Iris ID to Bring Iris Authentication to South Korean Banks

Iris ID to Bring Iris Authentication to South Korean BanksIris ID has entered into a new partnership with a leading South Korean bank that could dramatically change how customers do business.

The new memorandum of understanding will see the iris recognition technology developer work with Woori Bank on new authentication solutions for a number of customer interfaces. Woori Bank customers could soon be able to do their banking at ATMs and access safety deposit boxes through iris-based authentication; and the bank will also use the technology for its own access control. Depending on the success of a pilot project, this technology could eventually be extending to 967 branches across the country.

In a statement, Woori Bank president Lee Kwang Goo said the institution plans to “make substantial investments” in support of the project, while Iris ID CEO Charles Koo asserted that iris recognition is “more accurate and rapid than other biometric technologies,” suggested it could offer a highly secure and convenient means of authentication for customers.

It’s a technology of increasing interest to the financial services industry. At this fall’s Money20/20 conference, Diebold showed off a new ATM concept that would use iris recognition for user authentication. Iris ID, with its experience in large scale deployments across other verticals, is well primed for such a comprehensive deployment. With Iris ID’s Woori Bank project now getting underway, iris based authentication may be on the cusp of a boom in the financial services sector.

December 14, 2015 – by Alex Perala