South Korea's Woori Bank has signed an agreement with Iris ID to jointly develop a pilot iris recognition project for ATMs and transactions.If the trial succeeds, Woori Bank's 20 million customers will then be able to enroll at one of the bank's 967 Korean branches to use the secure authentication system.”This agreement lays the foundation for cooperation between the bank and financial technology companies, as well as mutual cooperation among these service providers,” said Lee, Kwang Goo, President of Woori Bank. “We will make substantial investments to support this projects.”During the Iris ID pilot, bank customers will use iris recognition along with their ATM cards and PIN numbers to access financial transactions. Cards can be lost or stolen and criminals can obtain PINs through various methods. Iris recognition adds another layer of security that cannot be copied or stolen.”Iris recognition has been acknowledged as a very effective means of authentication – more accurate and rapid than other biometric technologies,” said Charles Koo, President and Chief Executive officer of Iris ID.”We intend to work closely with Woori Bank to capitalise on this agreement and introduce advanced iris recognition technology to South Korea's fintech industry. Our plans are to include iris information linked to banking networks and in transactions with other banks.”Iris ID will be exhibiting at connect:ID 2016, 14-16 March, Washington DC. connect:ID is an international conference and exhibition that focuses on all aspects of identity technologies and the opportunities for their management in both the physical and digital worlds. http://www.connectidexpo.com
Iris ID to work with South Korea’s Woori bank
