Bahrain's Eazy to develop biometric payment network with NCR
31 May 2017 | 4104 views | 0
Eazy Financial Services B.S.C., a Bahraini financial technology company focusing on providing innovative technology solutions to financial institutions, will introduce the region’s first Biometric Payment Network powered by NCR Corporation (NYSE: NCR), a global leader in omni-channel solutions, that will allow consumers to register their fingerprint through their participating bank and then use that at any device (ATM or POS) to initiate a transaction rather than using a card.
In the first phase, NCR will help Eazy to develop the necessary payment infrastructure to serve participating financial institutions in Bahrain and over time expand to target the Middle East region.
Customers will be required to enrol through participating financial institutions by registering their fingerprints, allowing them to make payments literally at the touch of a fingertip. This holistic payment network will allow customers of any bank linked to Eazy’s network to conduct payments through multiple access points at their disposal, not restricting them to specific banks - introducing a new level of accessibility and customer convenience.
Commenting on this partnership, Mr. Khaled Al Ahli, Chief Executive Officer of Eazy Financial Services stated, “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.”
As part of its transformational journey, Eazy will deploy Authentic, an intelligent transaction-processing platform from NCR, that enables faster payments and allows Eazy to have total control of its payments environment. Authentic 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. 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.
“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.”
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.
Eazy Financial Services B.S.C., is a Bahraini Fintech company focusing on providing technologies and innovative solutions to the financial sector. Eazy will soon be launching the region’s first biometric payment network, an alternative payment technology featuring an integrated fingerprint solution that will act as alternative to the traditional cash and card methods. This will be a first of its kind financial technology to be launched in the region and will enable users to perform seamless, secure and convenient financial transactions at the touch of a fingertip, through participating financial institutions.