January 4, 2016 -
Iris authentication firm EyeLock LLC and Diebold have partnered on a new screen-less, self-service ATM concept that uses emerging biometric technology to show what the future banking experience might look like.
The concept is an ATM without a PIN pad, card reader, or screen. All transactions take place via a mobile app on the user’s smartphone using near field communication (NFC) and quick response (QR) code technology while customer authentication uses iris scanning from EyeLock to identify the user at the ATM.
As Frank Natoli, executive vice president of self-service technology at Diebold explains, the process is simple. “A customer signs into their banking app on their phone or tablet and determines how much money they want to take out. Once the withdrawal is input, the customer can go to any EyeLock-equipped ATM on the network to complete the transaction. They would simply approach the machine, which scans the iris of his or her eye to quickly verify identity, and the ATM dispenses the correct amount of cash. The whole process takes less than half the time of a typical ATM transaction today.”
Chief Marketing and Business Development Officer for EyeLock LLC, Anthony Antolino, added, “the age of carrying plastic cards and remembering passwords is just about over and the era of unfettered personal access through biometric technology is just beginning. For banking and other applications, EyeLock’s iris identity authentication solutions are not only highly secure, but very easy to use.”
Natoli noted that the new ATM concept and its current design are constantly being fine-tuned.
Citibank is currently testing the Diebold prototype, called ‘Irving’, at its innovation lab in New York. CitiFinTech CEO Heather Cox commented, “At Citi, we are always looking for innovations that simplify and enhance the banking experience.”
Citibank is in the early stages of testing the high tech ATM and plans to roll it out are still to be determined.
The prototype also will be on display in the VOXX International booth 10417 at the 2016 Consumer Electronics Show in Las Vegas. Previously reported, VOXX International acquired a majority interest in EyeLock in September 2015.