combines PayEye’s iris recognition tech with Advapay’s Macrobank core banking platform.
PayEye is based on a proprietary Point-of-Sale device that asks customers to look at a screen before scanning their eye with a special camera. The device then compares the user’s iris biometrics to a unique code stored in the PayEye database, and allows the transaction to proceed if the two are a match. PayEye does not store any actual iris scans, but instead converts the scan to a code when a user registers with the company. All personal information and iris codes are encrypted in the PayEye database.
Advapay, meanwhile, will provide PayEye with all of the digital infrastructure it needs to for an online banking service. The comprehensive Macrobank suite will allow PayEye to create a branded banking app, complete with electronic wallets, payment accounts, IBANs, and Know Your Customer and Anti-Money Laundering capabilities.
To take advantage of the new system, customers will first need to register with PayEye, and then set up an account with Macrobank to enable iris payments. After that, they will be able to complete transactions as long as they have sufficient funds in their account. PayEye is also planning to offer support for ATMs and e-commerce platforms at some point in the future.
Of course, Poland’s PayEye is not the only company offering iris-based financial services. IrisGuard’s EyePay platform has been used to distribute relief funds to refugees in Egypt, while SiriusXM is using EyeLock’s iris recognition tech to secure its own in-car payment platform. Samsung also accepts iris verification as a valid form of authentication for people using its Samsung Pay mobile payment platform.
Source: The Paypers