National Bank of Egypt Enhances Enterprise Security with Multi-Factor Authentication and Single Sign-On Solutions from BIO-key
BIO-key International (NASDAQ: BKYI) announced that the National Bank of Egypt (NBE), Egypt's largest financial institution, is implementing BIO-key's PortalGuard identity and access management platform along with an Identity Governance solution. The deployment, managed by Raya Information Technology, will serve NBE's 30,000 employees.
The project integrates PortalGuard's Multi-Factor Authentication and Single Sign-On capabilities to secure and simplify application access. This implementation will eliminate the need for employees to manage 14 separate logins, streamlining access while enhancing security through MFA. The bank plans to extend these capabilities to millions of B2B and B2C customers in the future, incorporating a Security Operations Center with advanced risk analysis tools.
BIO-key International (NASDAQ: BKYI) ha annunciato che la National Bank of Egypt (NBE), la più grande istituzione finanziaria dell'Egitto, sta implementando la piattaforma di gestione dell'identità e degli accessi PortalGuard di BIO-key, insieme a una soluzione di Governance dell'Identità. Il progetto, gestito da Raya Information Technology, servirà i 30.000 dipendenti della NBE.
Il progetto integra le funzionalità di Autenticazione Multi-Fattore e di Accesso Unico di PortalGuard per garantire e semplificare l'accesso alle applicazioni. Questa implementazione eliminerà la necessità per i dipendenti di gestire 14 accessi separati, semplificando l'accesso mentre migliora la sicurezza attraverso l'MFA. La banca pianifica di estendere queste capacità a milioni di clienti B2B e B2C in futuro, incorporando un Centro Operativo di Sicurezza con strumenti avanzati di analisi dei rischi.
BIO-key International (NASDAQ: BKYI) anunció que el Banco Nacional de Egipto (NBE), la institución financiera más grande de Egipto, está implementando la plataforma de gestión de identidad y acceso PortalGuard de BIO-key junto con una solución de Gobierno de Identidad. El despliegue, gestionado por Raya Information Technology, servirá a los 30,000 empleados de la NBE.
El proyecto integra las capacidades de Autenticación Multifactor y SSO de PortalGuard para asegurar y simplificar el acceso a las aplicaciones. Esta implementación eliminará la necesidad de que los empleados gestionen 14 inicios de sesión separados, agilizando el acceso mientras mejora la seguridad a través de MFA. El banco planea extender estas capacidades a millones de clientes B2B y B2C en el futuro, incorporando un Centro de Operaciones de Seguridad con herramientas avanzadas de análisis de riesgos.
BIO-key International (NASDAQ: BKYI)는 이집트 최대 금융 기관인 이집트 국립은행(NBE)이 BIO-key의 PortalGuard 신원 관리 및 접근 관리 플랫폼과 신원 거버넌스 솔루션을 구현하고 있다고 발표했습니다. 이 배치 작업은 Raya Information Technology가 관리하고 있으며 NBE의 30,000명의 직원에게 서비스를 제공합니다.
이 프로젝트는 PortalGuard의 다단계 인증 및 단일 로그인 기능을 통합하여 애플리케이션 접근을 안전하고 간소화합니다. 이 구현은 직원들이 14개의 개별 로그인을 관리할 필요를 없애고, MFA를 통해 보안을 강화하면서 접근을 간소화합니다. 은행은 미래에 수백만 명의 B2B 및 B2C 고객에게 이러한 기능을 확장할 계획이며, 고급 위험 분석 도구가 포함된 보안 운영 센터를 구축할 예정입니다.
BIO-key International (NASDAQ: BKYI) a annoncé que la Banque Nationale d'Égypte (NBE), la plus grande institution financière d'Égypte, met en œuvre la plateforme de gestion des identités et des accès PortalGuard de BIO-key, ainsi qu'une solution de gouvernance de l'identité. Le déploiement, géré par Raya Information Technology, servira les 30 000 employés de la NBE.
