authID Signs $10 Million Agreement to Deliver Next Generation Authentication Security in India
authID has secured a $10 million multi-year agreement with an AI company to provide biometric authentication solutions in India. The three-year contract guarantees minimum annual revenue of $3.33 million for licensing authID's identity platform services. The company will deliver biometric authentication for various industries including banking, financial services, emergency services, and transportation. The solution will support onboarding, daily login, account recovery, and high-value transactions while complying with Indian privacy laws. authID's platform processes biometric identification within 700 milliseconds, offering 1:1B verification accuracy for India's 1.4B citizens.
authID ha siglato un accordo pluriennale da 10 milioni di dollari con un'azienda di intelligenza artificiale per fornire soluzioni di autenticazione biometrica in India. Il contratto triennale garantisce un fatturato annuale minimo di 3,33 milioni di dollari per la licenza dei servizi della piattaforma di identità di authID. L'azienda offrirà autenticazione biometrica per vari settori, tra cui banche, servizi finanziari, servizi di emergenza e trasporti. La soluzione supporterà il processo di onboarding, l'accesso quotidiano, il recupero degli account e le transazioni di alto valore, rispettando nel contempo le leggi sulla privacy indiane. La piattaforma di authID elabora l'identificazione biometrica in 700 millisecondi, garantendo un'accuratezza di verifica 1:1 miliardo per i 1,4 miliardi di cittadini indiani.
authID ha asegurado un acuerdo multianual de $10 millones con una empresa de inteligencia artificial para proporcionar soluciones de autenticación biométrica en India. El contrato de tres años garantiza ingresos anuales mínimos de $3.33 millones para la concesión de licencias de los servicios de la plataforma de identidad de authID. La empresa ofrecerá autenticación biométrica para diversas industrias, incluyendo banca, servicios financieros, servicios de emergencia y transporte. La solución apoyará el onboarding, el inicio de sesión diario, la recuperación de cuentas y las transacciones de alto valor, cumpliendo con las leyes de privacidad de la India. La plataforma de authID procesa la identificación biométrica en 700 milisegundos, ofreciendo una precisión de verificación de 1:1 mil millones para los 1.4 mil millones de ciudadanos de la India.
authID는 인도에서 생체 인증 솔루션을 제공하기 위해 인공지능 회사와 1천만 달러 규모의 다년 계약을 체결했습니다. 이 3년 계약은 authID의 정체성 플랫폼 서비스에 대한 최소 연간 수익 3.33 백만 달러를 보장합니다. 이 회사는 은행, 금융 서비스, 긴급 서비스 및 교통을 포함한 다양한 산업을 위한 생체 인증을 제공합니다. 이 솔루션은 온보딩, 일일 로그인, 계정 복구 및 고가치 거래를 지원하며, 인도의 개인 정보 보호 법률을 준수합니다. authID의 플랫폼은 700밀리초 이내에 생체 인식을 처리하며, 인도 14억 시민을 위해 1:10억의 검증 정확도를 제공합니다.
authID a sécurisé un accord pluriannuel de 10 millions de dollars avec une entreprise d'IA pour fournir des solutions d'authentification biométrique en Inde. Le contrat de trois ans garantit des revenus annuels minimums de 3,33 millions de dollars pour la licence des services de la plateforme d'identité d'authID. L'entreprise fournira l'authentification biométrique pour divers secteurs, y compris la banque, les services financiers, les services d'urgence et le transport. La solution prendra en charge l'intégration, la connexion quotidienne, la récupération de compte et les transactions de grande valeur tout en respectant les lois indiennes sur la vie privée. La plateforme d'authID traite l'identification biométrique en 700 millisecondes, offrant une précision de vérification de 1:1 milliard pour les 1,4 milliard de citoyens indiens.
authID hat einen 10 Millionen US-Dollar umfassenden Mehrjahresvertrag mit einem KI-Unternehmen zur Bereitstellung biometrischer Authentifizierungslösungen in Indien gesichert. Der Dreijahresvertrag garantiert eine Mindestjahresumsatz von 3,33 Millionen US-Dollar für die Lizenzierung der Identitätsplattformdienste von authID. Das Unternehmen wird biometrische Authentifizierung für verschiedene Branchen, darunter Banken, Finanzdienstleistungen, Notdienste und Transport anbieten. Die Lösung unterstützt Onboarding, tägliches Anmelden, Kontowiederherstellung und hochpreisige Transaktionen und entspricht dabei den indischen Datenschutzgesetzen. Die Plattform von authID verarbeitet biometrische Identifikation innerhalb von 700 Millisekunden und bietet eine Verifizierungsgenauigkeit von 1:1 Milliarde für die 1,4 Milliarden Bürger Indiens.
