Ithmaar Bank and Eazy Financial Services have partnered to launch a biometric payment network.
The solution aims to provide consumers with a safer, more convenient and more secure way to bank. It is supported by Bahrain’s public authority Tamkeen, the Bahrain Economic Development Board (EDB) and Central Bank of Bahrain (CBB).
When implemented, Ithmaar Bank customers will no longer be required to use their bank cards at ATMs. Instead, they will simply be able to use their fingerprint along with their PIN to process financial transactions.
Bahrain Economic Development Board (EDB) Chief Executive, Khalid Al Rumaihi, said: “With this announcement Ithmaar Bank and Eazy Financial Services are truly showcasing Bahrain as a hub for innovation, specifically in the financial services industry.
“This partnership comes in line with our strategy to encourage innovation that supports high value job creation in the Kingdom. Bahrain’s forward -thinking regulatory approach provides an attractive environment for FinTech – particularly in areas such as Islamic finance and payments. We look forward to welcoming more home-grown initiatives such as this.”
The platform, developed by Eazy Financial Services, is built on an automated fingerprint identification system. Paytech and ATM firm NCR will help Eazy Financial Services to develop the necessary payment infrastructure to serve participating financial institutions in Bahrain, and over time expand to target the Middle East region. The network will be available in phases for Ithmaar Bank customers in Q1 2019. In future, this may also include the point of sale (PoS) terminals.
Ithmaar Bank CEO, Ahmed Abdul Rahim, said: “As part of our Digital Strategy, we continue to invest heavily in technology that provides our customers a more convenient, simpler and more secure way to conduct their financial transactions. Our customers are tech-savvy and expect friction-less access to banking services – and the introduction of biometrics is another major step that direction. We are leading the financial industry with this new, tangible solution which is a real-time example of how we put innovation and our customers at the forefront of everything we do.”
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