IDEX Biometrics’s TrustedBioTM Sensor Selected by a Leading Global Tier 1 Smartcard Manufacturer for Biometric Payment Cards
Oslo, Norway, 25 February 2020: IDEX Biometrics ASA, a leading provider of advanced fingerprint identification and authentication solutions, has been awarded a design win and supply agreement with a leading global tier 1 smartcard manufacturer. IDEX will supply its TrustedBioTM sensor for use in the card manufacturers next-generation biometric payment cards. TrustedBioTM is a new family of dual-interface products and solutions designed to reduce biometric smartcard cost while improving performance, security, and manufacturability.
The agreement deepens a long-standing collaboration between this card manufacturer and IDEX to develop biometric payment cards. The card manufacturer undertook a rigorous selection process and selected IDEX after a careful analysis of its technology and cost roadmap. A supplier audit to ascertain IDEX’s technical readiness was also conducted. IDEX’s technology was chosen over its competitors for its performance, low power consumption, advanced security features, manufacturability, and cost.
The companies’ shared vision is to enable mass market adoption and long-term growth and proliferation of biometric payment cards. We will bring to market a technology platform that will significantly reduce the complexity and cost of the design and production processes for biometric payment cards. This enables an accelerated path to mass adoption benefitting both the issuers and users of cards.
Sensors incorporating this new technology are expected to be released to mass production in the fourth quarter of 2020. This next generation is a follow-on to an existing biometric card program between the card manufacturer and IDEX for which certification is nearing completion.
Stan Swearingen, CEO of IDEX commented, “We are proud to have been selected by one of the largest smartcard manufacturers in the world and look forward to continue collaboration with a leader in authentication solutions to bring biometric payment cards to the mass market. This award by one of the world’s largest card manufacturers is a validation of our off-chip product design that enables high performance at a disruptive cost point.”
For further information contact:
Marianne Bøe, Investor Relations
Tel: + 47 918 00186
Derek D’Antilio, Chief financial Officer
Tel: +1 197 827 31344
About IDEX Biometrics
IDEX Biometrics ASA (OSE: IDEX and OTCQB: IDXAF) is a leading provider of fingerprint identification technologies offering simple, secure and personal authentication for all. We help people make payments, prove their identity, gain access to information, unlock devices or gain admittance to buildings with the touch of a finger. We invent, engineer, and commercialize these secure, yet incredibly user-friendly solutions. Our total addressable market represents a fast growing multi-billion-unit opportunity.
For more information, visit www.idexbiometrics.com
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act