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FaceTec biometrics revenue nearly doubles YoY, usage grows even more

FaceTec biometrics revenue nearly doubles YoY, usage grows even more
 

FaceTec has announced major business and technology gains for Q3 2022, including a 96 percent Year-on-Year (YoY) revenue growth for its face biometric solutions.

According to a company announcement, these financial gains were spearheaded by FaceTec’s biometric 3D Liveness Check solutions usage, which reportedly increased 107.3 percent YoY and took the total of checks performed annually to 900 million.

Additionally, the biometrics developer has signed 21 new customer and partner agreements over the last quarter, including contracts with Banco BV, ByteFederal, TI&M, Atlantic Data, Ahli Bank, DU, Tyme Global, FLEXDOC, Parallax, Stone and ViaGate.

“Our continued hypergrowth in 2022 proves our next-generation 3D approach to remote digital identity is the standard for both security and usability,” says Kevin Alan Tussy, FaceTec CEO.

FaceTec also added new features to its software development kits (SDKs) in Q3 2022, including a Photo ID OCR and moderator dashboard, and launched an updated algorithm for improved accuracy earlier in the year.

Thanks to the updates, FaceTec’s distribution partners can now provide their customers access to free OCR for photo IDs, alongside NFC chip scanning, barcode reading, 2D Liveness checks, 2D and 3D face matching, and 1-to-N scanning for both duplicate faces and accounts.

“We are delivering real-world security to millions of users every day and continue to increase our global footprint through an ever-growing channel partner network,” Tussy adds. “I can’t thank our partners and the incredible FaceTec team enough for the results they delivered in Q3.”

The announcement comes after FaceTec said its second-quarter revenue rose 81 percent over the same period last year.

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