BIO-key Secures $910,000 Order to Upgrade Long-Time Financial Services Customer to Enhanced Biometric Customer Identification Technology
29 Octubre 2024 - 4:27AM
BIO-key® International, Inc. (NASDAQ: BKYI), an innovative provider
of workforce and customer identity and access management (IAM)
solutions featuring Identity-Bound Biometrics (IBB) for phoneless,
tokenless, passwordless and phish-resistant authentication,
announced that it has received a $910,000 order from a long-term
financial services customer to upgrade to BIO-key’s “fingerprint
only” Biometric Customer Identification Technology.
The technology enhancement builds on the
customer’s expanding deployment of BIO-key technology to verify the
identity of customers, now totaling over 25 million enrolled
individuals. Previously customers were verified at a branch
location by matching their fingerprint scan and their ID number,
account number or card. By upgrading to BIO-key’s “fingerprint
only” identification, the customer will be able to identify each of
its clients by a simple fingerprint scan – without the need for a
card, account or ID number, saving an estimated thirty seconds per
client encounter.
The financial services customer plans to upgrade
all its users to BIO-key’s fingerprint-only identity solution in
order to further streamline what is already a best-in-class client
experience of its existing BIO-key-based verification solution. The
new client identification solution will be entirely hosted on
Amazon Web Services (AWS) infrastructure in order to support the
technical demands of real-time, one-to-many biometric
identification as compared to one-to-one matching of a fingerprint
scan with a biometric associated with an account number, ID number
or card.
Following full deployment of the enhanced
biometric customer identification solution during 2025, BIO-key
expects annual recurring revenue (ARR) from this financial services
customer to increase to approximately $1.4M per year.
“This financial services customer remains on the
cutting edge of biometric technology deployment as it works to
deliver the best possible customer experience and protection
against fraud”, said Jim Sullivan, BIO-key’s SVP of Strategy and
CLO. “After closely working with our team on advance testing, they
found that upgrading to BIO-key’s one-to-many fingerprint-only
identification technology would not only provide a better user
experience but would also save a substantial amount of time at
every client encounter, avoiding the time to retrieve a physical ID
card. BIO-key’s unparalleled accuracy in identification and speed
of indexed search makes this leap in efficient customer engagement
possible. The upgrade advances our customer’s commitment to
leveraging the power of biometric technology to execute secure
digital, paper-less transactions for their clients. We believe this
is one of the world’s largest deployments of one-to-many biometric
technology in a private commercial or enterprise setting. Working
with the client and our partner at AWS, we intend to publish a more
detailed whitepaper on this deployment in order to support other
enterprises’ understanding the benefits our advanced biometric
identity solutions can provide.”
About BIO-key International,
Inc. (www.BIO-key.com)BIO-key is revolutionizing
authentication and cybersecurity with biometric-centric,
multi-factor identity and access management (IAM) software securing
access for over forty million users. BIO-key allows customers to
choose the right authentication factors for diverse use cases,
including phoneless, tokenless and passwordless biometric options.
Its hosted or on-premise PortalGuard IAM solution provides
cost-effective, easy-to-deploy, convenient, and secure access to
computers, information, applications, and high-value
transactions.
BIO-key Safe Harbor Statement
All statements contained in this press release
other than statements of historical facts are "forward-looking
statements" as defined in the Private Securities Litigation Reform
Act of 1995 (the "Act"). The words "estimate," "project,"
"intends," "expects," "anticipates," "believes" and similar
expressions are intended to identify forward-looking statements.
Such forward-looking statements are made based on management's
beliefs, as well as assumptions made by, and information currently
available to, management pursuant to the "safe-harbor" provisions
of the Act. These statements are not guarantees of future
performance or events and are subject to risks and uncertainties
that may cause actual results to differ materially from those
included within or implied by such forward-looking statements.
These risks and uncertainties include, without limitation, our
history of losses and limited revenue; our ability to raise
additional capital; our ability to protect our intellectual
property; changes in business conditions; changes in our sales
strategy and product development plans; changes in the marketplace;
continued services of our executive management team; security
breaches; competition in the biometric technology industry; market
acceptance of biometric products generally and our products under
development; our ability to execute and deliver on contracts in
Africa; our ability to expand into Asia, Africa and other foreign
markets; our ability to integrate the operations and personnel of
Swivel Secure into our business; fluctuations in foreign currency
exchange rates; delays in the development of products and
statements of assumption underlying any of the foregoing as well as
other factors set forth under the caption "Risk Factors" in our
Annual Report on Form 10-K for the year ended December 31, 2023 and
other filings with the Securities and Exchange Commission. Readers
are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date made. Except as
required by law, we undertake no obligation to disclose any
revision to these forward-looking statements whether as a result of
new information, future events, or otherwise.
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Investor ContactsWilliam Jones, David
CollinsCatalyst IRBKYI@catalyst-ir.com212-924-9800
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