Biometric authentication for digital money and its asset management28.07.2014 11:28
Alternet Systems, an accelerator of high growth opportunities in Digital Currency and Mobile Commerce services, announced a strategic joint venture with the Swiss start-up BIOMETRY for "BioME", which replaces passwords and PINs through the combination of dynamic facial and voice recognition in a unique ID system. Alternet intends to integrate BioME into its payment system's anti-money laundering and anti-fraud components.
BIOMETRY's innovative and patented secure payment applications will be incorporated into Alternet's digital currency offering, including OneMarket's Digital Asset Exchange and the Alternet Financial Services, Digital Bank initiatives. Alternet will expand BIOMETRY's market reach, through its network of clients, including financial institutions and mobile network operators. The company is also exploring a broader relationship with BIOMETRY, which will be the subject of additional agreements.
Alternet Systems, Chief Executive Officer, Henryk Dabrowski commented, "Cybercrime, credit fraud, identity theft and mobile security is a global, multi-billion dollar concern. Gartner estimates approximately $2.7 billion in attempted bank fraud in Latin America, Europe and the U.S. We unfortunately have been witness to this alarming reality through data breaches at major retailers. The platform we are building is dealing with this issue head-on within the digital currency industry. With BIOMETRY's patented secure digital payment solution, Alternet strengthens its Digital assets and Currency offerings. After evaluating multiple solutions, we made a strategic decision that BIOMETRY's products are the perfect match for our OneMarket and Alternet Financial Services offerings. We will begin to leverage BIOMETRY's products into Alternet's global customer base of financial institutions and mobile network operators in the immediate future."
Mr. Werner Blessing, CEO of BIOMETRY, commented, "With the digital money and its asset management, the usability and security of our biometric authentication is of the upmost importance. BIOMETRY authentication is unique and protected. Public will quickly appreciate the easy way of biometrics on the fly. No doubt, this is going to bring very rapid growth to both of our companies."
BIOMETRY is a biometric authentication company focused on mobile devices. The company has developed an integrated suite of software (One Software) that can support various combinations of face and voice/speech authentication. For example, in one security mode, the user has to say four randomized words. The BIOMETRY software then not only verifies it is the user's voice, but also that it is the user's face and that the correct words were said. This provides multiple layers of security (the voice, the face, and the words all have to match), which can be adjusted based on trust/risk level. For a small value online purchase one biometric authentication can be used, but for higher dollar value purchases multiple biometrics may be required to complete the transaction. The system is user-friendly as it eliminates the need for a user to remember passwords. BIOMETRY was founded in 2006 and is headquartered in Alpnach OW.
About Alternet Systems Inc.: Alternet Systems Inc. (OTCQB: ALYI), headquartered in Miami, Florida, is an enterprise accelerator company focused on the complimentary, high-growth markets of Digital Currency, Mobile and Internet Commerce and Cyber-Security products and services. Through its subsidiaries, Alternet captures and converts extraordinary growth opportunities surrounding the explosion of newly adapted Internet technologies and platforms.