Bahraini-based financial technology company, Eazy Financial Services B .S.C, will be introducing to the region its first Biometric Payment Network powered by the global leader in omni-channel solutions NCR Corporation (NYSE: NCR).
But what’s really in it for you? The collaboration between Eazy and NCR allows you to register your fingerprint through any of the participating banks, which then you can use anywhere (whether at a store or ATM) to issue a transaction. Yep, you heard right, this means that you no longer have to rely on your card!
During its first phase, NCR will be assisting Eazy in developing their payment infrastructure that will serve the financial institutions here in Bahrain. Hopefully, with time, the company will be expanding to other markets in the Middle East.
Mr. Khaled Al Ahli, Chief Executive Officer of Eazy Financial Services expressed his delight with regards to working with NCR. “The unique biometric payment solution that Eazy envisioned to bring to this region requires a partner that has unrivalled experience in this field. NCR has an established name in the region and brings to the table a wealth of experience in the financial sector. We are looking to NCR to help us build a robust infrastructure through its hardware and software expertise, in order to upgrade ATMs and other access-points to enable them to accept and read fingerprints and process necessary data to perform financial transactions.”
Customers will have to first enrol through any of the participating financial institutions by registering their fingerprints. This new solution provides a new level of accessibility to the customer as they can conduct their payments and transaction from various access points that are linked to Eazy’s network. You know what this means? Yep, you no longer have to be limited to any specific banks!
At this point, you’re probably curious to know how this actually works, and how can you jump on the bandwagon. Here’s how:
Eazy will be deploying Authentic: an intelligent transaction-processing platform from NCR, that enables faster payments and allows Eazy to have total control of its payments environment.
What’s the role of Authentic? It will enable Eazy to support a full range of payment applications as it can be used as an omni-channel system handling ATM and POS channels as well as branch and digital banking or as a consumer payment service hub integrating gateways to services such as faster payments or other interbank networks.
Authentic is designed to easily integrate with any core banking, fraud detection or other internal or external system. Authentic can accept any type of transaction from any device, source or system, authorize and authenticate it, and route it to any destination.
This first-of-its-kind alternative payment solution will use biometric data to enable users to perform everyday transactions through finger-tip recognition, eliminating the hassle of carrying cards, wallets or any other devices. Don’t know about you but this sounds exciting!
“New technologies are challenging traditional business models and transforming the way organizations interact with their customers,” said Wael Elaawar, GCC regional managing director, NCR Financial Services. “Authentic will enable Eazy to support a full range of payment applications and can be used as a payment gateway, to power consumer payment service hubs or omni-channel systems to drive all major ATM and POS devices, scaling from support of small gateway systems, to global networks.”