Since iris recognition is considered one of the most advanced methods of security, it is becoming the solution of choice for many banks, financial institutions, investment firms and payment systems. Using iris as a replacement for passwords, PINs, plastic cards, account numbers or paper-based credentials, etc would result in faster transaction time that leave the bank teller with more time to concentrate on the level of service provided to the customer.
Furthermore, banks tend to adopt biometric technology which offers a kind of transformation in the banking industry around money laundering, fraud, financial inclusion that is able to properly identity customer. Not only it improves the entire confidence around which the bank system is built on but it also solves the problem that banks recently facing with is the large population of illiterates.
Iris technology software enhances online banking system that needs a safe, secure and easy solution to manage user’s money via the Internet. By utilizing users’ iris images, customer can check account balance, make transactions and do most of their everyday banking from their house, a restaurant, or an office at any time.
User could use smart card with iris template or live iris instead of password to gain access to ATM machine to withdraw money, view transactions log, etc.
IriShield will be deployed in POS devices. Users could use iris templates in smartcard or live iris to verify the identity before processing payment transactions.
IriTech‘s products can be applied to enhance security and efficiency of financial sectors as the below table: