The biometric VeinID platform, Fingopay, has announced it is trailing a strategic open banking retail pilot with payments company Reflow, which has enabled the fintech to successfully complete the world’s first bank-to-bank, face to face payment using Finger VeinID.
The partnership allows retailers and merchants to handle bank-to-bank transactions (in addition to traditional card rails), reducing costs and receiving instant settlement in up to three hours, as opposed to the typical three to five-day lag time with card payments.
The month-long pilot comes as a result of an ongoing partnership with Reflow as Fingopay gears up for its global launch in Manchester later this quarter. From Spring, merchants across the city will be the first in the world to adopt the Fingopay network and let customers pay with just a scan of their finger.
Sthaler worked with music festival industry to develop a cashless, card-free payment system that was available to everyone. The company developed Fingopay, using VeinID technology, in partnership with Hitachi. Blue Star Capital PLC (LON:BLU) is an investing company with a focus on new technologies. Blue Star’s investments include a 0.9% holding in Sthaler.