Sensar, Inc. is the exclusive world-wide supplier of "iris identification" products and services for the banking industry. While today's banking customer is accustomed to using bank cards or PINs, Sensar believes that the global standard for identification in the very near future will be based on an individual's iris pattern. Deploying specialized computer-vision technology, Sensar's products use the unique image patterns of the human iris to create an exceptionally accurate, non-intrusive method of personal identity verification.
Based in Moorestown, New Jersey, Sensar was founded in 1993 as a subsidiary of the Sarnoff Corporation, an internationally acclaimed advanced technology research institution.
The History
Sensar's vision for its iris identification products began with the realization that face-to-face banking transactions are rapidly disappearing. As more financial service institutions and their customers conduct their transactions electronically, signature verification is becoming obsolete. Banks and financial service institutions must find a way to verify their electronic customers' identity.
Sensar saw the need for a highly accurate, secure method of verifying customer identity to replace signature verification, a technique rapidly becoming impractical in the age of electronic banking. The company decided to concentrate its efforts initially on the growing Automatic Teller Machine (ATM) market. In 1995, there were more than 35 billion ATM transactions conducted worldwide.
The non-intrusive nature of iris identification technology makes it ideal for bank customer identification. It is the only biometric method of identification that can be obtained from an individual in a quick, easy, non-invasive fashion. Other biometric techniques require some form of user participation, a perceived negative for the bank customer, and are not nearly as accurate. Sensar also discounted non-biometric methods, which can be counterfeited or compromised. With these considerations, the company began development of IrisIdent, a new product that eliminates the need for signature verification, passwords, personal identification numbers, and other outdated methods. With it, Sensar defines a new standard in personal identity verification.
IrisIdent is a biometric identification system that uses the unique patterns of the human iris to verify an individual's identity. Using a standard video camera, the system takes a picture of an individual's iris and compares it with a previously stored iris image. The result is a rapid validation of the individual's identity. With an empirically determined crossover error rate of less than 1 error in 131,578 transactions, iris identification is more reliable and less intrusive than fingerprinting or retinal scanning. Its security cannot be bypassed or compromised.
Pilot systems are available on a limited basis, with full production scheduled for later in 1997. In addition, Sensar is planning to launch follow-on applications for a wide range of financial applications, such as new account openings, bank wire transfers and government services. Smart Camera is a future offering from Sensar. It will combine the same technology with a stand-alone (non-PC-based) camera to verify customer identification at point-of-sale locations, business workstations, and home computers.
The Technology
The core technology for transforming the structural pattern of the iris into a digital code that can be evaluated by a computer has been developed by John Daugman, Ph.D., a professor and computer scientist at Cambridge University in the UK. This core technology is owned by IriScan, Inc., a Mt. Laurel, New Jersey company. Sensar has licensed Dr. Daugman's invention from IriScan, Inc. Sensar has added to this invention an ability to acquire an image of the iris from a distance of 36" using an ordinary video camera. Sensar's invention enables a broad range of consumer applications for the process of verifying an individual's identity on the basis of the patterns of their iris. An example of such an application is the use of the iris pattern to verify the identity of an Automatic Teller Machine customer in lieu of a PIN [Personal Identification Number].
The Customer Base
Currently, Sensar markets its products and services directly to financial service institutions. Additionally, it develops cooperative marketing agreements with ATM equipment manufacturers. In September 1995, Sensar entered into a Development, Distribution, and Supply Agreement with OKI Electric Industry, Ltd., Tokyo, the leading supplier of ATM's in Japan.
In May 1997, Sensar entered into a similar agreement with NCR, the largest supplier of ATMs worldwide.
The Parent
Sensar, Inc. is a majority-owned subsidiary of the Sarnoff Corporation, of Princeton, New Jersey. Sarnoff is a world renowned research and development facility that provides client-funded advanced research and product development in the areas of computer vision, real-time image processing, CCD imager design, and other advanced video applications. It is a wholly owned subsidiary of SRI International, Menlo Park, Calif.