Precise Biometrics targets bank market in Africa through partnership
with Interswitch
(Thomson Reuters ONE) - Precise Biometrics has entered into a strategic partnership withInterswitch - one of the leading African financial solution providersbased in Nigeria. The aim is to supply fingerprint recognition withPrecise Match-on-Card(TM) to bank applications. The partnership isalready engaged in a first project, which will provide license salesat a minimum of ? 200,000 in 2009.The partnership between Precise Biometrics and Interswitch aims atbuilding and promoting biometric Match-on-Card solutions for the banksegment in Africa. The solutions will initially target Nigeria, whichis the largest populated country on the continent with more than 150million inhabitants.Nigeria recently decided to replace magstripe bank cards with moresecure chip cards, so called smart cards, in order to graduallyeliminate fraud related to less secure magstripe cards. The new cardscomply with the EMV (Europay, Mastercard, VISA) standard used in thebank industry and the government deadline to replace all magstripecards with chip-based smart cards is December 31, 2009.To enable banks to migrate faster, Interswitch has introduced theVerve card into the market. The Verve card has both international andlocal security features, and through Interswitch's partnership withPrecise Biometrics, it also includes fingerprint recognition andMatch-on-Card features. These features are used to control acardholder's physical presence at the moment of a transaction. Withfingerprint recognition and Match-on-Card, banks, governments andorganizations increase security internally as well as for customersthrough personal verification and KYE (Know Your Employee).Mitchell Elegbe, Managing Director and Chief Executive Officer ofInterswitch states: "We are pleased to enter into this partnership,as Precise Biometrics is the leading provider of biometricMatch-on-Card solutions. We believe that our joint efforts andtechnological know-how will have great commercial potential in theWest African region. The capabilities, security and reliability ofthe Match-on-Card solution gives us a positive differentiation frombiometric solutions that are relying on databases or externalservers."Thomas Marschall, CEO at Precise Biometrics comments: "We are verypleased to have come to an agreement with Interswitch, which willplace Precise Biometrics in a prime position to capture the risingbiometric opportunities within the financial sector of West Africa.While the strength of the partnership is documented by already beingengaged in a project which will provide income for 2009, we havesubstantial commercial expectations for the partnership in 2010 andonwards."Interswitch is the leading provider of electronic transactionswitching and payment processing in Nigeria and also one of the primecontractors for the National ID card in the country. Majorshareholders in the company are a number of African banks.Interswitch is - like Precise Biometrics - an established Gemaltopartner.Precise Match-on-Card(TM) is the process of storing and matchingfingerprint information on a smart card to confirm the physicalpresence of an individual. As the fingerprint information does notleave the card, there is no need for database or onlinecommunication, and the cardholder's integrity is preserved.For further information, please contactThomas Marschall, CEO, Precise Biometrics ABTel: +46 46 31 11 10 or +46 734 35 11 10E-mail thomas.marschall(at)precisebiometrics.comPrecise Biometrics is a market-leading provider of solutions forfingerprint recognition to prove people's identities. Withtop-of-the-line expertise in fingerprint verification, PreciseBiometrics offers fast, accurate and secure authenticationof a person.Its core product, Precise Match-on-Card(TM), adds value to ID, SIM,enterprise and bank cards as well as systems foraccess control to buildings, computers and networks. PreciseBiometrics serves business and governmentorganizations throughout the world and its technology is licensed toclose to 100 million users.For more information, please visit www.precisebiometrics.com or see apresentationwww.precisebiometrics.com/movie.aspx.http://hugin.info/131387/R/1337788/318914.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 28.08.2009 - 08:05 Uhr
Sprache: Deutsch
News-ID 5215
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