BIO-key increases its domestic financial services customer base

BIO-key revealed this week that two new financial services organizations have selected its biometric fingerprint software on a subscription basis to meet data protection and security compliance requirements.

The new customers, a New York regional bank and a credit union based in Maryland, are each utilizing BIO-key’s ID Director software solution and PIV Pro fingerprint readers as a complete sign-on solution to manage secure employee access to applications and sensitive network data. Regulated industries such as financial services are required to use multifactor authentication in order to meet state and federal compliance requirements.

“Financial services have emerged as BIO-key’s fastest growing vertical,” says Mike DePasquale, Chairman & CEO, BIO-key. “There is a clear trend of leading banks and financial institutions abandoning the use of passwords and replacing them with biometrics to meet their needs for security and convenience at an attractive cost. The growth we are achieving in the financial services sector seems to be in the early stages of a trend that could benefit our company for many years to come. These customers are actively seeking out our solutions and asking for demo’s and proofs of concept as they look to incorporate the security and convenience of biometrics into their workflow.”

BIO-key reported a decline in revenues in the first quarter of 2019, which it attributes to a pair of payments it did not receive from a Chinese customer, possibly due to worsening trade relations between the U.S. and China.

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