Tired of having to remember PINs, or having a wallet full of plastic cards? Well, if EyeLock has its way, you eventually won't have to. Teaming up with self-service tech company Diebold, it's created a prototype automated teller that has no keypad, card reader or screen. Known as the Irving concept, it utilizes an iris scanner and an app instead.
Here's how Irving works …
Users start by selecting the amount of money that they wish to withdraw (there's no word on how deposits work) using a banking app on their smartphone, wherever they happen to be. When they're subsequently near any compatible ATM, they just walk up to it. Using NFC (near-field communication), the machine will identify them based on their smartphone's wireless signature, as they do so.
From there, they just place their eye up to the iris scanner. The ATM will confirm their identity by comparing that scan to an initial scan that was made when they first started with the system. Assuming that everything matches up, the cash is then dispensed.
According to EyeLock, Irving transactions take about half the time of conventional ATM transactions, plus the machine itself is both narrower and shallower than regular automated tellers. Additionally, fewer electronic components are required plus fraud is less likely, since having someone's card and PIN will no longer be sufficient to withdraw their money.
Citibank is currently testing the system at its innovation lab in New York. If you want to see Irving for yourself, EyeLock parent company VOXX International is currently showcasing it at CES.
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