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”.
IDEX Biometrics ASA is announcing collaboration with smart card technology and innovation leader E-Kart for the commercialization of biometric payment solutions in Eastern Europe. E-Kart is a joint venture between global card manufacturer Gisecke&Devrient (G+D) and Eczacıbaşı Holding. With a high-technology card manufacturing center in Turkey, E-Kart has a production capacity of 60 million smart cards annually and serve customer across the region.
E-Kart is one of the largest card manufacturers in Europe and was the first Visa and Mastercard approved card production and personalization enterprise in Turkey. The innovation focus of E-Kart has propelled them as leader not only in EMV based payment cards, but also as in government ID cards, healthcare solutions and GSM SIM cards.
The collaboration between E-Kart and IDEX Biometrics enables market expansion of biometric smart cards in Eastern Europe, with targeted delivery to issuers in Q4 2022. The platform is based on IDEX Biometrics TrustedBio Max® sensor module which integrates a proprietary ASIC delivering biometric processing and power management, and the SLC38 security controller from Infineon Technologies AG. This new biometric smart card represents the sixth design win for the IDEX Biometrics and Infineon Technologies platform solution.
Coskun Beduk, General Manager of E-Kart says, “This partnership will provide banks and other payment card issuers in Turkey and globally access to biometric smart cards with industry leading performance and cost efficiency. We see a growing demand for convenient and highly secure payment solutions and we aim at leading the market of biometric payment cards, leveraging our unique cutting-edge card development and production center in Turkey, specialized in superior security, authorization for smart cards and smart citizenship ID cards.“
Catharina Eklof, Chief Commercial Officer of IDEX Biometrics, states, “IDEX Biometrics is strongly committed to supporting establishing industry standards for the biometric market in Turkey. The time is right to bring biometric payment solutions into Eastern Europe. This region represents a very large opportunity and our collaboration with E-Kart will deliver biometric smart card solutions that bring seamless user experience to millions of consumers in Turkey and Eastern Europe.“
IDEX Biometrics is entering a development agreement with MKSmart, a provider of smart card solutions for financial payments, access control, and government identification in Southeast Asia. This partnership will provide banks and other payment card issuers access to biometric smart cards with industry leading performance and cost efficient solution.
MKSmart is ranked among the Top 10 largest card manufacturers globally, and one of six card manufacturers worldwide being fully certified by VISA, Mastercard, China UnionPay, JCB, UPI, and GSMA. Based on the turnkey card reference design from IDEX Biometrics and Infineon Technologies AG, this comprehensive solution includes the IDEX Biometrics TrustedBioÒ sensor module, which includes a proprietary ASIC delivering biometric processing and power management, and the SLC38 security controller from Infineon Technologies AG.
Biometric smart cards developed under the agreement are targeted for delivery to issuers by the end of 2022. The agreement further covers a framework for collaboration for the development of biometrically authenticated solutions for storage of central bank digital or other, third party, crypto currencies, as well as the development of biometric authentication solutions for digital ID cards across government, IoT, and enterprise applications.
Vince Graziani, Chief Executive Officer of IDEX Biometrics, stated, “The Southeast Asia region represents a very large opportunity for biometric payment cards. Since it was introduced, there has been strong interest in the TrustedBio turnkey solution. This additional design win adds to a growing list of customers and confirms that IDEX Biometrics is enabling the acceleration of global deployment for biometric smart cards. Our collaboration with MKSmart will deliver biometric smart card solutions that enable a secure and seamless user experience to millions of consumers in Southeast Asia and globally.”
IDEX Biometrics ASA today announced that Dongwoon Anatech ., a global leader in analog and mixed-signal semiconductors, has selected IDEX Biometrics as its biometric sensor partner for its expanding initiative in secure access control and digital identity solutions. Dongwoon Anatech has placed additional orders for TrustedBio® sensors to support a range of card-based access control products with fingerprint authentication.
