National Bank of Serbia said to be developing facial recognition payments

The National Bank of Serbia is reportedly looking to release facial recognition technology for its payment services.

Development has already started to utilise Skype or visual identification software to enable customers of the bank to complete instant payments backed with facial verification, according to a report from B92.

NBS is already capable of releasing the new service, however, it is waiting for a new evaluation of Serbia’s status in regard to preventing money laundering, it said.

A decision is expected to be made after a scheduled meeting of the European Committee for the prevention of money laundering and financing terrorism. Taking place later in January, Serbia’s advancement with AML regulations will be examined, and if this goes well, NBS will launch facial recognition by February, the article states.

Appetite for facial recognition is continuing to increase around the world, with integration with payments being a natural fit.

Last year, BBVA launched the deployment of a facial recognition payment system which would let consumers pay for products through just a facial scan. The terminal-styled system will use machine learning algorithms to learn the faces of users and the products, so it is able to charge the correct amount and to the right person.

Turkish bank Akbank is also snapping up facial recognition technology, with it currently developing tools to support its mobile banking platform. The institution is hoping to design the biometric solution to support consumers accessing their mobile app or transferring funds.

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