Secured Digital Applications Signs First Client

Tuesday 22 June 2004 09:30 CET | News

Secured Digital Applications was awarded its first contract, valued at $921,000, by SNC Associates to develop, implement and maintain a secure business-to-consumer e-commerce portal using the Companys biometric security technology. Completion and implementation of the portal is scheduled for December 2004. This contract will be developed and completed in parallel with the previously announced field trial of an online biometric payment portal. The e-commerce portal will allow only registered members to use the portal for online purchases and payments. Members will register by providing details of the identity, credit card information and biometric information. After registration when a member desires to make an online purchase, their identity will be verified and credit card information validated. This system will significantly reduce the risk of fraud and identity theft in online e-commerce transactions. In addition to the contract fee of $921,000, the Company will generate annual recurring revenue by receiving a transaction fee for each completed online transaction and from a five-year contract to provide software and hardware upgrades plus system maintenance. The Companys biometric security technology is based on both fingerprint and face recognition. Fingerprint recognition is based on Minutiae Extraction Analysis to compare "real-time" fingerprints with those stored in a database by evaluating 72 independent minutiae points. The error rate for this fingerprint technology is 1 in 30,000. Face recognition uses the Eigenfaces Mapping neural network technology that compares a real-time snapshot of an individuals face with a database of photos and works with either gender or any race. Photograph comparison is completed at a rate of 20,000 faces per second and has an error rate of 1 in 10,000. By using both the Companys fingerprint and face recognition technology, the error rate is reduced to 1 in 30 million.

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Categories: Payments & Commerce | Payments General
Countries: World
This article is part of category

Payments & Commerce