Bahrain bank partners with Eazy Financial Services for biometric payment network
Bahrain-based Ithmaar Bank and Eazy Financial Services have partnered to launch a biometric payments network which the MENA Herald reports is the region’s first. The payment network includes cardless ATM access with a PIN and fingerprint, and may eventually include points of sale.
The partnership is financially supported by the Bahrain government’s Tamkeen Labour Fund, and further supported by the country’s Economic Development Board (EDB) and the Central Bank of Bahrain (CBB). The system runs on Eazy Finanacial Services AFIS, and the company says its rigorous identification algorithm has earned high honors from several standards organizations and authorities.
Eazy developed the biometric payment infrastructure in partnership, which has been in planning for over a year, with NCR Corporation.
“Payments stand out as the single largest driver for the biometrics market. We are driving biometric verification in the region, which is the future of the financial industry.
“As a local Bahraini start-up, we are extremely proud to bring a regional first solution from Bahrain, in partnership with a renowned local bank. Going forward, biometrics for financial products and services are expected to represent one third of the total market for biometric solutions in 2020,” he continued.
The new network is expected to be in operation for Ithmaar Bank customers as early as Q1 2019.