News

PayEye selects Advapay to deliver core banking platform

Thursday 21 January 2021 14:52 CET | News

Poland-based fintech PayEye has selected Advapay to deliver a core banking platform.

PayEye`s solution is an ecosystem consisting of proprietary POS payment devices, an electronic wallet for users, and algorithms that convert the iris into a biometric pattern. In the near future, the solution will also support ATMs and ecommerce.

PayEye has implemented Advapay`s Digital Core Banking platform Macrobank in order to create electronic wallets, payment accounts, and IBANs, as well as to integrate a KYC/AML solution, payments, and a branded online banking app.

To use the system, merchants first need to enrol in PayEye. Then, PayEye customers have to 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 code that is used for payment. To start shopping, customers only have to top up their account.

When making a purchase in a 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 PayEye code given to the user and authorises the payment.


Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: PayEye, Advapay, biometric payments, banking platform, iris scan, electronic wallet, payment account, KYC, AML
Categories: Payments & Commerce | Online Payments
Countries: Europe
This article is part of category

Payments & Commerce