REDWOOD CITY, Calif., Oct. 10, 2013 /PRNewswire/ -- DigitalPersona, Inc., a trusted partner for biometric identity verification solutions, today announced the acquisition of Identity Stream, a leading solution provider that leverages biometrics to ensure positive identification of customers and employees in financial institutions. Identity Stream's software solution is currently marketed with Temenos, the banking software company, as T24 Biometrics. The solution has seen growth in emerging markets by providing "one touch" identification for any transaction in the TEMENOS™ T24 core banking system.
This solution allows banks to cost-effectively launch new products, serve customers in emerging markets and decrease time at the teller in branch operations. It identifies customers and employees by scanning their fingerprints and matching that unique identifier with an identity profile stored on a secure server. DigitalPersona plans to enhance the application by integrating it with its industry-leading line of biometric hardware and software for strong authentication. Under the terms of the acquisition agreement, the Company will continue Identity Stream's partnership with Temenos.
"Integrating this software with our biometrics-based solutions will expand its functionality and give financial institutions more choices," said Richard Agostinelli, DigitalPersona president and CEO. "We see tremendous market potential for solutions like this on a global basis."
Agostinelli said DigitalPersona is experiencing rapid growth in the financial market because of a combination of increasingly sophisticated security threats and a need to improve service levels without increasing operating costs. "There are also large populations who previously did not have access to basic financial services due to a lack of personal identity documents," Agostinelli said. "This solution provides those customers with new alternatives and creates new markets for banks, credit unions and other financial institutions. We are very pleased to be working with Temenos, a world leader in the financial market, in this endeavor."
"We look forward to working with DigitalPersona to expand our biometrics-based banking solutions and, specifically, to seeing the adoption of biometrics in the global markets we serve," said Mike Head, Global Alliances Director of Temenos. "DigitalPersona's portfolio of fingerprint hardware and software, as well as their experience in strong authentication software, makes them an ideal partner for us moving forward."
DigitalPersona offers the world's broadest portfolio of biometrics-based identity verification solutions. Applications range from highly secure banking environments and complex government identity programs to basic point-of-sale retail systems. Our solutions verify the identity of more than 200 million authorized users worldwide and significantly reduce the risk of fraud, theft and unauthorized access. Offerings for end-users and system integrators include industry-specific software applications, complete SDKs and a full range of optical, silicon, touch, swipe and embedded readers. For more information call +1 650.474.4000 or send an email to firstname.lastname@example.org.
© 2013 DigitalPersona, Inc. All rights reserved. DigitalPersona and U.are.U are trademarks of DigitalPersona, Inc. registered in the United States and other countries. All other trademarks are the property of their respective owners. This information should not be relied upon as legal advice. DigitalPersona specifically disclaims all warranties of any kind, express or implied. Users must take full responsibility for their application of any products or compliance with any legal requirements.
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SOURCE DigitalPersona, Inc.