authID Inc., a leading provider of biometric identity verification and authentication solutions, today announced a $10 million, multi-year agreement with a next-generation AI company specializing in custom solutions for global multi-national companies to enable authentication for a range of industries in India.
The agreement represents a $10 million commitment over a three-year period, with a minimum of $3.33 million each year for licensing authID’s identity platform services.
authID will deliver unprecedented biometric authentication accuracy and a frictionless user experience to a variety of the partner’s customers across the banking, financial services, emergency services, and transportation industries among others, powering use cases for onboarding, daily login, account recovery, and high-value transactions.
authID will augment the partner’s existing solutions with their privacy-preserving next generation biometric identity verification and authentication, while complying with Indian privacy laws safeguarding user identities and other data. The Indian market’s sizable institutional and end-user base will highlight authID’s ability to not only deliver a best-in-class user experience but also demonstrate its 1:1B biometric identity verification accuracy. With over 1.4B citizens to authenticate in the Indian market, only authID’s accuracy can deliver the level of assurance and scale needed by every institution to always “know who’s behind the device” for each transaction.
“This partnership further demonstrates authID’s thought leadership and technical standing in the global markets, and we are incredibly excited to enter the Indian market where, over the next 10 years, the biometric authentication industry could see exponential growth in transaction volumes as the demand for secure, efficient digital identification continues to rise,” said Rhon Daguro, CEO of authID. “authID’s biometric identity platform delivers speed and accuracy while processing captured biometrics, and identifying users as legitimate or fraudulent, all within a market-leading 700 milliseconds. We look forward to working closely with our new partner to deliver the confidence that user onboarding and authentication are accurate and completed in record time.”
Also Read: Buried in Alerts: Three Reasons Legacy Threat Detection and Response Tools are Failing SOC Teams
[To share your insights with us as part of editorial or sponsored content, please write to psen@itechseries.com]
