TORONTO, ON--(Marketwired - September 21, 2016) - Applied Recognition Inc. announced today the general availability of Ver-ID Transactions, enabling face authentication and credential capture on digitally signed documents. Face authentication combined with credential capture brings unprecedented levels of security to digital documentation, a critical solution to the adoption and growth of new online services across all markets from banking to healthcare to ecommerce.
Recent security breaches, costing enterprises millions of dollars and threatening the identity and privacy of consumers, are driving increased urgency in deploying biometric authentication solutions such as Ver-ID Transactions.
"We are very excited to bring Ver-ID Transactions to market to help protect consumer privacy and security, and to offer a solution to enterprises to battle identity theft, data breaches and fraud," said Don Waugh, co-CEO and founder of Applied Recognition. "In addition, Ver-ID Transactions enables enterprises to expand their digital products portfolio, reduce costs and meet regulatory compliance requirements."
Built on the FaceLocate™ algorithm, trained for over a decade
Ver-ID Transactions is built on Applied Recognition's face recognition algorithm, FaceLocate, trained for over a decade on hundreds of thousands of faces. FaceLocate can achieve up to 99.99% accuracy, mapping facial features to create a unique faceprint for each registered user. Ver-ID Transactions authenticates a document signer by matching a photo taken at the time of signing with the user's registered faceprint unlocking a private signing key. Additionally, a scanned ID credential can be included, providing a timestamp and visible evidence of who signed the document and when.
"Almost every traditional face to face transaction has moved online or will soon move online, yet there are still wide gaps between the different levels of security and trust that are created in the physical world versus the digital world," said Ray Ganong, co-CEO and CTO of Applied Recognition. "Face authentication coupled with established ID credentials provides a critical bridge between traditional and digital transactions, protecting service providers and their clients."
Easy integration with existing applications and services
Ver-ID Transactions is available as an SDK or a complete, white-label solution. Application and service providers that rely on digitally signed documents now have a fast path to adding state of the art biometric authentication security to their existing client onboarding and account management user experience. No additional hardware is required, Ver-ID Transactions works with existing cameras on PCs and smartphones and registering users takes just a few minutes.
About Applied Recognition
APPLIED RECOGNITION INC. is a leader in face detection, recognition and authentication technology delivering innovative products for consumers, enterprises and application developers.
Since 2005, Applied Recognition has been perfecting facial recognition technology, with an extensive portfolio of patents in facial recognition and indexing, and enterprise-grade, biometric authentication technology.
Applied Recognition serves a broad range of customers, including financial services, IoT device manufacturers, and leading software providers. Licensing is available for a variety of software development kits on Windows, Apple, Android and iOS platforms, as well as server and API services. To learn more visit www.appliedrecognition.com.
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