Fingopay, a vein-based biometric solution, is launching an open banking pilot with payments company Reflow, to help banks access fingerprint payments.
The partnership hopes to empower retailers and merchants to handle bank-to-bank transactions by using their fingers to complete transactions. Its technology will reduce costs and receive instant settlement in up to three hours, as opposed to five days.
This pilot will last for a month and comes ahead of Fingopay’s global launch later in the quarter. When the Manchester-headquartered company launches, merchants in the city will be able to use the Fingopay network to accept payments.
Fingopay uses Hitachi VeinID technology which enables consumers to prove their identity and pay for items through the unique vein structure in their fingers. To make a transaction, the consumer simply scans their finger on a terminal at the store.
Nick Dryden, CEO at Sthaler the creators of Fingopay, 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.”
Over the coming year, the FinTech is looking to launch its technology into markets across the UK, Europe and North Africa.
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