US fingerprint authentication outfit DigitalPersona has acquired Georgia-based Identity Stream, which offers a turnkey biometric system for core banking users.
Identity Stream's software is currently marketed with Swiss-based core banking company Temenos as T24 Biometrics. The technology has seen growth in emerging markets by providing 'one touch' identification for any transaction in the T24 core banking system.
The software identifies customers and employees by scanning their fingerprints and matching the print with an identity profile stored on a secure server.
Under the terms of the acquisition agreement, DigitalPersona will continue Identity Stream's partnership with Temenos.
Richard Agostinelli, DigitalPersona president and CEO says the company is experiencing rapid growth in the financial market because of a combination of increasingly sophisticated security threats and a need to improve service levels without increasing operating costs.
"There are also large populations who previously did not have access to basic financial services due to a lack of personal identity documents," he says. "This solution provides those customers with new alternatives and creates new markets for banks, credit unions and other financial institutions. "
Financial terms were not disclosed.