Le projet intègre les fonctionnalités d'authentification multi-facteurs et de connexion unique de PortalGuard pour sécuriser et simplifier l'accès aux applications. Cette mise en œuvre éliminera la nécessité pour les employés de gérer 14 connexions distinctes, rationalisant l'accès tout en renforçant la sécurité grâce à l'MFA. La banque prévoit d'étendre ces capacités à des millions de clients B2B et B2C à l'avenir, en intégrant un centre d'opérations de sécurité avec des outils avancés d'analyse des risques.
BIO-key International (NASDAQ: BKYI) gab bekannt, dass die National Bank of Egypt (NBE), die größte Finanzinstitution Ägyptens, die Identitäts- und Zugangsmanagementplattform PortalGuard von BIO-key sowie eine Lösung zur Identitätsgovernance implementiert. Die Einführung, die von Raya Information Technology verwaltet wird, wird den 30.000 Mitarbeitern der NBE dienen.
Das Projekt integriert die Multi-Faktor-Authentifizierung und die Single Sign-On-Funktionen von PortalGuard, um den Zugriff auf Anwendungen zu sichern und zu vereinfachen. Diese Implementierung wird die Notwendigkeit beseitigen, dass Mitarbeiter 14 separate Logins verwalten, den Zugang vereinfachen und gleichzeitig die Sicherheit durch MFA erhöhen. Die Bank plant, diese Funktionen in Zukunft auf Millionen von B2B- und B2C-Kunden auszudehnen und ein Sicherheitsoperationszentrum mit fortschrittlichen Risikoanalysetools einzurichten.
- Major contract win with Egypt's largest financial institution
- Implementation covers 30,000 employees with potential expansion to millions of customers
- Strategic partnership with Raya Information Technology enhances regional presence
- Solution addresses significant security need by consolidating 14 separate logins
- Financial terms of the contract not disclosed
- Timeline for B2B and B2C customer expansion not specified
Insights
The National Bank of Egypt's implementation of BIO-key's PortalGuard represents a substantial enterprise-level security upgrade. The deployment addresses critical vulnerabilities in traditional multi-password systems by consolidating 14 separate application logins into a unified Single Sign-On (SSO) solution for 30,000 employees. This significantly reduces attack vectors commonly exploited through password-based vulnerabilities.
The integration of Multi-Factor Authentication (MFA) with SSO capabilities creates a robust security framework while maintaining operational efficiency. The planned Security Operations Center (SOC) integration with risk analysis tools positions NBE to detect and respond to threats in real-time, particularly important for their future B2B and B2C customer authentication expansion.
For a simpler explanation: Imagine having 14 different keys for 14 different doors - now replaced with a single, more secure smart key that requires multiple verifications before granting access. This makes the system both more secure and easier to use.
This deal marks a strategic positioning in the Middle East and African (MEA) banking sector for BIO-key. The National Bank of Egypt, with its status as Egypt's largest financial institution, serves as a prestigious reference client that could catalyze regional expansion. The implementation's scope - covering 30,000 employees with planned expansion to millions of B2B and B2C customers - suggests a substantial contract value, though specific figures aren't disclosed.
The partnership with Raya Information Technology provides BIO-key with local market expertise and implementation capabilities, essential for penetrating the MEA market. The successful deployment could lead to similar implementations across other major financial institutions in the region, where digital banking transformation is accelerating.
In simple terms: This is like getting a foot in the door of a massive market by first winning over its biggest player, potentially leading to many more similar deals in the region.
CAIRO, Egypt and HOLMDEL, N.J., Jan. 15, 2025 (GLOBE NEWSWIRE) -- BIO-key® International, Inc. (NASDAQ: BKYI), an innovative provider of Identity and Access Management (IAM) solutions featuring multi-factor authentication (MFA) and Single Sign-On (SSO) technologies, announced today that the National Bank of Egypt (NBE), Egypt’s largest financial institution, is deploying BIO-key’s PortalGuard identity and access management platform and an industry-leading Identity Governance solution. This strategic project is being implemented in partnership with Raya Information Technology, a trusted reseller certified in BIO-key technologies, as part of NBE’s ongoing efforts to deploy best-in-class IT solutions for its 30,000 employees.
