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Fingopay carries out bank-to-bank payment transaction using VeinID

London-based Fingopay, a biometric VeinID platform has announced that it is all set to launch an open banking retail pilot in partnership with payments company Reflow. The companies previously partnered for developing a bank-to-bank and face-to-face payment system using VeinID. The FinTech states that the partnership will enable retailers and merchants to handle bank-to-bank transactions, reduce costs and receive an instant settlement in up to three hours.

Nick Dryden, CEO at Sthaler-the creators of Fingopay, commented, “Our biometric finger vein payment technology offers an innovative and unique way for Reflow to combine bank-to-bank payment with physical, face to face payments at point of sale, and this trial demonstrates the future potential of this type of identity authenticated customer experience.”

The partnership is also aimed at boosting Fingopay’s Machester launch this quarter that will allow merchants across the city to adopt the FinTech’s network and let customers pay with a finger scan.

Dryden continued, “2020 will be a crucial year for Fingopay as we roll out our payment and ID technology across various markets in Manchester, the UK, Europe and North Africa. We are excited that this pilot with Reflow allows us to instantly provide solutions for those adopting Fingopay, no matter the payment partner, scheme or processing application required.”

CTO of Reflow, Diptesh Mishra said, “Reflow’s Variable Recurring Payment APIs built into our core payments platform enable a number of innovative use cases with ease, security and speed. It was great working with Open Banking to understand their vision and work closely with Fingopay.”

Fingopay stated that its technology utilises Hitachi VeinID technology to allow customers to prove identity and pay using only their finger. It aims to enable fast, safe, secure transactions, with no need for cash, cards or passwords.

Chris Michael, CTO of Open Banking, said “The Open Banking Implementation Entity is very excited to see Variable Recurring Payments being brought to life for retail payments. This pilot shows the integration of Reflow’s API with the Fingopay POS, simplifying checkouts for customers and providing a glimpse of the future for digital card-less payments.”

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