Sligo-based fintech firm FacePOS won top honours in the best anti-fraud Solution category at the Open Banking Expo Awards in London last night.
FacePOS is an instant, pay-by-account (PAYBAC) payment system at point of sale. Using AI-enabled facial recognition software, FacePOS delivers instant payments direct from consumer accounts to merchant accounts without need of a card.
Judges deemed FacePOS to be the most effective among the six nominees in the best anti-faud Solution category at detecting and stopping financial crime while providing a smooth, hassle-free customer experience.
FacePOS was also nominated in the best open banking payments project category.
Described as the “holy grail of payment systems”, FacePOS’s AI-enabled facial recognition technology uses liveness detection, which requires users to blink and smile to verify transactions. The software also has built-in proximity verification and confirmation of payee controls as additional security measures.
The company is led by CEO James Hannigan, a former retail technology founder from Tallaght, Co. Dublin, now based in Tubbercurry, Co. Sligo, and CFO Paddy Bolger, previously CFO of cybersecurity company CWSI.
Hannigan said: “Fraud is the biggest challenge facing the payments industry, and our AI-enabled facial recognition technology is an innovative solution that can effectively provide relief to consumers.
“To receive this recognition from industry experts is a tremendous endorsement of what we are building. It’s also a huge boost for our team as we work to bring FacePOS to a wider market.
“We would also like to thank FinTech Ireland and the Central Bank of Ireland’s Innovation Programme for their invaluable support. Both have played an instrumental role in the development of our business, and without their support, we would not be in a position to collect such a prestigious award.”
Earlier this year, FacePOS successfully completed the Central Bank of Ireland’s Sandbox Programme for Innovation in Payments, an initiative set up by the banking authority to promote and accelerate solutions that deliver safer and faster payments for households and businesses.
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