Shares of Ipsidy Inc (OTCQX:IDTY) shot up Friday after UniBank Panama said it would integrate the company’s Verified biometric authentication solution with Datapro Inc’s e-IBS core banking system, which streamlines business processes for the banking industry.
Datapro, a banking software company, has integrated Ipsidy’s biometric authentication solution into its e-IBS platform to provide UniBank customers with an identity authentication umbrella. This makes UniBank one of the first banks in Latin America to tackle the problem of identity and cybersecurity head-on by implementing Ipsidy’s biometric identification.
UniBank’s launch of Verified is subject to final local regulatory approvals.
Verified allows UniBank account holders to use biometric identification by taking a selfie using an Ipsidy mobile app. The app converts the selfie into a biometric facial template that is matched against a reference template. With increasing data breaches, cyber security problems and identity theft, biometric identification is gaining popularity for its ability to identify and/or authenticate individuals quickly and accurately.
Shares of Ipsidy shot up nearly 8% to $0.17 in midday trade.
BIG PICTURE: Ipsidy Inc. rides the wave of identity authentication
“We needed a secure but user-friendly solution to provide additional protection for our customers’ online and mobile account access, account change authorization as well as transaction approval,” said Nicolás Saval, vice president of technology, at UniBank. “The Ipsidy/Datapro solution checks all the boxes.”
“Identity and cyber security are major issues for our financial services clients, who seek innovative solutions that protect their customers’ accounts and give them enhanced and convenient control over access to their money,” said Javier Montero, chief technology officer at Datapro.
Montero also said Datapro is looking forward to rolling out Ipsidy’s Verified solution and becoming a leader in the Latin American market by utilizing the cutting-edge technology.
“We look forward to supporting UniBank in their launch and Datapro in their continued rollout of our combined solution to their extensive customer portfolio,” added Ipsidy CEO Philip Beck, a lawyer-turned-entrepreneur who has spent the last 20 years building and operating scalable international transaction platforms.
Based in Long Beach, New York, Ipsidy has developed secure biometric identity management and electronic transaction solutions for government and public-sector organizations in the US, South Africa and internationally.
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Contact Uttara Choudhury at uttara@proactiveinvestors.com
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