IrisGuard, a UK-based payment processor that uses the iris of the human eye to identify recipients, recently partnered with Elm Company, an instrument of the Saudi Arabian government, to use biometric identification when distributing humanitarian and social protection payments. IrisGuard claims its system offers “100% accurate biometric proof-of-life,” avoiding the need for payment cards, passwords and financial accounts. The aim is to increase the transparency and efficiency of payments from the Saudi government to beneficiaries within the country as well as those it funds abroad. Among the countries to which Saudi Arabia sends development aid are Egypt, Lebanon and Pakistan.
IrisGuard CEO Imad Malhas stated, “We look forward to exploring the potential ways of joining up our iris-recognition technology alongside Elm’s databank infrastructure for a seamless multi-modal assistance delivery system.”
Elm is a holding of the Saudi Ministry of Finance that invests in business process management and other technology solutions. The entity was founded in 1988.
IrisGuard, based in the city of London, was founded in 2001 and reports processing payments totaling USD 1.3 billion per year. Its clients include banks, governments, NGOs and retail establishments.
By Anaya Jhaveri, Research Associate
Sources and Additional Resources
IrisGuard press release
https://www.irisguard.com/newsroom/posts/2023/june/irisguard-partner-with-elm-to-help-boost-financial-inclusion-in-the-developing-world/
New York Times article
https://www.nytimes.com/2023/04/02/world/middleeast/no-more-blank-checks-saudi-arabia-clamps-down-on-regional-aid.html
Elm homepage
https://www.elm.sa/
IrisGuard homepage
https://www.irisguard.com
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