BIO-key® International, Inc. (NASDAQ:BKYI), an innovative provider of workforce and customer Identity and Access Management (IAM) software infrastructure featuring passwordless, phoneless and token-less Identity-Bound Biometric (IBB) authentication solutions, announced that a long-term financial services customer has executed a two-year, pre-paid $1.5 million agreement for the ongoing use and expanded deployment of BIO-key’s biometric customer identification technology. The agreement follows continued strong growth in client enrollments by the customer over eight years since its first deployment. The BIO-key system streamlines and enhances security for the client identification process for over 25 million clients and contemplates approximately 12% annual growth in users over the next year.
BIO-key’s enhanced biometric technology automates and streamlines the positive identification of customers at various contact points within its branches. BIO-key’s solution was originally selected following exhaustive testing to confirm both accuracy, scalability and scanner interoperability for security and future growth in enrollment. Approximately 90% of the contract value relates to subscription fees for the current client base over the next two years and the balance is for anticipated client growth over the first year of the term. A future payment will be due based on growth in the second year of the agreement.
Jim Sullivan, BIO-key’s SVP of Strategy and CLO said, “This customer has been a global leader and first mover in deploying biometrics to secure client identity against identity theft and fraud. Since beginning our relationship, they have grown their BIO-key client enrollments to more than 3.5x their initial count, and are now the largest bank in their country. The planned expanded scope of their deployment reflects a commitment to deliver the most efficient, cost-effective solutions, including secure digital and paper-less transactions to their clients. BIO-key is proud of expansion of our long-term relationship with this customer and we look forward to continuing to provide innovative solutions that add value to our enterprise customers, their employees, and clients.”
