Advapay has been selected by polish fintech PayEye to deliver a core banking platform. PayEye has launched the world’s first iris payments which means that shopping in stores and paying for dinner at restaurants can be done with “just one look”.
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PayEye`s solution is a complete and secure yet independent ecosystem consisting of proprietary, innovative POS payment devices, an electronic wallet for users, algorithms that convert the iris into a biometric pattern (PayEye code). In the near future, the solution will also support ATMs and e-commerce.
Since the launch of the pilot phase in June 2020 in Poland, the media worldwide has been buzzing about payment innovations, and iris payments are gaining popularity every day.
PayEye challenges
The partner in this ambitious project for PayEye was Advapay. To create electronic wallets, payment accounts and IBANs, as well as integrate KYC/AML solution, payments and branded online banking app, PayEye implemented Advapay`s Digital Core Banking platform Macrobank. It has helped PayEye to incorporate solutions and manage both retailers and consumers.
Macrobank’s banking platform comprises an engine, a backend for merchants and an online banking application for consumers. Technologies enable the banking platform to cover a wide range of functionalities:
- Implementation of AML / KYC solution
- Generation accounts and IBAN numbers
- Transfers and payments
- Tariffs, fees
- Branded online banking app
- Integration with DotPay to enable customers to top up their accounts
- Back-office with built-in accounting, reports, alerts, notifications.
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How it works:
First, merchants are enrolled in PayEye that has integrated Core Banking Macrobank by Advapay. Then, PayEye customers set up their accounts for eye payments using Advapay`s Macrobank platform. All the information is stored in the PayEye database in an encrypted form. However, PayEye does not store the actual scan of the eye’s iris, but only a special code that is used for payment. The system is not only safe, fast, but also free to use. To start shopping with their iris, Customers only have to top up their account.
When making a purchase in the registered store, customers look at the screen of a payment device equipped with a special camera. The device compares the iris biometrics with the unique code – PayEye code – given to the user and authorizes the payment, just like that, easy, safe and efficient.
“Payments that you can make without a wallet, card, phone or any other accessory is a direction in the financial world that can no longer be changed,” says Krystian Kulczycki, CEO of PayEye. “PayEye is a real payment revolution created by the team of experts from many fields. At first, we liked the solutions Advapay offered to us. This is one of the reasons why we also decided to collaborate with this IT team. Following the implementation, we can say that we genuinely appreciated the professional support and guidance.”
“We are very proud to work with PayEye on such a revolutionary project that has introduced the world’s first iris-based biometric payment services,” says Gustav Korobov, Sales Director at Advapay. “We are convinced that the implementation of this innovative solution will be a springboard for PayEye’s and Advapay’s new developments! We believe that our experience will further accelerate our company’s innovations and products throughout Europe.”