Kim Dong Cheol, Chief Executive Officer of Dongwoon Anatech, commented, “We are pursuing innovative applications for card-based biometric authentication, which we believe is a very promising market. Due to the unique and personal nature of fingerprints, they are an ideal biometric for providing robust authentication, while delivering a seamless experience for consumers and enterprises. We are very excited about our collaboration with IDEX Biometrics, which offers industry-leading technology and systems support to reduce our time to market.”
Vince Graziani, Chief Executive Officer of IDEX Biometrics, stated, “In addition to securing payments, biometric cards increasingly are being used for management of digital identities, with highly secure applications ranging from protecting sensitive physical locations to protecting vulnerable computing networks. Partnering with innovative technology leaders like Dongwoon Anatech enables IDEX Biometrics to accelerate its response to this rapidly growing opportunity. Fingerprint biometrics will soon be considered a standard approach to authentication, whether used in payment cards, digital wallets, or in the digital identification applications pursued by our partner Dongwoon Anatech.”
IDEX Biometrics ASA is entering a strategic cooperation agreement with a global tier one smart card manufacturer. As the global biometric payment market is reaching an inflection point towards mass production, this partnership brings lower costs, reduced manufacturing complexity, and accelerated time-to-market.
The agreement covers joint development of biometric smart cards based on IDEX Biometrics’ TrustedBio® turnkey reference design. The comprehensive pre-certified solution platform includes IDEX Biometric’s TrustedBio®, integrated MCU/PMU, biometric software including proprietary Card Operating System, applets, inlay and a SLC38 security controller from Infineon Technologies AG.
Vince Graziani, Chief Executive Officer of IDEX Biometrics, stated, “This agreement represents the first major design win for IDEX TrustedBio turnkey solution.“
Mr. Graziani continued, “This agreement confirms that IDEX Biometrics is enabling the acceleration of market deployment for biometric smart cards. Together with our partner we will take to market a state of the art biometric smart card solution delivering secure and seamless user experience to millions of consumers globally .”
IDEX Biometrics has announced a proprietary software platform including a biometric card operating system (COS) and applets developed in collaboration with its partners jNet ThingX Corp., a Preferred Security Partner of Infineon Technologies AG. This software platform enables a full turnkey solution for biometric smart cards, reducing the complexity of card manufacturing, accelerating time-to-market, and lowering costs.
The IDEX turnkey solution is an extension of jNet’s Javelin EMV COS, which is based on Java CardTM, the world’s most popular and open application platform used to secure smart cards. The initial software release has been optimized for use with the highly-differentiated smart card reference design jointly announced earlier this year by IDEX Biometrics and Infineon Technologies.
The tight integration of this design enables fingerprint authentication with low latency, high accuracy, and excellent power efficiency. Full biometrically-authenticated EMV transactions can be completed in approximately 500 milliseconds end to end. The platform solution enables safe and easy user enrollment, secure storage of fingerprint templates, and rapid matching, all without any biometric data ever leaving the card. The COS is fully compliant with GlobalPlatform security standards and EMV interoperability requirements.
Card manufacturers leveraging IDEX’s turnkey solution can benefit from reduced time-to-market by six to nine months, while significantly cutting development and certification costs. The complete solution includes the hardware reference design including a proprietary passive inlay, a new COS, a suite of financial applets and a proprietary matching algorithm, deployed on Infineon’s latest secure element SLC38BML800 and accelerated by our proprietary TrustedBio ASIC. Fingerprint authentication is provided by IDEX Biometrics’ TrustedBioâ solution, which incorporates a fingerprint sensor, biometric functions, power management, and encrypted communications into a single module.
Vince Graziani, Chief Executive of IDEX Biometrics, adds, “This advanced software platform unlocks the differentiated performance of the IDEX Biometrics – Infineon collaboration. As a Preferred Security Partner to Infineon, jNet ThingX has experience with multiple generations of Infineon security devices making them the perfect development partner for our new software offering. This turnkey solution enables customers to quickly deploy fingerprint payment cards with industry-leading performance.”
The platform is available for customer evaluation now.
