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In order to improve the user experience, and prevent fraud, currency exchange machines with facial recognition technology are being installed at airports and other travel hubs in Europe.
In order to combat this, many countries have implemented limits on the number of transactions per day that can be made by currency exchange machines. However, these may require customers to show ID and keep detailed records. As a way to combat the problem, many countries have set daily limits on how much money can be exchanged. However, this requires customers to provide ID and keep detailed records.
The Swiss manufacturer ECEX Group, however, uses the facial recognition software developed in Britain by Innovative Technology as a means to automate the transaction limits. The software, ICU Pro is contained in a compact device that provides immediate, secure facial recognition. This allows users to use currency exchange services quickly and efficiently.
ICU Pro, a biometric facial recognition sensor, is a great way to ensure that ECEX customers and staff are adhering to AML regulations. It allows for intelligent tracking of customer transactions and helps to make sure they remain within their transactional limit.
The kiosks can recognise, in a similar way to how a cashier controls the number of times that a customer has used a particular service or product, if a user has reached the limit for domestic transactions required before a passport is needed. This limit can be adjusted according to the AML regulations of the country. It provides a safer service without invading customer privacy.
The customer’s face information is stored locally for one-day if the threshold is not exceeded. This allows the technology to detect if the customer makes any further exchanges and make sure the threshold is not exceeded.
Hizii Denys is the Technology & Administrative Officer for ECEX Group AG. She said: “We selected ICU Pro to meet our facial recognition requirements because we wanted a solution which offered a fast, seamless, compliant and – more importantly – secure service for our clients. ICU Pro was able to help us achieve our goal of streamlining the currency exchange process with the ACE machines.
The encryption in the device means that biometric data can’t be accessed, and GDPR is not a concern. We have a unique technology and no other similar solution in the world. So we are happy to be able implement this feature on ICU Pro .”
Implementation of the technology coincides with a significant public outcry over recent failures by large organisations to comply to AML protocols. The intention is to standardize AML procedures within the currency market. The new technology aims to help tourists travel more comfortably, confident that their money will be handled safely and responsibly.
Dr. Andrew O’Brien is the Biometrics Product manager at Innovative Technology. He said, “Currency Exchange is a complex process that requires regulatory compliance and responsibility from all services involved. We are excited to partner up with ECEX and provide a higher level of customer security, compliance and regulation through ICU Pro. This biometric technology can be used to link transactions and has many exciting applications in Gaming. We can limit excessive gambling and protect our customers.
The machines offer AI-powered currency exchange in convenient locations such as airports, train stations and banks. ACE machines have already been installed at Geneva Airport (Switzerland), Billund Airport, (Denmark), Boryspil International Airport, (Ukraine), and the Hilton and Opera Hotel of Kyiv.
