EyeVerify, a maker of identity management software for mobile banking, is rolling out its service to the financial industry.
The Kansas City-based company said Monday that banks, payments providers and other businesses can use its EyePrint system to secure accounts, authenticate transactions and restrict access to systems.
EyePrint renders the optical equivalent of a fingerprint by matching blood vessels in the whites of people's eyes to verify their identity automatically.
Instead of entering a user name and password to access their accounts, customers of an institution that uses EyePrint can look into the camera on their smartphone while glancing to the right and left, which allows the software to scan the pattern of vessels in their eyes.
After confirming the account holder's identity by reviewing roughly 400 pieces of information revealed in each eye, the system logs the person into their account.
EyePrint, which can also detect attempts to trick, or spoof, the software, is said to work with existing smartphones without the need for additional hardware
"We are impressed by the desire of firms in the banking and financial services industry to replace complex, vulnerable pin and password schemes with a safe, simple, secure alternative," Toby Rush, EyeVerify's chief executive, said in a news release.
An EyeVerify spokeswoman said the company is currently testing the system with financial institutions and mobile device-management companies although she declined to specify the firms.
EyeVerify recently raised $2.3 million from investors after receiving $1.2 million in seed funding last year.