TECH5, an innovator in the field of biometrics and digital identity management, has opened two more R&D centers. These new centers, located in Portugal and India, will bolster the main R&D center of the company in the USA, and will be dedicated to the research and development of biometric algorithms for all three biometric modalities – face, fingerprint and iris. The centers will also focus on the development of new features for TECH5 verification and identification platforms as well as digital ID technologies.
“We are continuously investing in R&D to make sure that our global partners and customers have access to the fastest and most accurate biometric and digital ID technologies and products serving all steps of the identity lifecycle.” – says Rahul Parthe, TECH5’s Chairman, Co-founder, and CTO.
The company also plans to increase the number of sales representatives and partners in all regions. “TECH5 will maintain its headquarters in Geneva, Switzerland, but our new entity in Lisbon will become a head office for the company’s management, marketing and R&D, as well as a place for partner meetings and our technology demo center.” – says Machiel van der Harst, Co-founder and CEO of TECH5.
Earlier this year, TECH5 Group formalized its entry into the Australian market with a local presence. This move allowed the company to work closely with local partners and customers. TECH5 Australia has recently deployed its first government project and is now in the process of onboarding new partners in the region.
TECH5 is also near completion of its disinvestment in Russia, which began in 2021. The company continues divesting corporate interests in the country and blocking the sale of TECH5’s platforms and technologies in Russia.
In 2022, TECH5 closed a second round of investment. As planned, the company is using these funds to accelerate its global expansion. In the coming months, TECH5 is planning to continue expanding its presence in Africa, Latin America and Asia.
Saudi Arabia and Bahrain will join other Gulf Cooperation Council (GCC) states with electronic visa waiver status, the Home Office has announced. The move will maintain security and effective border processes ensuring necessary security checks are carried out ahead of travel whilst enabling smooth transit through the UK border for visitors.
An electronic visa waiver allows the holder to travel to the UK without obtaining a visa provided they complete an online waiver for each visit. A small fee will be applied, and it is quicker than applying for a visa as there is no need to provide biometric information (photo and fingerprints), attend a visa application centre or hand in your passport in advance of travel.
Home Secretary Priti Patel said:
This visa waiver for Bahrain and Saudi Arabia will better connect the people of our countries and boost economic prosperity.
The electronic visa waiver is a quick, digital alternative to the regular visit visa and ensures all the necessary security checks are carried out in advance of travel. The visa improvements announced today will provide greater security for our citizens while making it easier and cheaper for visitors from the Gulf to travel here for leisure and business.
Foreign Secretary Liz Truss said:
This visa waiver will strengthen our relationships with Saudi Arabia and Bahrain, making it easier for visitors from the Gulf to come to the UK.
Our friendships with both countries are of great importance, built on shared priorities such as trade, investment and security.
IDEX Biometrics ASA announces collaboration with payment software provider Verisoft A.S. for commercialization of biometric payment solutions in EMEA and globally. Verisoft delivers end-to-end smart card issuance solutions, ranging from personalization software, digital payment solutions, card management and loyalty systems across 32 markets, and has delivered EMV solutions to more than 100 banks, working with leading card vendors such as AustriaCard, G+D, IDEMIA, Kona I and TAG Systems.
Catharina Eklof, CCO of IDEX Biometrics, says, “IDEX collaboration with Verisoft will bring biometric card solutions to market for issuers and personalization bureaus at optimized costs and will broaden our positioning in the ecosystem. We are excited to partner with Verisoft to deliver a holistic and agile approach to biometric solution standards, securing seamless customer payment experiences.’
Onur Alver, CEO of Verisoft states, “Our collaboration with IDEX Biometrics will provide banks and other card issuers access to the next level of secure payment cards, as we expect adoption to accelerate as of 2022. We are delighted to partner with IDEX Biometrics in offering the highest performing fingerprint authentication solutions for smart cards”.
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Fingerprint Cards and Feitian, a global leading provider of cyber security products and solutions, are happy to announce that they are continuing their long-lasting relationship by bringing to market biometric cards based on Fingerprints’ next generation T-Shape™ (T2) module and BEP-software platform, aimed at the payment and access segments.
The T2 solution has ultra-low power consumption, and its robust biometric performance was recently demonstrated by achieving compliance with Mastercard’s new Fingerprint Sensor Evaluation Process. This new solution is even simpler to integrate into the standard automated card manufacturing process, using the proven and accepted T-Shape packaging delivered in dual row. For card manufacturers, this means higher throughput, reduced waste and lower embedding costs.
“Based on our long-standing partnership with Feitian, we are pleased to collaborate on this biometric solution together with them. Feitian has once more chosen to work with us at Fingerprints and our proven biometric solution, which will guarantee high performance, quality, and security. I strongly believe that this next-generation solution has the potential to be a gamechanger in the biometric smartcard industry, delivering improved cost-efficiency, increased image quality and transaction speed as well as improved power efficiency”, says Michel Roig, President of Payments & Access at Fingerprints.
