EyeVerify has unveiled a new and improved version of Eyeprint ID, the patented biometric mobile security technology software that removes the need for passwords on smart devices.

The new Eyeprint ID—which uses built-in cameras in mobile devices to match the blood vessels in the whites of users’ eyes—is being demonstrated by EyeVerify at the Money 20/20 conference this week in Las Vegas.

According to a release by EyeVerify, the upgraded Eyeprint ID is “a significant breakthrough in biometric security technology that provides highly accurate, fast and even more convenient mobile identity protection on smartphones and tablets.” It features “a natural, seamless user experience with an incredibly fast authentication time for smart devices, as fast as 800 milliseconds, which is instantaneous from a user’s perspective.”

EyeVerify CEO and founder Toby Rush said: “Mobile users and content providers alike are looking for secure, convenient and private measures to protect their phones and valuable data. People and companies are embracing biometrics replacing passwords on mobile devices. The latest version of Eyeprint ID is the fastest, most secure and most affordable option available.”

Plans call for Eyeprint ID v2.0 to be commercially available in January 2015 for iOS and Android devices and apps. It is now being used by banks in Australia by way of the System Works Group and will be available later this year to AirWatch Secure Content Locker customers.

Earlier this year, EyeVerify announced the completion of its Series A equity funding round of more than $6 million with participation by Qihoo 360, Samsung, Sprint and Wells Fargo. The company also won Best of Show at Finovate 2014.