The present invention is a system and method of biometric-based identity
verification for authorizing financial transactions between a consumer
and a merchant, said system comprising distributed processing to
facilitate biometric matching and various types of financial transactions
to facilitate said system's integration into current financial networks.
System users register at least one biometric identifier, personal and/or
business identity-verifying data, and financial account information. A
user presents a biometric sample obtained from the user's person and the
user's system ID number to conduct financial transactions. This data is
used to authenticate the user's identity and authorize transfer of funds
from the user's registered financial account to the designated
recipient's account by matching the presented transaction biometric with
at least one registered biometric template and without the use of a
man-made financial account token or identity token.