Biometric VeinID platform Fingopay has completed the world’s first bank-to-bank, face-to-face transaction using Finger VeinID.
The transaction was a result of a banking retail pilot project between Fingopay and payments company Reflow, which allows retailers and merchants to handle bank-to-bank transactions in addition to traditional card-based payment systems, which can shorten the settlement time for a transaction to three hours, down from the typical three to five day period with card payments.
Using Hitachi VeinID technology that uses infrared light to map the unique patterns of finger veins, Fingopay matches the patterns through a biometric cloud-based system to verify the user’s identity.
Following the month-long pilot that has come from the partnership with Reflow, Fingopay is aiming for a global launch of its services in Manchester later in this quarter with merchants across the city able to let customers pay with just a scan of their finger.
“Through this Open Banking pilot, we can demonstrate to the FCA, the financial services industry and retail partners how versatile, reliable and secure Fingopay is for payment acceptance,” said Nick Dryden, CEO at Sthaler, the creator of Fingopay.
“Our biometric finger vein payment technology offers an innovative and unique way for Reflow to combine bank-to-bank payment with physical, face to face payments at point of sale, and this trial demonstrates the future potential of this type of identity authenticated customer experience,” he added.
VeinID as a type of biometric authentication is considered quite secure, based on the fact that — unlike fingerprints — finger vein patterns leave no trace, making them nearly impossible to capture or copy.
February 14, 2020 – by Tony Bitzionis