Tsinghua University, a research institute in Beijing has worked with Tzekwan, a financial-security company to produce the first facial recognition ATM, according to reports.
Gu Zikun, chairman of Tzekwan has said the product has passed government certification and will soon be available on the market. He also said “this technology will ensure the greater security of card owners”.
According to Chinese state media the ATM works by identifying and mapping facial data including iris recognition, and then matching it against an ID database.
The product’s developers have even said the machine will be able to detect changes to facial features.
The machine was developed by Tsinghua University, a research institution, and Tzekwan, the company specialising in financial security solutions.
As well as being able to identify facial features, the machine can spot fake notes and has been 20 per cent more accurate in identifying and verifying foreign currencies, according to Gu Zikun. The product will also connected to local police forces in order to crack down on financial crimes.
Biometric technology is rapidly becoming the en vogue solution for fintech security companies because of its highly personal yet expeditious identification process. Poland has had fingerprint identification ATMs since 2014, whilst Columbia and Chile were two of the earliest adopters of fingerprint technology.
Whitepapers
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