NXT-ID, Fit Pay, Inc. enter letter of intent to combine businesses

NXT-ID, Inc. and Fit Pay, Inc. have entered into letter of intent to combine their businesses in a deal that includes stock and cash consideration. The press release specifies that NXT-ID will not be raising additional capital to complete this transaction. “This potential transaction with Fit Pay would not only add a critical component to our payment and authentication products, but also a platform which will enable a whole new suite of offerings including payments, credential management, and secure authentication

NXT-ID joins Cisco solution partner program

NXT-ID, Inc. has joined the Cisco Solution Partner Program as a solution partner. “We are very excited about our collaboration with Cisco as a Solution Partner and see it as a milestone for our business strategy moving forward,” said NXT-ID CEO Gino Pereira. “Having access to the Cisco Partner Ecosystem will play an important role in growing our business. Through this program we intend to provide biometric and encryption solutions involving facial recognition and later on, voice recognition.” NXT-ID’s MobileBio

NXT-ID to acquire LogicMark for $20 million

Biometric sensor developer NXT-ID has signed an agreement to acquire personal emergency response system manufacturer LogicMark for $20 million, according to a report by Security Systems News. NXT-ID’s extensive expertise in biometrics and miniaturization will help LogicMark develop PERS solutions. The deal, which was initially on May 19 at Affiliated Monitoring’s PERS conference Catalyst, is expected to be completed by the end of June. The two companies have complementary capabilities, and the acquisition will bring LogicMark in-house engineering staff while

Biometrics and law enforcement, facial recognition and national ID trending this week

Here is a recap of the most popular biometrics industry news that appeared on BiometricUpdate.com this past week. Facial recognition The Scottish Professional Football League has asked the government for financial support to introduce facial recognition technology to identify troublemakers in stadiums next season. The goal in implementing the technology, which could cost up to £4m, is to identify those guilty of violence, offensive singing, using pyrotechnics and exhibiting any other prohibited behaviour. U.S. Customs and Border Protection have started

NXT-ID demos smart wallet at CES 2016

NXT-ID exclusively demonstrated its electronic wallet product to BiometricUpdate.com earlier this month at the 2016 Consumer Electronics Show in Las Vegas. The company claims that its Wocket product is the smartest electronic wallet a consumer can ever own. Designed to protect identity and replace old wallets, the product works by allowing users to simply swipe and save their payment card profiles into the Wocket product, which are immediately secured with a PIN and biometric voice print technology. According to NXT-ID,

Biometrics firms exhibit payment and financial services solutions at Money20/20

Several technology companies are showcasing biometric technologies for payments and financial services at Money20/20, held October 24-28 at the Venetian Hotel in Las Vegas. As the largest global event focused on payments and financial services innovation, the annual conference is expected to draw more than 10,000 attendees over the five days. This year’s conference and exhibition will see Enacomm and VoiceVault, which have integrated technologies and expertise for the provision of Voice e-Signatures. The technology enables identity verification via a

NXT-ID patents personalized tokenized payments for next-gen payment technology

NXT-ID announced it has received provisional patent 62/192218 for “Personalized Tokenization System and Method”, which covers its next-generation payment technology in which a user can authorize their account using unique personal identifiers including biometrics. The patented technology showcases local generation of dynamic secure tokens that can then be transmitted via current retail payment processes, recognized and translated into the actual selected account and user for authentication by the issuer. “What is unique about this invention is that it uses local

NXT-ID Inc. patents behavior-directed payments system

NXT-ID, Inc. announced that it has filed provisional patent 62/188684 for “Behavioral-directed Authentication Method and System”, covering technology which recognizes both the individual (something you are) and the action (something you know) via behavior-metrics. The system authenticates the user’s identity based on almost any motion, sound, or other behavior that can be detected by sensors, combining their unique physiological features, such as biometrics, with some unique action, such as behavior, that can be chosen by a user. “Like voice-directed payments

NXT-ID subsidiary awarded facial recognition contract from U.S. army

NXT-ID, Inc.’s wholly owned subsidiary, 3D-ID LLC, became the official contractor under Team Battelle for the biometrics technology portion of the recently awarded TIES (Technical Information Engineering Services) Unrestricted Suite Contract from the Department of the Army, according to a report by Benzinga. 3D-ID LLC offers a suite of 3D facial recognition products specifically designed for government, law enforcement and security agencies. “We are very proud to be part of Team Battelle and contributing our expertise in biometric technologies,” said

NexID Biometrics begins shipping version 2.0 of fake finger detection solution

NexID Biometrics LLC announced at Connect:ID Expo it has begun shipping version 2.0 of its fake-finger-detection (FFD) solution. Version 2.0 of NextID’s SDK significantly increases the accuracy rate range to 96.5 to 99.5 percent in detecting fraudulent identification attempts across various fingerprint-sensor types, such as touch or swipe, as well as technologies including optical, capacitance, and other fingerprint sensor technologies. NexID develops and licenses fake-finger-detection — also known as liveness-detection — software, enabling fingerprint-scanning technologies to authenticate scanned images more