Fingopay included among most innovative companies of 2020 for vein biometrics tech

Categories Biometrics News  |  Trade Notes

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Sthaler’s Fingopay has been recognized by Fast Company as one of the World’s Most Innovative Companies in 2020 for its biometric authentication technology, coming up ninth on the list, the company announced.

With its inclusion on the list, Fingopay is perceived as one of the top European companies making a difference in the world, according to the announcement. It leverages Hitachi VeinID technology for finger-enabled payments and identity verification, to provide users with a secure, seamless experience by no longer relying on passwords, cash or cards. At the cash register, finger vein patterns are mapped with an infrared light to verify payment in under two seconds by using a biometric cloud-based matching system. Vein patterns are highly secure because they can’t be duplicated or traced.

“Our biometric finger vein payment technology offers an innovative and unique way to pay, prove ID or use for access, and our work to date demonstrates the future potential of biometrics,” said Nick Dryden, CEO at Fingopay, in a prepared statement.

“We are thrilled to be named in the top ten most innovative companies in Europe by Fast Company. Snap, Siemens, Tesla and Beyond Meat are just some of the names also credited so it really is an honor to be included.”

Fingopay technology was recently showcased in the first concept of bank-to-bank face-to-face payment using finger vein ID following a partnership with Open Banking.

“Fingopay and Open Banking gives the end consumer a truly frictionless payment experience and delivers what future generations will expect in terms of payment security and convenience,” said Imran Gulamhuseinwala OBE, Trustee of the OBIE, in a prepared statement. “Fingopay is now part of our Open Banking ecosystem so partners and customers can align with Fingopay’s roll out in Manchester and more widely across the UK.”

Open Banking is the practice of enabling bank customers to share or approve the sharing of information electronically with third-parties through APIs.

Last summer, Fingopay named Manchester a partner for biometric finger vein payments launch, following a series of pilot projects that lasted 24 months. At the time, Fingopay chose Cardstream’s Open Payment Network to support its growth and expansion in the U.K.

“At a time of increasing global volatility, this year’s list showcases the resilience and optimism of businesses across the world. These companies are applying creativity to solve challenges within their industries and far beyond,” said Fast Company Senior Editor Amy Farley, in a prepared statement.

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