Japanese bank Seven Bank is reportedly set to implement facial recognition technology with its ATMs.
The new service is expected to launch in the Autumn and will enable consumers to open their accounts from just a facial scan, a report from the Japan Times states.
Seven bank is a retail bank and a division of Seven & I Holdings, which also operates the convenience store chain 7-Eleven.
A customer of the bank would be able open a bank account by simply using the ATM and confirming their identity by scanning a photo ID and taking a picture with the ATMs in-built camera, the article states. Currently, in order to open an account a customer must send a copy of their ID to Seven Bank.
In addition to opening accounts for its own bank, Seven Bank is also considering of enabling consumers to use its ATMs to open accounts for other banks, it said.
Biometrics has been very popular in the market over recent months, with multiple players in the space forming partnerships or raising capital.
Earlier this week, biometric technology developer Zwipe revealed it was aiming to raise $13.7m in a funding round later this year. It is also looking to apply for admission to trading on Oslo Børs’ multilateral trading facility (MTF) Merkur Market.
Last year, Japan Payment Card Consortium launched a proof of concept for sharing fraud information via blockchain technology. SBI Ripple Asia is serving as the secretariat the group, which is comprised of credit card issuers including American Express International, Aeon Credit Service, EPOS Card, Orient Corporation, Credit Saison, JCB Co, and Toyota Finance, among others.
Copyright © 2018 RegTech Analyst
