Company News • 10.05.2023

Facial recognition in currency exchange machines to prevent AML

Machines designed to offer quick and easy access to AI-powered, secure currency exchange already operating in Switzerland, Denmark and Ukraine

Currency exchange machines featuring facial recognition technology have been installed in a variety of airports and travel hubs across Europe, in a bid to streamline the user experience and safeguard against fraudulent behaviour.

Supplier
Logo: Innovative Technology Ltd.

Innovative Technology Ltd.

Innovative Business Park
OL1 4EQ Oldham
UK
A currency exchange machine in front of an escalator...
Source: Innovative Technology

Currency exchange kiosks may provide the opportunity for criminals to convert illegally obtained cash, making it harder to trace the criminal activity in line with anti-money laundering (AML) protocols. Many countries have implemented transaction limits per day for all users of currency exchange machines as one way to combat this, but this may require customers to show ID and retain detailed records.

However, Swiss manufacturer ECEX Group uses facial recognition software developed by British company Innovative Technology to implement the AI-powered biometric solution into the Automatic Currency Exchange (ACE) machines as a way to automate these transaction limits. The software is within a compact device, ICU Pro, which provides secure, immediate facial recognition that allows users to quickly and efficiently use the currency exchange services.

The use of ICU Pro as a biometric sensor for facial recognition acts as assurance for ECEX and customers alike, helping to adhere to AML requirements by implementing intelligent customer tracking that shows a customer’s previous exchanges and ensuring they stay within their transactional limits.

Similar to how a cashier can visually regulate the amount of times a customer uses a service, the technology enables the kiosks to recognise whether a person has met the standard limits for domestic transactions before they need a passport. This limit can be set in accordance with the AML regulatory requirements of the country, providing a more secure service without intruding on customer privacy. 

If the exchange limit is below the threshold, the customer’s facial information is saved locally for one day so the technology can detect whether they make further exchanges during the time period and ensure the threshold isn’t exceeded.

Hizii Denys, Technology & Administrative Officer at ECEX Group AG, said: “We chose ICU Pro for our facial recognition needs because we needed a solution that offered a quick, seamless, secure and - most importantly - compliant service for our customers. The ACE machines are intended to streamline the currency exchange process, and ICU Pro helped us to achieve that.

“The big advantage is that any biometric data cannot be accessed because of the encryption inside the device, so there is no need for GDPR concerns. Our technology is unique and we haven’t found a similar analogous solution around the world, so we’re happy to be able to implement this feature with ICU Pro.”

The implementation of the technology comes during a period of significant public outcry at recent failures to comply with AML protocols by large organisations, and intends to make AML procedures standard within the currency exchange market. The new technology hopes to make it easier for tourists to travel with ease, knowing their money is safe and handled responsibly.

Dr. Andrew O’Brien, Biometrics Product Manager at Innovative Technology, said: “Currency exchange is a complicated process that requires responsibility and regulatory compliance from any services involved. We’re excited to partner with ECEX to enable a further level of compliance and customer security through ICU Pro. Our biometric technology has the ability to link customers’ transactions, and this approach also has exciting opportunities in Gaming, where we can help limit and protect customers from excessive gambling.”

The machines are designed to offer quick and easy access to AI-powered, secure currency exchange, in a range of handy locations including airports, hotels, train stations, banks and more. The ACE machines are already operating in Geneva Airport (Switzerland), Billund Airport (Denmark) and Boryspil International Airport (Ukraine), as well as the Hilton and Opera Hotel in Kyiv, Ukraine.

To find out more about ICU Pro, visit www.intelligent-identification.com

To find out more about ACE machines, visit www.ecex.ch.

related articles:

popular articles:

Thumbnail-Photo: Aldi and (e-)commerce in China
26.06.2023   #online trading #e-commerce

Aldi and (e-)commerce in China

How the discounter is positioning itself in East Asia and what others can learn from it

"China is a highly competitive market," says Renata Thiébaut. Nevertheless, the company, headquartered in the Ruhr region, seems to have shown elbows and is now selling successfully there. The professor of e-commerce and China expert ...

Thumbnail-Photo: Toshiba opens new Retail Operations Center in Europe...
03.08.2023   #e-commerce #retail

Toshiba opens new Retail Operations Center in Europe

Facility equipped with innovative technology and a powerful inventory management system

Toshiba Global Commerce Solutions has opened a state-of-the-art Retail Operations Center in Almere, Netherlands. The strategic move will enhance operational efficiency and provide superior service to the company's valued customers and partners ...

