March 3, 2017 -
Strategic Information Technology (SIT) has selected Applied Recognition’s Ver-ID face recognition solution to add further biometric authentication and security capabilities to the company’s Portfolio Plus suite of products for the financial services industry.
Ver-ID Authentication is built on Applied Recognition’s FaceLocate, a face recognition algorithm the company developed by training over a decade on hundreds of thousands of faces.
As a result, FaceLocate can achieve up to 99.99 percent accuracy, mapping facial features to generate a unique faceprint for each enrolled user.
Using Ver-ID Authentication, financial services providers are able to meet know your customer and anti-money laundering requirements, as well as provide their customers with greater security and convenience when accessing their accounts.
“Security is important in the fintech market which is why we believe biometric authentication technologies, like those from Applied Recognition, are an important part of our overall digital FinTech platform and our business accelerators,” said Chris Buck, president and CEO of SIT. “We see Applied Recognition as a leader in authentication for digital technologies and we’re looking forward to expanding the overall adoption of higher security in the market for FinTech.”
The companies will continue to work together on future services using Applied Recognition’s credential authentication technologies.
The biometric authentication solutions enable financial institutions to authenticate their customers by combining face authentication with credential authentication, verifying government-issued IDs including drivers’ licenses and passports.
“As the financial services industry continues down the path of digital transformation, it becomes critical to engage experienced, trusted solution providers to offer higher levels of security and ensure compliance with industry and government regulations,” said Don Waugh, co-CEO and founder of Applied Recognition. “The addition of Ver-ID Authentication to SIT’s Portfolio Plus meets the needs of financial providers offering new, online-first models, improving security and customer experience across a variety of devices.”
Previously reported, developers using Cordova or Adobe’s PhoneGap can now add Applied Recognition’s Ver-ID face and photo ID credential authentication to iOS and Android mobile applications by adding just a few lines of code.