Biometric payments provider Fingopay has successfully executed a bank-to-bank, face to face payment with Finger VeinID, in collaboration with payments firm Reflow.
Making a payment with the swipe of a finger is said to be a world-first. It is the result of an open banking retail pilot carried out by the two companies.
The trial will take a month and is part of an ongoing alliance between the pair. It is aimed at supporting Fingopay’s launch in Machester.
According to the biometrics tool supplier, the service will enable merchants to manage bank-to-bank transactions, lower costs and get a settlement within three hours.
Those using cards to make payments usually have to wait for three to five days for settlement.
Fingopay CEO Nick Dryden said: “Through this Open Banking pilot, we can demonstrate to the FCA, the financial services industry and retail partners how versatile, reliable and secure Fingopay is for payment acceptance.
“Our biometric finger vein payment technology offers an innovative and unique way for Reflow to combine bank-to-bank payment with physical, face to face payments at point of sale, and this trial demonstrates the future potential of this type of identity authenticated customer experience.”
Based on Hitachi VeinID technology, Fingopay leverages infrared light to map the pattern of users’ finger veins.
These vein signatures can be linked to payment cards to make biometric payments using a finger.
Fingopay said that its biometric cloud-based matching system has the ability to authenticate a transaction in two seconds.