New York Regional Bank and Maryland Credit Union Select BIO-key Biometric Authentication Solutions, Increasing its Domestic F...
May 20 2019 - 7:58AM
BIO-key International, Inc. (NASDAQ: BKYI), an innovative
provider of biometric authentication and security solutions, today
announced that two new financial services organizations have
selected BIO-key to provide fingerprint biometric software
solutions on a subscription basis, to meet their data protection
and security compliance requirements. The new customers include a
New York regional bank and a credit union based in Maryland, both
of which are utilizing BIO-key’s ID Director software solution and
PIV Pro fingerprint readers as a complete sign-on solution to
manage secure employee access to applications and sensitive network
data.
“Financial services have emerged as BIO-key’s
fastest growing vertical. There is a clear trend of leading banks
and financial institutions abandoning the use of passwords and
replacing them with biometrics to meet their needs for security and
convenience at an attractive cost,” stated Mike DePasquale,
Chairman & CEO, BIO-key. “The growth we are achieving in the
financial services sector seems to be in the early stages of a
trend that could benefit our company for many years to come. These
customers are actively seeking out our solutions and asking for
demo's and proofs of concept as they look to incorporate the
security and convenience of biometrics into their workflow."
Highly regulated industries such as financial
services are required to use multifactor authentication in order to
meet state and federal compliance requirements. Biometric
authentication has proven to be a cost-effective multifactor
solution that is being embraced because of its ease of
implementation and use, lack of workflow friction and compelling
return -on-investment.
Banks and other financial service organizations
operate in high-risk environments for data, which include shared
workstations and roving users. Traditional passwords and swipe
cards have proven vulnerable and ineffective in such scenarios.
Securing employee access as they roam from workstation to
workstation is a security challenge that is easily solved by
BIO-key’s biometric authentication platform. For financial services
customers or any enterprise that seeks to reduce or end their
reliance on passwords, biometric authentication is an ideal, secure
and convenient solution.
About BIO-key International, Inc.
(www.bio-key.com)BIO-key is
revolutionizing authentication with biometric solutions that
enable convenient and secure access to information and high-stakes
transactions. We offer alternatives to passwords, PINs, tokens, and
cards to make it easy for enterprises and consumers to secure their
devices as well as information in the cloud. Our premium finger
scanning devices offer market-leading quality, performance and
price. BIO-key also brings the power and ease of use of biometric
technology to its TouchLock line of biometric and Bluetooth
enabled padlocks – providing even more ways to BIO-key your
world!
BIO-key Safe Harbor
StatementAll statements contained in this press release
other than statements of historical facts are "forward-looking
statements" as defined in the Private Securities Litigation Reform
Act of 1995 (the "Act"). The words "estimate," "project,"
"intends," "expects," "anticipates," "believes" and similar
expressions are intended to identify forward-looking statements.
Such forward-looking statements are made based on management's
beliefs, as well as assumptions made by, and information currently
available to, management pursuant to the "safe-harbor" provisions
of the Act. These statements are not guarantees of future
performance or events and are subject to risks and uncertainties
that may cause actual results to differ materially from those
included within or implied by such forward-looking statements.
These risks and uncertainties include, without limitation, our
ability to develop new products and evolve existing ones, customer
and market acceptance of biometric solutions generally and our
specific offerings, our ability to expand sales within existing
customer relationships, our ability to raise additional capital,
and our ability to attract and retain key personnel. For a
more complete description of these and other risk factors that may
affect the future performance of BIO-key International, Inc., see
"Risk Factors" in the Company's Annual Report on Form 10-K for the
year ended December 31, 2018 and its other filings with the
Securities and Exchange Commission. Readers are cautioned not to
place undue reliance on these forward-looking statements, which
speak only as of the date made. The Company undertakes no
obligation to disclose any revision to these forward-looking
statements to reflect events or circumstances after the date
made.
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Investor & Media Contacts
William Jones, Tanya Kamatu Catalyst Global
212-924-9800 bkyi@catalyst-ir.com
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