BIO-key secures $910,000 order from financial services customer

BIO-key (BKYI) announced that it has received a $910,000 order from a long-term financial services customer to upgrade to BIO-key’s “fingerprint only” Biometric Customer Identification Technology. The technology enhancement builds on the customer’s expanding deployment of BIO-key technology to verify the identity of customers, now totaling over 25M enrolled individuals. Previously customers were verified at a branch location by matching their fingerprint scan and their ID number, account number or card. By upgrading to BIO-key’s “fingerprint only” identification, the customer will be able to identify each of its clients by a simple fingerprint scan – without the need for a card, account or ID number, saving an estimated thirty seconds per client encounter. The financial services customer plans to upgrade all its users to BIO-key’s fingerprint-only identity solution in order to further streamline what is already a best-in-class client experience of its existing BIO-key-based verification solution. The new client identification solution will be entirely hosted on Amazon Web Services infrastructure in order to support the technical demands of real-time, one-to-many biometric identification as compared to one-to-one matching of a fingerprint scan with a biometric associated with an account number, ID number or card. Following full deployment of the enhanced biometric customer identification solution during 2025, BIO-key expects annual recurring revenue from this financial services customer to increase to approximately $1.4M per year.