authID has announced a significant $10 million, multi-year agreement to supply its identity platform services to a next-generation AI company serving multinational clients in India. The deal, spanning three years, guarantees a minimum commitment of $3.33 million per year.
The partnership comes as India implements stricter data protection regulations following the Digital Personal Data Protection Act of 2023. authID’s platform will enhance the partner’s current offerings by introducing biometric verification that aligns with these regulations, ensuring user identities and sensitive information remain protected within India’s jurisdiction.
The expansion follows authID’s recent integration with Syntrove’s anti-fraud platform and builds on the company’s transformation since rebranding from Ipsidy in 2021. The company’s biometric platform processes captured biometrics and identifies users within 700 milliseconds, according to CEO Rhon Daguro.
The implementation will support various use cases across India’s banking, financial services, emergency services, and transportation sectors. authID’s technology aims to address specific challenges in the Indian market, where identity verification needs to scale across a population of over 1.4 billion citizens while maintaining compliance with local data protection requirements.
The company’s platform binds biometric verification to each user’s account to prevent identity fraud, deepfake threats, and account takeovers. This approach has gained traction as financial institutions and government services in India increasingly adopt digital identity verification solutions to enhance security while maintaining user privacy.
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November 4, 2024 – by the ID Tech Editorial Team
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