authID Bolsters Security and Transparency for Philanthropy Efforts with Program Expansion at EinStrong Foundation
authID (Nasdaq: AUID) announced a major expansion of its services with the EinStrong Foundation, implementing its biometric authentication technology to enhance transparency and accountability in philanthropy operations. The company's Verified platform enables identification of financial-disbursement recipients in 700 milliseconds, without requiring traditional ID documentation.
Following a successful test phase in spring 2024, the program will now extend to millions of recipients globally. The partnership aims to revolutionize NGO operations by providing unprecedented transparency to donors and reducing fraud through face biometric technology. EinStrong will utilize authID's de-duplication capabilities in its initial rollout to countries in Asia and Africa.
authID (Nasdaq: AUID) ha annunciato una significativa espansione dei suoi servizi con la EinStrong Foundation, implementando la sua tecnologia di autenticazione biometrica per migliorare la trasparenza e la responsabilità nelle operazioni di filantropia. La Verified platform dell'azienda consente l'identificazione dei destinatari di erogazioni finanziarie in 700 millisecondi, senza richiedere documentazione di identificazione tradizionale.
Dopo una fase di test di successo nella primavera del 2024, il programma si estenderà ora a milioni di destinatari a livello globale. La partnership mira a rivoluzionare le operazioni delle ONG fornendo una trasparenza senza precedenti ai donatori e riducendo le frodi attraverso la tecnologia biometrica facciale. EinStrong utilizzerà le capacità di de-duplication di authID nel suo lancio iniziale in paesi dell'Asia e dell'Africa.
authID (Nasdaq: AUID) anunció una importante expansión de sus servicios con la EinStrong Foundation, implementando su tecnología de autenticación biométrica para mejorar la transparencia y la rendición de cuentas en las operaciones de filantropía. La Verified platform de la compañía permite identificar a los beneficiarios de desembolsos financieros en 700 milisegundos, sin requerir documentación de identificación tradicional.
Tras una fase de prueba exitosa en la primavera de 2024, el programa ahora se extenderá a millones de beneficiarios en todo el mundo. La asociación tiene como objetivo revolucionar las operaciones de las ONG al proporcionar una transparencia sin precedentes a los donantes y reducir el fraude a través de la tecnología biométrica facial. EinStrong utilizará las capacidades de deduplicación de authID en su lanzamiento inicial en países de Asia y África.
authID (Nasdaq: AUID)는 EinStrong Foundation과 함께 서비스의 대규모 확장을 발표하며, 생체 인증 기술을 도입하여 자선 운영의 투명성과 책임성을 향상시켰습니다. 회사의 Verified platform는 전통적인 신분증 문서 없이 700밀리초 만에 자금 수령자를 식별할 수 있습니다.
2024년 봄에 성공적인 테스트 단계를 마친 후, 프로그램은 이제 전 세계 수백만 명의 수령자로 확장됩니다. 이 파트너십은 기부자에게 전례 없는 투명성을 제공하고 얼굴 생체 기술을 통해 사기를 줄이며 NGO의 운영을 혁신하는 것을 목표로 합니다. EinStrong은 아시아와 아프리카의 국가들로 초기 롤아웃을 위해 authID의 중복 제거 기능을 활용할 것입니다.
authID (Nasdaq: AUID) a annoncé une vaste expansion de ses services avec la EinStrong Foundation, mettant en œuvre sa technologie d'authentification biométrique pour améliorer la transparence et la responsabilité des opérations philanthropiques. La Verified platform de l'entreprise permet d'identifier les bénéficiaires de versements financiers en 700 millisecondes, sans nécessiter de documentation d'identité traditionnelle.
Après une phase de test réussie au printemps 2024, le programme s'étendra désormais à des millions de bénéficiaires à l'échelle mondiale. Le partenariat vise à révolutionner les opérations des ONG en fournissant une transparence sans précédent aux donateurs et en réduisant la fraude grâce à la technologie biométrique faciale. EinStrong utilisera les capacités de dé-duplication d'authID lors de son déploiement initial dans des pays d'Asie et d'Afrique.
authID (Nasdaq: AUID) hat eine wichtige Erweiterung seiner Dienstleistungen mit der EinStrong Foundation angekündigt, wobei die biometrische Authentifizierungstechnik implementiert wird, um die Transparenz und Rechenschaftspflicht in philantropischen Aktivitäten zu verbessern. Die Verified platform des Unternehmens ermöglicht die Identifizierung von Empfängern finanzieller Auszahlungen in 700 Millisekunden, ohne dass traditionelle Identifikationsdokumente erforderlich sind.
Nach einer erfolgreichen Testphase im Frühling 2024 wird das Programm nun auf Millionen von Empfängern weltweit ausgeweitet. Die Partnerschaft zielt darauf ab, die Abläufe von NGOs zu revolutionieren, indem sie den Spendern eine beispiellose Transparenz bietet und Betrug durch Gesichtserkennungstechnologie verringert. EinStrong wird die De-Duplizierungsfähigkeiten von authID in der ersten Einführung in Länder in Asien und Afrika nutzen.
- Expansion of services to reach millions of global recipients
- Successful completion of test phase demonstrating technology effectiveness
- Superior performance in de-duplication capabilities compared to market competitors
- None.
Insights
The collaboration between authID and EinStrong Foundation represents a relatively modest business development that's unlikely to generate significant revenue impact for authID in the near term. While the technology implementation is innovative - offering 700-millisecond authentication speeds and one-in-billion matching accuracy - the primary focus on non-profit sector deployment limits its immediate commercial potential.
