NEW YORK and CANTON, Ohio, Dec. 31, 2015 /PRNewswire/ -- EyeLock LLC, a market leader of iris-based identity authentication solutions, and Diebold, Incorporated, a leading global provider self-service technology, software and services to financial, commercial, retail and other markets, have teamed up on a new screen-less, self-service ATM concept that harnesses emerging technology to create a vision of what the future banking experience might look like.
Citibank, the leading global bank, is testing the Diebold prototype, called Irving, at its innovation lab in New York. The prototype also will be on display in the VOXX International booth 10417 at the 2016 Consumer Electronics Show taking place in Las Vegas, January 6-9, 2016. VOXX International acquired a majority interest in EyeLock in September 2015.
The design of the new concept ATM looks different than what people are used to seeing at banks. It is an ATM without a PIN pad, card reader, or screen. Instead, all transactions take place via a mobile app on the user's smartphone. In addition to near field communication (NFC) and quick response (QR) code technology, the new system uses iris scanning from EyeLock to identify the customer once at the ATM.
"EyeLock believes that 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," said Anthony Antolino, Chief Marketing and Business Development Officer for EyeLock LLC. "For banking and other applications, EyeLock's iris identity authentication solutions are not only highly secure, but very easy to use."
According to Frank Natoli, Executive Vice President of Self-Service Technology at Diebold, 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.
"While digital channels are evolving, cash will continue to play an important role in consumer transactions," Natoli said. "That's where Diebold comes into play – to bridge the digital and physical worlds of cash in unprecedented ways through cardless transactions, mobile integration and faster, more convenient access. The Irving concept embodies a new era of banking and puts the user experience at the top of the pyramid to connect consumers with their money when and how they see fit."
Natoli noted that the new ATM concept and its current design are constantly being fine-tuned.
"At Citi, we are always looking for innovations that simplify and enhance the banking experience," said CitiFinTech CEO Heather Cox.
Citibank is in the early stages of testing the high tech ATM and plans to roll it out are still to be determined.
About Diebold's Irving Concept
With an estimated five trillion dollars in currency circulating the globe, Irving was designed to provide faster, more convenient consumer access to cash.1 Driven by a design philosophy that places the user experience at the core, Irving features:
- Bring your own device (BYOD) access: The card reader, PIN pad and physical screen are completely eliminated. Instead, transactions are scheduled using the screen on the consumer's mobile device.
- Increased speed and security: Cash withdrawals can be completed in less than ten seconds, and since this method authenticates the transaction by connecting to the consumer's smartphone, security is increased and card fraud is mitigated.
- Consumer-recognition technology: Consumers are identified through near field communication (NFC) as they walk up to the concept, and are delivered instant access to cash through contactless, mobile-banking methods such as quick response (QR) codes, NFC and iris-scan biometric technology.
- Small footprint: Compared to a standard through-the-wall ATM, this terminal's depth is reduced by as much as 32%, and on the consumer-facing side, it is up to 37% narrower, when compared to other standard ATMs in the market.
EyeLock LLC is an acknowledged leader in advanced iris authentication for the Internet of Things (IoT), providing the highest level of security with EyeLock ID™ technology. Iris authentication is highly secure because no two irises are alike and the iris is the most accurate human identifier other than DNA. The company's significant IP portfolio, including more than 75 patents and patents pending, and proprietary technology enables the convenient and secure authentication of individuals across physical and logical environments. EyeLock's solutions have been integrated and embedded across consumer and enterprise products and platforms, eliminating the need for PINs and passwords. Corporations across the Fortune 500 recognize the level of security EyeLock provides due in part to its extremely low false acceptance rate, ease of use, and scalability. As a sponsor member of the Fast IDentity Online Alliance (FIDO), a non-profit organization dedicated to creating a safer and more secure digital presence for consumers, EyeLock is dedicated to advancing digital privacy and next generation security.
Diebold, Incorporated provides the technology, software and services that connect people around the world with their money - bridging the physical and digital worlds of cash conveniently, securely and efficiently. Since its founding in 1859, Diebold has evolved to become a leading provider of exceptional self-service innovation, security and services to financial, commercial, retail and other markets. Diebold has approximately 16,000 employees worldwide and is headquartered near Canton, Ohio. Visit Diebold on Twitter: http://twitter.com/DieboldInc.
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