Imageware partners with TransUnion, issues Q3 results, debuts biometric retail solution

November 19, 2014 - 

ImageWare Systems announced it has formed a new alliance with TransUnion to integrate TransUnion’s ID Manager solution with ImageWare’s mobile authentication application, GoVerifyID.

ImageWare launched GoVerifyID in September as an out-of-band biometric authentication platform, which helps organizations verify and ensure the correct customer is accessing information or accounts.

The new partnership ensures that consumer identities will be thoroughly analyzed using both biometric signatures and the TransUnion ID Manager platform.

This platform provides a comprehensive assessment of an individual’s risk based on data sources such as resident credit files, demographic data, and identity and device watchlists. This provides a solution with advanced fraud-prevention capabilities.

“Biometrics are the key to effective and seamless security in mobile channels,” said ImageWare chairman and CEO Jim Miller. “This integration with the TransUnion ID Manager platform allows us to quickly enroll users while enhancing the security of a rapidly-growing technology to the benefit of both of our customers.”

This week at the Fujitsu Forum in Munich, Germany, ImageWare Systems will demonstrate its GoVerifyID software application within an omni-channel workflow transacting with the Fujitsu Retail Solution Market Place.

The demonstration will consist of GoVerifyID identity authentication running on the Fujitsu Cloud IaaS Trusted Public S5.

By combining Fujitsu Retail Solution Market Place with the IWS Identity Authentication Solution, retailers and customers are able to boost the security of their transaction processing by authenticating and verifying the individual attempting the transaction.

“Through our partnership with Fujitsu and their global omni-channel commerce solution, FUJITSU Market Place, the demonstration shows we can bring convenience and biometric-based security to retailing and ‘e-tailing’ via the omni-channel functions that Fujitsu Market Place addresses, improving customer service and overall enterprise efficiency,” says Jim Miller, Chairman and CEO of ImageWare.

In a separate announcement, ImageWare reported its financial results for the third quarter ended September 30, 2014, which saw a total revenue of $919,000.

The figure is comparatively lower than the $2.5 million ImageWare earned in the third quarter of 2013, which was attributed to a large non-recurring $1.5 million payment from the United States Department of Veterans Affairs in connection with software licenses.

The company’s gross margin in the third quarter of 2014 were 73% compared to 88% in the year-ago quarter.

Its net loss in the third quarter of 2014 was $2.1 million, compared to net income of $326,000 in the third quarter of 2013.

As of September 30, 2014, ImageWare’s cash and cash equivalents totaled $488,000 and carried no debt.

The company said it borrowed a total of $1 million under its existing line of credit for working capital purposes.

In addition, ImageWare has remaining capacity underlying totaling $2.5 million and have accounts receivable of approximately $1 million, all of which it said it expects to collect in the fourth quarter.

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About Stephen Mayhew

Stephen Mayhew is the publisher and co-founder of Biometrics Research Group, Inc.. His experience includes a mix of entrepreneurship, brand development and publishing. Stephen attended Carleton University and lives in Toronto, Canada. Connect with Stephen on LinkindIn.