The initiative leverages technology PortalGuard’s unified IAM advanced Multi-Factor Authentication and Single Sign-On capabilities to simplify and secure access across applications while enabling seamless scalability for future SaaS models. Raya Information Technology is managing the deployment, coordinating all technology vendor resources to ensure a smooth implementation process.
A Strategic Step for Enhanced Security
Building on this strength with BIO-key’s authentication strengths and Raya Information Technology expertise, this collaboration ensures a comprehensive and future-proof security framework.
“Our collaboration between Raya Information Technology and BIO-key represents a major milestone in strengthening our cybersecurity infrastructure,” stated Abeer Khedr, Information Security Director at the National Bank of Egypt. “This project empowers us to secure access to our critical systems today and lays the groundwork for delivering secure and seamless authentication for millions of our B2B and B2C customers in the near future.”
BIO-key and PortalGuard Secure the Foundation
BIO-key’s PortalGuard technology plays a pivotal role in the project, providing peace of mind with secure, multi-level authentication managed through a unified solution. The deployment ensures employees and agents can securely access critical services while simplifying workflows.
“By securing all access points with multi-factor authentication and eliminating the need for multiple credentials, NBE can now provide employees with Single Sign-On access to all their applications,” said Alex Rocha, Managing Director BIO-key EMEA. “This partnership with Raya Information Technology demonstrates the value of our solutions in driving security, scalability, and innovation for organizations across the Middle East and Africa.”
Raya Information Technology spearheading the deployment of BIO-key solutions, ensuring a frictionless transition to the new security framework. “With our extensive experience working with NBE and our certifications in advanced authentication technologies, we are proud to lead this critical project,” said Mohamed Farouk at Raya Information Technology
Key Outcomes and Next Steps
This project will empower NBE to enhance operational security and efficiency. Employees no longer need to manage 14 separate logins for different applications, as the SSO solution streamlines access. MFA at login also significantly boosts security, ensuring compliance with stringent industry standards.
"Building on this foundation, the next step will be to extend these capabilities to millions of B2B and B2C customers. By leveraging BIO-key’s PortalGuard CIAM approach, we aim to deliver a secure and seamless customer experience that reduces fraud and mitigates cybersecurity scams. This will be achieved through direct integration with a Security Operations Center (SOC) equipped with advanced risk analysis tools."
“This project highlights the growing need for advanced identity solutions in the Middle East and Africa,” said Nicholas Prinz, Regional Director, Middle East and Africa at BIO-key. “We are proud to collaborate with Raya Information Technology to deliver cutting-edge solutions that meet the demands of such a prestigious institution as the National Bank of Egypt.”
About BIO-key International, Inc. (www.BIO-key.com)
BIO-key revolutionizes authentication and cybersecurity with biometric-centric, multi-factor identity and access management (IAM) solutions, securing access for over forty million users globally. 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-premises PortalGuard solution provides cost-effective, easy-to-deploy, convenient, and secure access to networks, information, applications, and high-value transactions.
About The National Bank of Egypt (www.nbe.com.eg)
Founded in 1898, NBE is Egypt’s largest bank in terms of assets, deposits, loans, bank capital, number of total branches, and employees and ranks 3rd among Arab banks. NBE has an extensive network of 665 branches, offices, and banking units, serving nearly 20 million customers.
About RAYA Information Technology (www.raya-it.net)
Raya Information Technology is a leading provider of integrated security solutions in the Middle East, specializing in cybersecurity, physical security, and identity management. Leveraging state-of-the-art technologies and deep industry expertise, Raya Information Technology delivers innovative solutions tailored to the unique needs of its clients, ensuring robust protection of their assets, data, and operations. With a commitment to excellence and customer-centric services, Raya Information Technology has become a trusted partner for businesses across various industries.
Forward-Looking Statements
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 and 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 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 convert sales opportunities to customer contracts; our ability to expand into Asia, Africa and other foreign markets; fluctuations in foreign currency exchange rates; 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 SEC. Readers are cautioned not to rely 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 or 212-924-9800
FAQ
What is the scope of BIO-key's (BKYI) contract with National Bank of Egypt?
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