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Pair of South Korean FIs to pilot iris recognition at ATMs

Woori Bank and the Industrial Bank of Korea have announced two separate initiatives using the biometric technology to enhance transaction security.

December 18, 2015

This week, Woori Bank, one of South Korea's largest financial institutions, and Iris ID, a provider of iris biometric technology, announced a memorandum of understanding to jointly develop a pilot project that will use iris recognition technology by Iris ID to authenticate identify at ATMs. Separately, the state-run Industrial Bank of Korea announced its own initiative to use iris recognition for ATM user authentication.

In the Woori pilot, bank customers may opt to use iris recognition along with an ATM card and PIN to initiate financial transactions. The biometric technology adds another layer of security that cannot be copied or stolen, the release said. The IBK implementation will allow registered IR users to make ATM transactions without a bankcard or passbook.

Woori Bank will apply the Iris ID technology by the end of the year at its ATMs, and also will use it for safety deposit box ID and employee access control, a press release said. The FI's 20 million customers may enroll in the program at any of Woori's 967 Korean branches.

"Iris recognition has been acknowledged as a very effective means of authentication — more accurate and rapid than other biometric technologies," Iris ID president and CEO Charles Koo said in the press release. "We intend to work closely with Woori Bank to capitalize 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."