BIO-key Secures $910,000 Order to Upgrade Long-Time Financial Services Customer to Enhanced Biometric Customer Identification Technology
BIO-key International (NASDAQ: BKYI) has secured a $910,000 order from a long-term financial services customer to upgrade their biometric identification system. The upgrade will enable fingerprint-only customer identification, eliminating the need for ID numbers, account numbers, or cards, saving approximately 30 seconds per client interaction. The system currently serves over 25 million enrolled individuals. The enhanced solution will be hosted on AWS infrastructure, and following full deployment in 2025, BIO-key expects annual recurring revenue from this customer to increase to $1.4M per year.
BIO-key International (NASDAQ: BKYI) ha ottenuto un ordine di $910.000 da un cliente del settore dei servizi finanziari a lungo termine per aggiornare il loro sistema di identificazione biometrica. L'aggiornamento consentirà l'identificazione dei clienti esclusivamente tramite impronta digitale, eliminando la necessità di numeri identificativi, numeri di conto o carte, risparmiando circa 30 secondi per ogni interazione con il cliente. Attualmente, il sistema serve oltre 25 milioni di individui registrati. La soluzione migliorata sarà ospitata su infrastruttura AWS e, dopo il completo deployment nel 2025, BIO-key prevede che il fatturato ricorrente annuo proveniente da questo cliente crescerà a $1,4M all'anno.
BIO-key International (NASDAQ: BKYI) ha asegurado un pedido de $910,000 de un cliente de servicios financieros a largo plazo para actualizar su sistema de identificación biométrica. La actualización permitirá la identificación de clientes solo mediante huellas dactilares, eliminando la necesidad de números de identificación, números de cuenta o tarjetas, ahorrando aproximadamente 30 segundos por interacción con el cliente. Actualmente, el sistema atiende a más de 25 millones de individuos registrados. La solución mejorada se alojará en la infraestructura de AWS y, tras el despliegue total en 2025, BIO-key espera que los ingresos recurrentes anuales de este cliente aumenten a $1.4M por año.
BIO-key International (NASDAQ: BKYI)는 장기 금융 서비스 고객로부터 생체 인식 시스템 업그레이드를 위해 $910,000의 주문을 확보했습니다. 이 업그레이드는 고객의 지문만으로 신원을 확인할 수 있도록 하여, 신분증 번호, 계좌 번호 또는 카드의 필요성을 없애고, 고객 상호작용당 약 30초를 절약할 수 있게 합니다. 현재 이 시스템은 2,500만 명 이상의 등록된 개인에게 서비스를 제공하고 있습니다. 향상된 솔루션은 AWS 인프라에서 호스팅될 것이며, 2025년에 전면 배포가 완료된 후 BIO-key는 이 고객으로부터의 연간 반복 수익이 $1.4M per year로 증가할 것으로 예상하고 있습니다.
BIO-key International (NASDAQ: BKYI) a obtenu une commande de 910 000 $ d'un client de services financiers à long terme pour mettre à niveau son système d'identification biométrique. Cette mise à niveau permettra l'identification des clients uniquement par empreinte digitale, supprimant ainsi la nécessité de numéros d'identité, de numéros de compte ou de cartes, ce qui permettra de gagner environ 30 secondes par interaction avec le client. Le système dessert actuellement plus de 25 millions d'individus inscrits. La solution améliorée sera hébergée sur l'infrastructure AWS, et après le déploiement complet en 2025, BIO-key s'attend à ce que les revenus récurrents annuels de ce client atteignent 1,4 million de $ par an.
BIO-key International (NASDAQ: BKYI) hat einen Auftrag über 910.000 US-Dollar von einem langjährigen Kunden im Finanzdienstleistungsbereich gesichert, um deren biometrisches Identifikationssystem zu verbessern. Das Upgrade ermöglicht die Identifikation der Kunden ausschließlich über Fingerabdrücke, wodurch die Notwendigkeit von Ausweisnummern, Kontonummern oder Karten entfällt und man etwa 30 Sekunden pro Kundeninteraktion spart. Das System bedient derzeit über 25 Millionen registrierte Personen. Die verbesserte Lösung wird auf der AWS-Infrastruktur gehostet, und nach der vollständigen Bereitstellung im Jahr 2025 erwartet BIO-key, dass der jährliche wiederkehrende Umsatz von diesem Kunden auf 1,4 Millionen US-Dollar pro Jahr steigern wird.
- Secured $910,000 upgrade order from existing customer
- Large user base of over 25 million enrolled individuals
- Expected increase in annual recurring revenue to $1.4M by 2025
- Technology improvement reduces transaction time by 30 seconds per client
- None.
Insights
This
The migration to AWS infrastructure and the implementation of one-to-many biometric identification capabilities demonstrates a scalable, enterprise-grade solution. The estimated 30-second time savings per transaction could translate to substantial operational efficiencies for the customer. This deployment's scale - one of the largest private commercial biometric implementations globally - could serve as a powerful reference case for future enterprise sales.
HOLMDEL, N.J., Oct. 29, 2024 (GLOBE NEWSWIRE) -- 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
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
“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 Contacts
William Jones, David Collins
Catalyst IR
BKYI@catalyst-ir.com
212-924-9800
FAQ
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