IDEX Biometrics ASA, a leading provider of advanced fingerprint identification and authentication solutions for card-based solutions, announced today that Union Smart Card Co., Ltd. (Union Smart), of Shenzhen, China, is utilizing the company’s fingerprint authentication solution to secure the Cold Wallet Visual Payment Card. Union Smart has developed this “cold wallet” card solution in collaboration with six major banks for use in implementation of China’s Digital Currency/Electronic Payment (DC/EP) initiative.
Union Smart has leveraged its patented cold sealing card manufacturing technology to develop a payment card that includes Bluetooth and NFC connectivity, expanded storage, a display, and a keypad, in addition to IDEX Biometrics’ authentication solution. This innovative device represents a complete card-based solution for supporting payments using digital currency.
China has a stated goal to be the leading major economy to displace traditional, central bank backed hard currency with digital currency. To that end, China will be showcasing initial deployments of both card-based and phone-based digital wallets during the Beijing Winter Olympics in February 2022.
The Cold Wallet Visual Payment Card and similar cold wallet devices offer a secure and convenient alternative to mobile wallets on smartphones and will also bring digital currency solutions to the portion of the Chinese population without banking relationships or mobile phones. “The central bank intends to provide inclusive, easy-to-use, digital central bank currency for all people, and this product will be particularly effective in serving the needs of those in rural areas and underserved groups,” said Jiang Kai, Chief Executive Officer of Union Smart. “Our new Cold Wallet Visual Payment Card is the most complete and easy-to-use cold wallet solution available.”
Vince Graziani, Chief Executive Officer of IDEX Biometrics, stated, “IDEX Biometrics’ authentication solutions are the natural choice for card-based digital currency applications. We are pleased to be partnered with Union Smart in the development of this device, which should expand secure and convenient access to the DC/EP initiative across China.”
IDEX Biometrics, a leading provider of advanced fingerprint identification and authentication solutions for payment, reported that for the second quarter ended June 30, 2021, the company recorded revenue of $697 thousand, compared to $149 thousand for the second quarter of 2020, representing an increase of 368%. Sequentially, revenues increased 12% from first quarter 2021 revenue of $624 thousand.
Total operating expenses for the second quarter of 2021 were $8.1 million, compared to $6.3 million for the second quarter of 2020, representing an increase of 29%. Operating expenses were flat sequentially.
Net loss for the second quarter of 2021 totaled ($7.2 million), representing a loss per share of ($0.01), in contrast to ($6.4 million) for the second quarter of 2020, representing a loss per share of ($0.01), and ($7.5 million) for the first quarter of 2021, representing a loss per share of ($0.01).
The Company incurred an operating cash deficit of ($6.7 million) for the second quarter of 2021, versus ($5.7 million) for the second quarter of 2020 and ($6.9 million) for the first quarter of 2021. The Company’s cash balance totaled $19.3 million as of June 30, 2021, versus $25.9 million as of March 31, 2021.
Commercial and Market Updates
Second quarter 2021 events reflected continued progress toward large-scale smart card deployment with customers and issuers:
The Company received its first significant production order for its TrustedBio solution from IDEMIA, supporting the launch of IDEMIA’s second-generation F.CODE card earlier in the quarter.
Activities in Asia, notably China, are resulting in further expansion of the Company’s pipeline of opportunities for near-term revenue, with biometrically-enabled applications in payment cards, multi-use cards (e.g., payment cards also used for electronic ticketing), the rapidly evolving DCEP space, and access control.
The Company continues to enjoy sustained demand from its initial customer for a card-based access control solution for computer networks, addressing the vulnerabilities of password-based credentials with an easy-to-use, cost effective, and highly secure solution based on the Company’s technologies.
