Diebold and Citi Testing New ATM that Scans Eyes to Dispense Cash

If a new technology being tested by Citibank and Diebold is successful, customers of the former could soon be able to enjoy cardless cash withdrawals at ATMs. Diebold, a company that specializes in ATM design and marketing, has come up with a novel technology that simply scans a person’s eyes to authenticate transaction requests. If this idea does take off as expected, it could well herald a whole new way of ATM banking, which would essentially make cards obsolete.

The new machine, called the ‘Irving model’, is slated to be unveiled at a trade show for financial services providers in New York this week, even as Citigroup is conducting tests to assess the viability of the machine in the same city. That biometrics is becoming the norm is becoming evident with such new initiatives.

This ATM banking concept also brings into focus the growing importance of biometrics in our everyday lives – from banking to vehicle and home automation. At this point, though, Citi is trying to assess if consumers would be willing to accept this technology, not just in the U.S. but also across other major global markets.

The machine’s design makes a conscious move away from touchpad-based interaction seen at conventional ATMs. Instead of a boxy screen, the user’s interface will be his or her own smartphone. Once a customer has signed in through a mobile phone or tablet, their account balance will be displayed on their own handheld device. The customer will then determine the amount to be withdrawn and key in into mobile or tablet. The ATM machine will then authenticate the transaction by scanning the customer’s iris and verify the identity. Once the identity is verified, the machine will automatically dispense the requested amount of cash.

While that might sound like a complex process, Diebold says that the entire transaction takes no more than 10 seconds. Using the optimal camera for iris scanning is vital to the success of this technology, and Diebold says that they are working with different vendors to attain the perfect solution.

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