By scanning a finger, customers will be able to access their online bank accounts and authorize payments within seconds, without the need for PIN, passwords or authentication codes.
The technology will be initially available to Barclays Corporate Banking clients from 2015. The device can read and verify the users’ unique vein patterns in the finger, helping to combat identity fraud experienced by UK businesses.
Banks in Japan, North America and Europe use Hitachi’s VeinID for password replacement, single sign on and ATMs. However, Barclays is combining the biometric and digital signature technology in the Barclays Biometric Reader. There is future potential for it to be introduced more widely in UK branch networks, bringing this powerful technology to millions of consumers.
The launch of the Barclays Biometric Reader follows on from the bank’s successful introduction of voice biometrics for its Barclays Wealth customers to identify themselves on phone calls, removing the need for passwords or security questions.
“Ultimately, I hope this will pave the way for other institutions to adopt equally robust technology in the fight against online crime,” said Ashok Vaswani, CEO Barclays Personal and Corporate Banking.
Getin Bank in Poland rolled out finger vein technology at some of its branches for customer verification last summer.