- Secured $10 million contract over three years
- Guaranteed minimum annual revenue of $3.33 million
- Expansion into large Indian market with 1.4B potential users
- Market-leading processing speed of 700 milliseconds
- None.
Insights
This
The Indian market entry presents massive growth potential, with a 1.4 billion population addressable market. The guaranteed revenue stream strengthens authID's financial position and validates their technology's scalability. Key sectors targeted include:
- Banking and financial services
- Emergency services
- Transportation
authID's 700-millisecond processing time and 1:1B verification accuracy are industry-leading metrics that position them well in the competitive biometric authentication market. The platform's ability to handle high-volume authentication while maintaining privacy compliance with Indian regulations demonstrates robust technical architecture.
The implementation across multiple industries requires sophisticated integration capabilities and scalable infrastructure. Their privacy-preserving approach, particularly important in the heavily regulated Indian market, suggests advanced data protection protocols and encryption methods are in place.
DENVER, Nov. 04, 2024 (GLOBE NEWSWIRE) -- authID Inc. (Nasdaq: AUID), a leading provider of biometric identity verification and authentication solutions, today announced a
The agreement represents a
authID will deliver unprecedented biometric authentication accuracy and a frictionless user experience to a variety of the partner’s customers across the banking, financial services, emergency services, and transportation industries among others, powering use cases for onboarding, daily login, account recovery, and high-value transactions.
authID will augment the partner’s existing solutions with their privacy-preserving next generation biometric identity verification and authentication, while complying with Indian privacy laws safeguarding user identities and other data. The Indian market’s sizable institutional and end-user base will highlight authID’s ability to not only deliver a best-in-class user experience but also demonstrate its 1:1B biometric identity verification accuracy. With over 1.4B citizens to authenticate in the Indian market, only authID’s accuracy can deliver the level of assurance and scale needed by every institution to always “know who’s behind the device” for each transaction.
“This partnership further demonstrates authID’s thought leadership and technical standing in the global markets, and we are incredibly excited to enter the Indian market where, over the next 10 years, the biometric authentication industry could see exponential growth in transaction volumes as the demand for secure, efficient digital identification continues to rise,” said Rhon Daguro, CEO of authID. “authID’s biometric identity platform delivers speed and accuracy while processing captured biometrics, and identifying users as legitimate or fraudulent, all within a market-leading 700 milliseconds. We look forward to working closely with our new partner to deliver the confidence that user onboarding and authentication are accurate and completed in record time.”
About authID
authID (Nasdaq: AUID) ensures enterprises “Know Who’s Behind the DeviceTM” 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 while preserving privacy 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.
Investor Relations Contacts
Gateway Group, Inc.
Cody Slach and Alex Thompson
1-949-574-3860
AUID@gateway-grp.com
Investor-Relations@authid.ai
Media Contacts
Walter Fowler
1-631-334-3864
wfowler@nexttechcomms.com
Forward-Looking Statements
This Press Release includes “forward-looking statements.” All statements other than statements of historical facts included herein, including, without limitation, those regarding the future business strategy, plans and objectives of management for future operations of both authID Inc. and its customers and business partners, are forward-looking statements. Such forward-looking statements are based on a number of assumptions regarding authID’s present and future business strategies, and the environment in which authID expects to operate in the future, which assumptions may or may not be fulfilled in practice. Actual results may vary materially from the results anticipated by these forward-looking statements as a result of a variety of risk factors, including the successful implementation and ramp of the services to be provided under the new technology partner agreement and their adoption by the partner’s customers and their respective users; changes in laws, regulations and practices; changes in domestic and international economic and political conditions, the as yet uncertain impact of the wars in Ukraine and the Middle East, inflationary pressures, changes in interest rates, and others. See the Company’s Annual Report on Form 10-K for the Fiscal Year ended December 31, 2023 filed at www.sec.gov and other documents filed with the SEC for other risk factors which investors should consider. These forward-looking statements speak only as to the date of this release and cannot be relied upon as a guide to future performance. authID expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this release to reflect any changes in its expectations with regard thereto or any change in events, conditions, or circumstances on which any statement is based.
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