IrisGuard Unleashes EyePay® Platform for Trusted Payments via Banks and Blockchain Channels, Transforming Cash and Food Assistance to Vulnerable Refugees
IrisGuard Inc., the world leading authority on Iris Recognition Technology (IRT), with over a decade of operationally-active successful holistic systems around the world has unleashed today its latest version of the EyePay® system for trusted payments for both banks and blockchain channels, transforming how cash and food humanitarian assistance are delivered to vulnerable refugees.
The EyePay® Platform is all-inclusive humanitarian system serving the United Nations High Commissioner for Refugees (UNHCR), the World Food Programme (WFP), the United Nations Children's Fund (UNICEF) and the International Organization for Migration (IOM) in providing legal digital identities, cash, food and non-food based assistance to vulnerable refugees throughout the Middle-East and Africa; IrisGuard has achieved this milestone in over four years of continued operations in concordant cohesion with the United Nations Sustainable Development Goals.
The UNHCR has flawlessly enrolled over 2.3 million refugees (over 75 nationalities) from Jordan, Lebanon, Iraq, Egypt and Syria using IrisGuard’s state-of-the-art EyePay® technology by doing so; the UNHCR has achieved financial inclusion for unbanked refugees and enabled them to efficiently receive international donor cash assistance directly on unattended bank ATM’s and food at checkout counters in supermarkets and nonfood items in camps; all while refugees are either unable or not allowed to open a bank account by law.
The UNHCR has further deployed other operational real-time 24/7/365 use cases, such as refugee repatriation & resettlement with the International Organization for Migration (IOM), further use cases under development include international remittance to refugees in camps and urban areas by family and friends abroad, healthcare services, microfinance, and many essential services for the betterment of refugees and displaced persons.
It is abundantly evident that mission-critical performance cannot be guaranteed or attained through any other biometric technology except with IrisGuard’s pristine technology. Instantaneous, around the clock; cross-country operational transactions are being reliably executed in under a few seconds no matter where the refugee is located in the region and irrespective of the harsh environmental conditions that the IrisGuard platform has to operate in, such as hot deserts and other hostile locations; all of this is achieved uniquely with one’s own iris without a card, pin, username, password, ID or mobile phone as many refugees simply do not own or carry or can afford such tokens.
IrisGuard’s cutting-edge EyePay® system has been tightly coupled with the novel “Blockchain” technology in one of the refugee camps in Jordan where more than 10,000 beneficiaries have benefited from EyePay®/Blockchain combination; as refugees purchase their food items using the eye, financial transactions are instantly settled on an Ethereum Blockchain which was specifically developed for that purpose. This is largest permissioned (private) Ethereum Blockchain implementation the world has seen to-date.
Securing the last mile in Blockchain using the EyePay® system was envisaged by IrisGuard where, in-lieu of people receiving the Blockchain cryptic private key, which is the weakest link in the chain, their eyes becomes that key; it cannot be lost, stolen, forged, copied or forgotten.
By streamlining the process within the EyePay® Platform, IrisGuard ensures that large-scale Blockchain deployments are possible and in the process; eliminates fraudulent transactions and misappropriation of funds while reducing fees considerably. This is precisely what International donors are looking for in-order to stretch their humanitarian donations even further, in-order to cover more beneficiaries particularly with today’s enduring deficit in international humanitarian funding.
Furthermore, the EyePay® platform does away with the time-consuming and expensive card issuance and maintenance process while not relying on the presence of a smartphone with every refugee. These are formidable challenges for a Blockchain success in the immensely unbanked humanitarian world. Additionally, the blockchain automatically records transactions on a secure ledger, and therefore merchant settlement is instantaneous, which means shorter payment cycles as compared to traditional banking and third-party processor methods, something which merchants welcome tremendously.
With annual poverty assistance alone exceeding $400bn, the EyePay® can play a preeminent role in effectively streamlining the Blockchain and bringing it to the mass market with millions of aid dependent persons benefiting from immediate financial inclusion as a direct result.
“IrisGuard is proud of its partnerships with UNHCR, WFP, UNICEF, IOM and all UN agencies and NGO’s trying to make a sustainable difference in the lives of impoverished, undocumented and defenseless refugees. We hope to continue doing our part in realizing a fair and dignified distribution system for the world’s unbanked populations.”, Commented Imad Malhas, Founder and CEO of IrisGuard Inc.
About IrisGuard Inc.
Established in 2001, IrisGuard is a leading provider of IT Banking, Homeland Security and Humanitarian Relief end-to-end iris comprehensive solutions, focused on managing trusted human identity requirements for large populations. IrisGuard’s patented technology is implemented in EyeBank®, EyeCloud®, EyePay® & EyeCash® solutions as well as a variety of world-leading identity applications designed to deliver Cardless cash withdrawals on ATMs, Cash &, Blockchain transfers, Remittances and Food Vouchers replacements in supermarkets. IrisGuard designs and manufactures the world’s most accurate and innovative Iris Recognition solutions.