Commenting on recent events and performance, Vince Graziani, Chief Executive Officer, stated, “I am pleased to report the Company’s order backlog continued its promising expansion, and I am confident the long-awaited uptake in fingerprint-based card authentication is approaching. In addition, recently announced commercial achievements and the strengthening of the Company’s leadership team are both important factors contributing to my confidence. Notably, IDEX Biometrics and Infineon Technologies AG, on July 15, jointly announced a new reference design for the highest performance smart card with fingerprint authentication. Based on Infineon’s latest secure element microprocessor, specifically optimized for integration of our TrustedBioTM solution, this reference design enables fingerprint-authenticated EMV payment card transactions that are three times faster than currently available solutions.“
Mr. Graziani continued, “Our partners recognize our innovative and highly-differentiated products address the challenges of high costs and unsatisfactory performance head on. TrustedBio’s advantages allow for reduced component count, faster time to market, and lower card manufacturing complexity. TrustedBio integrates a large-area sensor and a powerful, yet small-footprint, ASIC into one device offering image capture, algorithmic processing, power harvesting and management, and encryption. No competitor comes close to providing the performance and economic benefits of TrustedBio.”
IDEX Biometrics, a leading provider of advanced fingerprint identification and authentication solutions, announced the second product in its TrustedBio (TM) line of highly-differentiated fingerprint authentication solutions, TrustedBio Max.
TrustedBio Max provides the highest level of single-device functionality available for card-based fingerprint authentication. Unlike sensor-only products, the TrustedBio family of products integrates into the sensor package a proprietary ASIC delivering biometric functions and encryption, thereby eliminating the need for a separate biometric microcontroller.
The TrustedBio ASIC also integrates RF-power harvesting, and voltage management circuitry, enabling battery-free operation while maintaining high operating clock speeds.
The groundbreaking functionality of TrustedBio Max further reduces computational burdens on the card’s secure element (SE), thereby allowing card designers to utilize standard, low-cost SEs, accelerate card design by minimizing software development, and reduce manufacturing complexities.
The Max solution is targeted at manufacturers of financial payment cards seeking faster time-to-market with a comprehensive card design that maximizes performance, while meaningfully reducing development and manufacturing costs even further.
TrustedBio Max enables a differentiated user experience with biometric processing completing in 250 milliseconds, and power efficiency that exceeds EMV specifications. Optimized image capture and processing is achieved using an Arm Cortex-M3(TM) 32-bit processor, operating up to 200 MHz, and a proprietary dedicated hardware to speed-up biometric authentication and anti-spoofing algorithms.
Vince Graziani, Chief Executive Officer of IDEX Biometrics, stated, “This new addition delivers unsurpassed performance, while pushing the boundaries of lower card development and manufacturing costs. TrustedBio Max is intended to be highly complementary to today’s most popular, low-cost SEs, allowing for rapid card design by the broadest range of smart card manufacturers.
The TrustedBio product family allows us to offer a range of solutions that align with the system architecture strategies of all our customers, from global integrators who may have proprietary, high performance SEs, to regional card manufacturers seeking to participate in the promising market for biometrically-enabled smart cards. Our ability to offer a range of solutions is uniquely enabled by our engineering expertise in hardware, software, algorithms, and system design.”
IDEX Biometrics, a leading provider of advanced fingerprint identification and authentication solutions, has shipped development systems based on the recently announced reference platform jointly developed by IDEX Biometrics and Infineon Technologies AG. The customer is among the top three card manufacturers serving the payment card industry.
The reference design leverages the combination of Infineon’s new SLC38BML800 security controller and the latest generation of the TrustedBio™ solution from IDEX Biometrics. The development platform includes hardware, software, and tools that streamline and accelerate software integration and application development, using the fastest, most efficient biometric authentication solution available.
“This platform represents another important milestone for the deployment of biometric smart cards. The biometric smart card design enables a user transaction experience that is indistinguishable from a standard contactless transaction,” said Vince Graziani, Chief Executive Officer of IDEX Biometrics. “The TrustedBio solution, tightly integrated with the SLC38BML800, enables EMV payment transactions to be completed approximately three times faster than any other solution in the market. Also, given the level of integration of our TrustedBio solution with the Infineon security controller, the reference design allows for use of a fully passive interconnect for low-cost manufacturing and improved manufacturing yields.”
The reference design’s development platform is available now from IDEX Biometrics. Samples of Infineon’s SLC38BML800 security controller can be ordered now, with mass production planned to start at the end of 2021. Samples of IDEX Biometrics’ TrustedBio sensor module also are available now, with mass production by the end of the third quarter of 2021.