BIO-key International, Inc. has received a $910,000 order from a long-term financial services customer to implement an upgraded biometric identification system that utilizes fingerprint-only technology. This upgrade will streamline client verification processes, allowing for faster interactions and is projected to increase annual recurring revenue to $1.4 million post-deployment in 2025.
BIO-key International, Inc. has secured a substantial order worth $910,000 from one of its long-term financial services clients aimed at upgrading their existing biometric identification systems to a more efficient fingerprint-only method. This upgrade is designed to enhance the user experience, allowing customer verification to occur more rapidly through a simple fingerprint scan, effectively removing the need for associated identification cards or account numbers during client interactions. The enhanced system will utilize Amazon Web Services (AWS) for hosting, enabling real-time biometric verification for over 25 million enrolled users. BIO-key anticipates that following full deployment in 2025, their annual recurring revenue (ARR) from this client will reach approximately $1.4 million. The implementation of this technology is significant as it represents a shift from one-to-one matching of fingerprints to a one-to-many system, which improves efficiency and overall client service speed. The client aims to streamline operations further, enhancing their position as a leader in biometric technology applications.
BIO-key is a leader in identity and access management (IAM) solutions, focusing on biometric technology to redefine customer authentication processes across various sectors, including financial services. This recent order highlights the increasing demand for secure, user-friendly, and efficient authentication methods that eliminate traditional barriers such as physical ID cards. By leveraging fingerprint identification technology, the company addresses critical industry challenges, including the need for faster service and enhanced security measures against fraud.
BIO-key’s recent order signifies a pivotal advancement in biometric identification technologies within the financial services sector. With an investment of $910,000 for the upgrade to fingerprint-only verification, the financial services client aims to improve customer experience drastically while leveraging AWS for enhanced processing capabilities. The projected increase in annual recurring revenue to $1.4 million reflects the growing significance of biometric solutions in enhancing operational efficiency and security in client engagements.
Original Source: www.manilatimes.net
