Iris ID, a provider of iris biometric technology, announced it has entered into a strategic memorandum of understanding (MOU) with Woori Bank, one of South Korea’s top three banks, to jointly develop a pilot project to enhance financial security.
Iris ID, a provider of iris biometric technology, announced it has entered into a strategic memorandum of understanding (MOU) with Woori Bank, one of South Korea's top three banks, to jointly develop a pilot project to enhance financial security.
By the end of the year, Woori Bank will apply Iris ID's iris recognition technology to authenticate identify at ATMs, safety deposit boxes and for access control. If the project succeeds, Woori Bank's 20 million customers may enroll at one of the bank's 967 Korean branches to use the secure 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 projects."
During the Iris ID pilot, bank customers will use iris recognition along with their ATM cards and PIN numbers to access financial transactions. Cards can be lost or stolen and criminals can obtain PINs through various methods. Iris recognition adds another layer of security that cannot be copied or stolen.
"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."
Iris ID's iris recognition solution, IrisAccess, has global references in access control, security, national ID, and border crossing programs.