Biometric authentication technology by Iris ID for South Korea’s Woori Bank
Iris recognition firm Iris ID, has entered into a strategic memorandum of understanding (MOU) with South Korea’s Woori Bank to jointly develop a pilot project to enhance financial security.
Woori Bank will use Iris ID’s iris recognition technology to authenticate clients at ATMs, safety deposit boxes and for access control. If the project is successful, Woori Bank’s 20 million customers will be able to register at one of the bank’s 967 Korean branches to use the biometric authentication system.
“This agreement lays the foundation for cooperation between the bank and financial technology companies, as well as mutual cooperation among these service providers,” said Lee, Kwang Goo, president of Woori Bank. “We will make substantial investments to support this project”.
During the Iris ID pilot, bank customers will use iris recognition along with their ATM cards and PIN numbers to access financial transactions.
“Iris recognition has been acknowledged as a very effective means of authentication – more accurate and rapid than other biometric technologies,” said Charles Koo, president and chief executive officer of Iris ID. “We intend to work closely with Woori Bank to capitalize on this agreement and introduce advanced iris recognition technology to South Korea’s Fin-Tech industry. Our plans are to include iris information linked to banking networks and in transactions with other banks.”
In related news, South Korea’s state-run Industrial Bank of Korea (IBK) is also piloting biometric technology at its automated teller machines (ATM), allowing financial transactions without bank cards or passbooks once a client registers biometric information with the bank. Reports did not specify who was providing the biometric technology.