The expansion follows a successful test phase from spring 2024, but the deal's financial terms and revenue projections remain undisclosed. For a company with a market cap of just
Think of this like beta-testing a new payment system in a small market before targeting major financial institutions - it proves the concept but doesn't necessarily translate to significant near-term value for investors.
The strategic value of this partnership lies in authID's geographic expansion and technology validation rather than direct financial impact. The company is leveraging the non-profit sector to demonstrate its biometric platform's capabilities in challenging environments, potentially opening doors to more lucrative commercial applications in emerging markets.
The successful proof of concept against multiple vendors positions authID favorably for future competition in the broader identity verification market. However, investors should note that the company's small market capitalization and focus on philanthropic applications suggest this is more of a positioning play than a revenue driver. The real test will be whether authID can leverage this implementation to secure commercial contracts in regions where they're establishing presence through the EinStrong partnership.
The Verified platform's continuous authentication technology will revolutionize NGO operations by creating unprecedented transparency and accountability to donors, ultimately accelerating social impact initiatives
DENVER, Dec. 19, 2024 (GLOBE NEWSWIRE) -- authID® (Nasdaq: AUID), a leading provider of biometric identity verification and authentication solutions, today announced the broad expansion of its services within the operations of the EinStrong Foundation, an organization dedicated to alleviating poverty and providing transparent and traceable support to underprivileged populations around the world.
authID's biometric authentication technology will play a pivotal role in transforming how the EinStrong Foundation and other non-governmental organizations (NGOs) achieve their social welfare goals and will ensure much-needed visibility and increased accountability to donation partners.
“We welcome the opportunity to strengthen EinStrong’s program and significantly expand the reach of our world-class identity verification tools into new geographies,” said Rhon Daguro, CEO of authID. “While this partnership brings us another step closer to our larger objective of delivering our one-in-one billion matching accuracy, unmatched performance, and seamless biometric identity platform to a global audience, it’s also personally rewarding to see our technology serve as positive force multiplier for social-welfare initiatives in the developing world.”
authID's Verified solution – a seamlessly integrated continuous authentication platform – enables EinStrong and its donors to definitively identify financial-disbursement recipients in an industry-leading 700 milliseconds. With authID’s technology, EinStrong’s ESi program allows target recipients to uniquely register and authenticate themselves without a need for ID or other forms of documentation. This agreement is a significant expansion of a successful test phase that began in the spring of 2024 and the program will now be offered to millions of recipients globally, accelerating transformative advancements in transparency across the philanthropy sector and bolstering donor confidence and trust.
Some 700 million people live in extreme poverty globally, earning less than the local equivalent of
“With face biometric technology from authID, we have the ability to allow our donors to confidently verify their target parties before sponsoring, which makes us unique among grant-providing organizations,” said EinStrong Executive Advisor & Interim COO Steve Cho. “authID’s platform empowers us to accurately identify individuals making requests, drastically reducing fakes, fraud, waste, and the misuse of credentials. Our mission relies on funds going to the right people as directly and efficiently as possible, and authID helps us in that effort.”
As direct donation models grow in popularity and success rates, EinStrong’s proprietary ESi app helps donors bypass logistical hurdles and bureaucratic layers so they can reach recipients instantly, creating a paper trail of organizations doing good with full transparency and accountability. The partnership with authID further underscores EinStrong’s mission to eradicate extreme poverty globally while trusting recipients to spend funds in ways that most proactively benefit their families.
“Besides our industry-leading biometric platform, our customer success team was key in demonstrating to EinStrong our ability to not only deliver but also support the best identity verification solution on a global scale,” said Daguro. “We are excited to support EinStrong in its vocation to fight poverty and provide opportunity to disadvantaged communities. At the same time, we recognize that privacy and compliance concerns are shared the world over, and our privacy protection capability will benefit EinStrong’s international constituents.”
EinStrong will also utilize authID’s de-duplication capabilities as part of this initial rollout to countries in Asia and Africa. As part of substantiating its de-duplication capabilities, authID performed a proof of concept against EinStrong’s existing user base, showing superior performance to multiple vendors in the market.
For more information on authID’s offerings as well as its library of educational material related to biometrics and deepfakes, visit www.authid.ai.
About authID
authID® (Nasdaq: AUID) ensures enterprises “Know Who’s Behind the Device™” for every customer or employee login and transaction through its easy-to-integrate, patented, biometric identity platform. authID quickly and accurately verifies a user’s identity and eliminates any assumption of ‘who’ is behind a device to prevent cybercriminals from compromising account openings or taking over accounts. Combining secure digital onboarding and biometric authentication and account recovery, with a fast, accurate, user-friendly experience, authID delivers biometric identity processing in 700ms. Binding a biometric root of trust for each user to their account, authID stops fraud at onboarding, detects and stops deepfakes, eliminates password risks and costs, and provides the fastest, frictionless, and the more accurate user identity experience demanded by today’s digital ecosystem. Contact Us to discover how authID can help your organization secure your workforce or consumer applications against identity fraud, cyberattacks and account takeover.
About the EinStrong Foundation
The EinStrong Foundation is a not-for-profit foundation started in 2019, headquartered in Southern California, with additional support from individuals and organizations in Asia and Europe. They invite other individuals, foundations, educational institutions, NGOs, and philanthropists to improve the economic, educational, and climate change objectives of people around the world. Their objective is to benefit a billion people globally in the next 5-10 years.
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Investor Relations Contacts
Gateway Group, Inc.
Cody Slach and Alex Thompson
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FAQ
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