“Once again, we have chosen biometric technology from Fingerprints, as they have the leading biometric solution on the market. The collaboration resulting in this next generation biometric payment and access cards will ensure a product with a wide range of possibilities for our customers’ needs“, says Yan Yan, Vice President at Feitian.
Global Finance magazine, which specializes in financial markets and investment banking, has recognized Veridas in its Innovators 2022 Awards for its innovative contribution to the financial sector. Veridas has been awarded, on the one hand, in the category of outstanding innovations in fraud detection thanks to its voice biometrics tool to perform the proof of life of pensioners in Mexico for BBVA. On the other hand, it was named the most innovative technology company in the Latin American region. Veridas’ project in Mexico has achieved a new, more secure and inclusive digital banking: more than 80,000 pensioners no longer need to travel twice a year to their bank branch because, thanks to Veridas and BBVA’s voice biometrics, they can now provide proof of life over the phone in just 3 seconds.
Regarding the recognition of Veridas as the most innovative technology company in Latin America, Mauricio Guijarro, Vice President of Sales for the Americas at Veridas, explains that “these awards from Global Finance come to recognize the intense work we have been doing for years in the region, where major banks already rely on our biometric technology”.
Miguel Zarraluqui, Global Product Marketing Manager of the company, affirms that “it is a commitment of all of us to close, with the best technology, the digital gap that our elderly people suffer so many times; changing the lives of thousands of Mexican pensioners with our voice biometrics fills us with pride and this recognition from Global Finance is a great satisfaction”.
Veridas works with more than 120 clients worldwide, where it has already performed more than 60 million identity validations. In addition, its commitment to quality, regulation, and compliance is paramount: it is recognized by the U.S. National Institute of Standards and Technology (NIST) as one of the best face and voice biometric technologies in the world; it has recently obtained the ISO 30107-3 compliance report after passing the Presentation Attack Detection (PAD) level 2 test conducted by iBeta Quality Assurance, consolidating its
leadership as a technology capable of fighting identity fraud and, among other milestones, hand in hand with BBVA, is one of the few technology companies that has managed to integrate its facial biometrics engine in the central Mexican public institution, the National Electoral Institute (INE), responsible for issuing the credentials used by Mexican citizens to prove their identity in electoral processes or when opening bank accounts. Global Finance magazine has chosen the most outstanding innovations in finance in multiple categories as part of its annual innovation awards. This is the tenth edition of the awards that recognize banks, companies, and fintechs that identify new paths and design new tools in finance.
Lithuanian-based remote ID verification and fraud prevention startup, iDenfy, partners with Credex, the automated lending platform for point of sales financing. iDenfy’s full-stack identity verification will ensure a swift and safe lending experience for Credex’s customers.
The pandemic accelerated a sharp rise in cybercrime. According to IT Governance, 39% of companies suffered cyberattacks last year. As a result, compared to the previous year, fewer businesses are using fraud prevention tools or performing any type of customer monitoring.
Without the extra security layer, organizations leave an open door for fraudsters to strike. To avoid damaging consequences, such as compliance fines, reputational loss, or financial crime, organizations implement AI-powered tools. This way, they are able to analyze various data points as well as huge transaction numbers and detect fraud in real-time.
According to Credex, choosing long-term partners is not an easy step, especially since their services have a huge impact on the clients’ experience; therefore, when searching for a new identity verification provider, the company prioritized safe, user-friendly options and selected iDenfy’s automated service.
Credex is a licensed automated lending platform providing secure loans using a fully digital stream. The financial institution provides its customers with convenient, easy-to-apply, personalized loan options and favorable terms. Currently, Credex has over 100,000 clients worldwide, aiming to increase its lending volumes.
As per iDenfy, remote ID verification prevents online scammers from carrying out processes on another person’s behalf or committing fraud through false, synthetic identities. iDenfy fights cybercriminals and protects businesses by offering full-stack identity verification and fraud prevention measures.
Its AI-powered biometric technology matches the user’s selfie with their document in less than a minute, and the 3D liveness check ensures that the customer is real and physically present during the onboarding process.
iDenfy’s certified verification software increased Credex’s clients’ satisfaction due to the swift, simple Know Your Customer (KYC) process. According to the lending platform, iDenfy’s solution encouraged more clients to download the Credex Mobile Application and minimized the rate of abandoned transactions.
“Fraud prevention is essential in this digital age, and for businesses that have high transaction volumes, it can be challenging. We’re proud to collaborate with iDenfy, a responsible business, helping us overcome such cybersecurity threats and providing our clients with a pleasant identity verification experience.” — explained Traian Baicu, the General Director of Credex.
“Identity verification allows businesses to onboard their customers with confidence. Thanks to technology and artificial intelligence, we can detect fraud or money laundering in real-time, avoiding grim consequences. We’re delighted to work with Credex, a business that also prioritizes convenience and security.” — commented Domantas Ciulde, the CEO of iDenfy.