Thumbnail-Photo: Enhance inventory management and loss prevention – with Zebra...
12.06.2023   #e-commerce #brick and mortar retail

Enhance inventory management and loss prevention – with Zebra SmartCount solution

Now available in DACH, this accurate, easy-to-use solution provides time and cost savings and better inventory management

Zebra Technologies Corporation (NASDAQ: ZBRA), a leading digital solution provider enabling businesses to intelligently connect data, assets, and people, will present Zebra SmartCount™,  a proven, comprehensive solution now ...

Thumbnail-Photo: Iberian Sports Retail adopts Hii Retail native cloud platform...
19.06.2023   #e-commerce #retail

Iberian Sports Retail adopts Hii Retail native cloud platform

The Iberian Sports Retail Group adopts the Hii Retail native cloud platform in over 350 stores across three countries – “It enables us to scale up”

The multichannel leader in sports equipment sales in the Iberian Peninsula, Iberian Sports Retail Group (ISRG), has partnered with Extenda Retail to replace their Checkout applications. Extenda Retail’s next-generation cloud-native checkout ...

Thumbnail-Photo: Puma reimagines omnichannel shopping experience through metaverse...
21.06.2023   #omnichannel #customer experience

Puma reimagines omnichannel shopping experience through metaverse platform

Sports company expands its metaverse web destination, Black Station, with immersive digital retail experience

Sports company Puma has launched Black Station 2, a metaverse platform that bridges the digital and physical worlds, allowing users to purchase phygital footwear. Black Station 2 is an expansion to its initial Black Station debut last September as ...

Thumbnail-Photo: Toshiba Launches New ELERA™ Security Suite to Address the Industry’s...
22.09.2023   #cashpoints #customer experience

Toshiba Launches New ELERA™ Security Suite to Address the Industry’s Challenges Around Shrink

Toshiba’s A.I.-powered solution empowers retailers across the globe to better manage loss prevention and protect profits

Security Suite from Toshiba Global Commerce Solutions empowers retailers to minimize shrink...

Thumbnail-Photo: Senior Business Development Manager for ITL celebrates 20 year milestone...
01.08.2023   #Tech in Retail #cash management

Senior Business Development Manager for ITL celebrates 20 year milestone

Christian Czeskleba marks 20 years with the cash handling and biometrics solutions provider

Christian Czeskleba, Senior Business Development Manager (BDM) for Innovative Technology, marks 20 years with the cash handling and biometrics solutions provider this month. Based in ITL’s German office in Hamburg, Christian has seen the ...

Thumbnail-Photo: Toshiba launches powerful and compact TCx® 900 point-of-sale system...
22.08.2023   #brick and mortar retail #epos systems

Toshiba launches powerful and compact TCx® 900 point-of-sale system

POS system TCx 900 is designed for retail requirements and equipped with 13th generation Intel Core processors

The TCx® 900 is the newest point-of-sale (POS) system from global retail technology leader Toshiba Global Commerce Solutions. It provides advanced technology offerings through a powerful modular system in a compact design built to last and ...

Thumbnail-Photo: Tiedt celebrates quarter century milestone with ITL...
05.07.2023   #Tech in Retail #cash handling systems

Tiedt celebrates quarter century milestone with ITL

Marcus Tiedt marks 25 years with the cash handling and biometrics solutions provider

Marcus Tiedt, Innovative Technology’s Sales & Marketing Director, marks 25 years with the cash handling and biometrics solutions provider. Based in ITL’s German office in Pinneberg just outside Hamburg, Marcus has been an integral ...

Thumbnail-Photo: Help yourself!: Are self-checkouts the next big thing in retail?...
14.06.2023   #brick and mortar retail #self-checkout systems

"Help yourself!": Are self-checkouts the next big thing in retail?

Efficient everyday business, efficient shopping

In the face of the digital age (and the rush just after the end of the workday or the day right before a holiday), retailers are looking for innovative technologies to continuously improve shopping experiences. Self-service checkouts (SCOs) allow ...

Supplier

Innovative Technology Ltd.
Innovative Technology Ltd.
Innovative Business Park
OL1 4EQ Oldham
Reflexis Systems GmbH
Reflexis Systems GmbH
Kokkolastr. 5-7
40882 Ratingen
Zebra Technologies Germany GmbH
Zebra Technologies Germany GmbH
Franz-Rennefeld-Weg 2-6
40472 Düsseldorf