Fintech consultancy Capco has teamed up with EyeLock in a bid to sell the latter's iris-based identity authentication technology to the financial services industry.
With security breaches costing the banking industry billions of dollars every year, the pair hope to convince firms to ditch PINs and passwords in favour of biometrics.
The technology is being pitched as a tool for customer-facing applications such as online, mobile, branch and ATM access and transaction confirmation.
In addition, it could be used to control staff access to buildings. Tier 1 banks could eliminate annual recurring costs of $45 million over the course of their first two years by using keyless bank entry for employees and vendors alone, claims EyeLock.
Bill Adiletta, New York technology partner, Capco, says: "There has long been a need to find a better solution as security risks continue to escalate, especially as we move to an increasingly digital society...EyeLock's iris authentication system delivers the technology to effectively reduce cost, mitigate fraud and increase consumer satisfaction. That is a powerful triple-play."