IRIS ID announced on November 17 that it entered into a strategic MOU with Woori Bank to jointly develop a FinTech408 business model.
“This MOU is very meaningful in that it lays the foundation for not only collaboration between banks and FinTech companies, but also mutual cooperation among FinTech companies.” said Lee Gwang-gu, president of Woori Bank. “We will make substantial contributions to the development of the FinTech industry by investing in and supporting FinTech companies.”
According to the terms Woori Bank will apply IRIS ID’s iris recognition technology known as IrisAccess to ATMs, safe deposit box authentication and access control on a pilot basis by the end of the year.
If the pilot project is successful, the over 20 million customers of Woori Bank will need only to complete a simple registration procedure at one of the 967 branches of Woori Bank across the country to use the secure authentication system for their financial transactions.
As the only means of authentication have previously been a password or PIN number when using ATM machines or conducting financial transactions, there was a lot of concern about card losses and password leakage. Also, there was always the risk of illegal copying and use.
As the ATM scheduled to be introduced through this MOU will use both the unique iris information and password for authentication at the same time, however, we can expect a much more powerful security system.
“Iris recognition technology has been recognized abroad as very effective authentication means, so much so that 99% of IRIS ID’s sales come from overseas markets, such as North America, Europe and the Middle East, but the company is not yet well known in Korea,” said Koo Ja-geuk, CEO of IRIS ID. “We will capitalize on this MOU to join hands with Woori Bank in the FinTech408 business, and introduce advanced iris recognition technology in Korea as well.”
Asiris recognition is more discriminating and accurate than other biometric technologies it is regarded as an authentication means that will replace fingerprint, vein and face recognition. It is expected that iris information will be encrypted, linked to banking networks and used in transactions with other banks.
IRIS ID’s iris recognition system, IrisAccess, is being used by the CDC, the Pentagon, the Department of State, the Department of Defense and the Department of Homeland Security of the US, and by 29 major airports in Canada, LA International Airport, Schiphol Amsterdam Airport, Dubai International Airport and New Doha International Airport as well as in national ID projects of India, Mexico, Qatar, UAE and Somalia. It is also used by corporations like Apple, CISCO, Google, Toyota, Citibank, TD Bank and ARAMCO.
Iris ID®
Iris ID® is a global security solutions company, which designs, develops, manufactures and markets iris recognition systems. Since its inception in 1997, Iris ID® has been a pioneer and global leader in iris recognition field with continuous solution development. The Iris Access®, world’s most widely used iris platform, is installed on all over the world to identify users. The distribution & usage level of Iris Access® in the world is far more than the sum of rest brands in the world.
www.irisid.com/www.irisid.co.kr
Staff Reporter Kim, Siso | siso@etnews.com