BioConnect, an identity management platform company, and EyeVerify, a biometric technology company, have announced a licensing agreement that includes the integration of the latter’s Eyeprint ID into the BioConnect platform.
BioConnect, which focuses on identity management, access control and biometric integration, will work with EyeVerify, whose partners include mobile payments giant Alipay, and its Eyeprint ID, a security measure that turns a user’s face into something that can authorise and authenticate the user.
It uses existing 1+ MP smartphone cameras to image and pattern match the unique pattern of eye veins and other micro features in and around the eye. It is the only biometric that protects user data with a high entropy encryption key — equivalent to a 50-character complex password.
In the announcement, BioConnect elaborated on the possibilities for fintech.
As the world of finance continues to be one of the fastest consumers of biometric technology, the need for security and a frictionless user experience for authentication is becoming more and more apparent. As biometrics are something you are, cannot be shared, borrowed or forgotten, they have surfaced as a clear front-running solution to help reduce fraud, manage KYC measures and reduce operational inefficiencies.
“EyeVerify is one of the highest standards of mobile-friendly security and built perfectly for the Financial Services industry: secure and frictionless,” said Bianca Lopes, VP Strategic Marketing and Global Alliances at BioConnect.
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