Thursday 9 July 2020

Ahmed Abdul Rahim

Ithmaar Bank launches biometric ATM network

MANAMA, May 26, 2019

Ithmaar Bank, a Bahrain-based Islamic retail bank said that it has successfully launched the region’s first biometric-enabled Automated Teller Machine (ATM) network.

The announcement was made after Ithmaar Bank retrofitted all it 43 ATMs with sophisticated fingerprint readers after having completed extensive testing of the new, first of its kind security feature.

HRH Prime Minister Prince Khalifa bin Salman Al Khalifa had earlier inaugurated the Eazy biometric payment network by making Ithmaar Bank the first biometric bank in the region.

“I take this opportunity to, once again, thank His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa for the unstinted support to the Kingdom’s banking and finance industry in general and this path breaking initiative in particular,” said Ithmaar Bank chief executive, Ahmed Abdul Rahim. “This helps further reinforce Bahrain’s already prominent position as a key and innovative banking hub in the region."

The pioneering initiative  was first announced last September when Ithmaar Bank and Eazy Financial Services unveiled plans to launch the region’s first biometric payment network, supported by the Labour Fund “Tamkeen”, to provide a new and more efficient alternative for customers to conduct many of their financial transactions.  Ithmaar Bank’s inauguration of the first biometric-enabled ATM network is part of the Bank’s digital initiatives and is in line with the Bank’s commitment to customer-centricity.

Following the commissioning, Ithmaar Bank customers are no longer required to use their cards at the Bank’s ATMs. Instead, they can simply use their fingerprint along with their PIN to process financial transactions. This provides a simpler, more secure way to process financial transactions than ever before.

To use the service for the first time, customers will need to register their fingerprint data at their nearest branch. The one-time registration only takes a few minutes and allows customer immediate access to the new service.

The network is based on a platform that was developed by Eazy Financial Services, a Bahrain fintech start-up, and built on a powerful Automated Fingerprint Identification System (AFIS) one of the most reliable and trusted biometric engines which is deployed and implemented in many countries around the world for both civil and forensic applications.

Eazy Financial Services adopts a rigorous “Identification Algorithm” which has earned the highest honours from several standards organizations and authorities. – TradeArabia News Service


More Finance & Capital Market Stories

calendarCalendar of Events