Blue Star Capital’s portfolio company Sthaler’s subsidiary company, FinGo, alongside Croma Security Solutions Group, said it plans to tackle COVID-19 certificate authentication, access management as well as offer new and existing clients biometrics-based payment systems.
The UK-based firms, FinGo and Croma, said they are joining forces to bring their combined expertise into each other’s sectors by utilising Hitachi’s finger vein biometric technology.
Croma Security brings the software and hardware solutions for site access management, working with construction companies and schools to secure sites and track attendance.
Croma Security, which says its FASTVEIN systems are built with finger vein sensors from Hitachi which detect the intricate pattern of veins in the end of a finger, claims the systematic approach is “as accurate and secure as iris scanning, but delivered at a fraction of the cost.”
Similarly, FinGo’s systems use the same biometrics as Croma’s, but in the case of payments and for an increasing number of identity-related use cases. Currently, FinGo is working with the Egyptian government to integrate vein recognition into the national identity scheme.
To date, the company has taken part in trials for COVID health passes for care home staff, age verification in pubs, and collecting customer details as part of the UK’s COVID-related contact-tracing efforts. FinGo also already has a relationship with Mastercard for Fingopay.
A recent release from the two companies stated that FinGo is currently in talks with policymakers over the use of FinGo and vein ID for vaccine certification.
For biometric payments, FinGo is already set up with Mastercard, while last June, Mastercard accepted the firm into the white-labelled Mastercard Payment Gateway Services. It said this would effectively allow Mastercard users to pay by scanning their unique finger vein pattern.
Commenting on the recent news, Nick Dryden, FinGo’s Chief Executive Officer said: “FinGo is delighted to enter into this strategic partnership with Croma. The combined capability, coupling many years of experience in the security and access management arena with our payments and digital identity management expertise, will create a unique offering.
We look forward to taking the joint offering to market in 2022 and giving existing and new customers an opportunity to deploy one single secure and convenient biometric solution.”
“COVID-19 has accelerated the shift to biometrics, whether in person or remote. Although finger vein reading requires contact, the firms still see real opportunity emerging. “We are delighted to announce this strategic partnership,” comments Sebastian Morley, chairman at Croma, “This is a clear direction of travel post COVID when credible service providers are seeking to collaborate in order to deliver for clients and shareholders.”