October 10, 2013 -
Identity Stream uses fingerprint biometrics to identify customers in financial institutions. Its software is currently marketed with Temenos, as T24 Biometrics. According to the company, it has seen growth in emerging markets by providing “one touch” identification for any transaction in the Temenos T24 core banking system.
Following the acquisition, DigitalPersona plans to integrate the T24 system with its line of biometric hardware and software and will continue the relationship with Temenos.
“Integrating this software with our biometrics-based solutions will expand its functionality and give financial institutions more choices .We see tremendous market potential for solutions like this on a global basis,” Richard Agostinelli, DigitalPersona president and CEO said.
“This solution provides those customers with new alternatives and creates new markets for banks, credit unions and other financial institutions. We are very pleased to be working with Temenos, a world leader in the financial market, in this endeavor.”
A recent BiometricUpdate Research Note suggests that as the level of security breaches and transactions fraud increases, the need for highly secure identification is becoming important, especially in the banking sector. The note also argues that these technologies are being embraced actively in emerging economies.
In a separate note, the Biometric Research Group finds that biometrics have the potential to cut operational risks for banks for at least 20 percent over the next 10 years.
Reported previously, DigitalPersona recently released its U.areU SDK for Android development.