Hamilton Reserve Bank and authID.ai Announce Deployment of Biometric Identity Authentication Services to Global Banking Clientele

October 26, 2021

Global bank brings high-level identity assurance to new digital banking services with the Temenos Infinity banking platform; combats identity fraud and eliminates need for passwords. 

Denver, CO and Jessups Estate, Nevis, Saint Kitts & Nevis, Oct. 25, 2021 (GLOBE NEWSWIRE) — authID.ai, [Nasdaq: AUID] (formerly Ipsidy), a leading provider of secure, mobile, biometric authentication, announced today that Hamilton Reserve Bank (HRB), a fully regulated global bank with worldwide offices (SWIFT: NIBTKNNE), has deployed authID.ai’s easy-to-integrate Identity as a Service (IDaaS) platform. HRB has deployed Verified™, authID.ai’s biometric multi-factor cloud-based authentication product that offers the ease of a “selfie” to confirm identity, thereby eliminating the use of vulnerable one-time passwords and knowledge-based questions for securing transactions and account recovery.

Hamilton Reserve Bank serves a large and rapidly expanding worldwide clientele, supports customer activities in more than 150 countries, offering customer deposits in 10 different currencies. As HRB launches new digital banking services with the Temenos Infinity banking platform, authID.ai, a Temenos Marketplace provider, provides high levels of identity assurance to HRB and its expanding international clientele. authID.ai’s biometric identity products are helping HRB reduce operational costs associated with supporting password resets, mitigate security risks arising from stolen passwords, phishing, and account takeovers, and ultimately deliver seamless customer experiences that fully satisfy international standards for HRB’s insistence on best practices in AML/KYC/CFT compliance.

“Hamilton Reserve Bank’s new digital banking platform makes it possible to achieve our mission of onboarding one-million new customers within the next 12 months, and authID helped us comply with rigorous regulatory programs through an automated onboarding product that accurately delivers secure, document-based identity verification and facial biometric matching of the customer,” said Prabhakar Kaza, CEO of Hamilton Reserve Bank. “Providing our valued customers with a seamless authentication experience was paramount to our growth. authID.ai’s device authentication has helped us eliminate passwords, and its cloud-based biometric authentication is securing outgoing SWIFT wires and beneficiary changes. We look forward to expanding our collaboration with authID and Temenos to support our rapid global expansion into new markets.”

In addition to deploying Verified, Proof™ by authID.ai delivers automated identity verification during digital onboarding of HRB’s global clientele, including quick mobile identity document capture and authentication, liveness confirmation, and facial biometric matching of a selfie to the credential photo. To provide a more secure and seamless login experience, AuthentifID™ offers FIDO2 password-less login and strong customer authentication with cryptographic security and compliance with PSD2 requirements, a critical need for international banks.

“Everything starts with trusted identity,” said Tom Thimot, CEO of authID.ai. “Our identity platform offers innovative solutions that are flexible, fast, and easy to integrate. authID.ai is committed to helping banks across the globe reduce the risk of identity fraud, eliminate the costs and hassles of passwords and ultimately deliver seamless authentication experiences to their customers.”

“We are pleased to see authID.ai, a Temenos Marketplace provider, launch its identity services integrated with Temenos Infinity at Hamilton Reserve Bank,” said Martin Bailey, Director of Innovation and Ecosystems, Temenos. “We carefully consider and curate a community of best-in-class fintech solutions that complement Temenos software to create the Temenos MarketPlace. authID.ai’s innovative biometric solutions will enable Hamilton Reserve Bank to not only combat identity fraud but simplify and streamline the customer journey with Temenos Infinity.”

About authID.ai
authID.ai (Nasdaq: AUID), formerly Ipsidy, provides secure, mobile, biometric identity verification software products through an easy-to-integrate Identity as a Service (IDaaS) platform. authID.ai’s suite of self-service biometric identity proofing and authentication solutions frictionlessly eliminate all usernames and passwords through a consent-based facial matching system. Powered by the most sophisticated biometric and artificial intelligence technologies, authID ultimately aims to re-establish security and trust between businesses and their customers by helping to protect sensitive personal data. For more information, go to www.authid.ai

About Hamilton Reserve Bank
Hamilton Reserve Bank (HRB) (www.hrbank.com), the “Customer First Global Bank,” is a fully regulated leading banking institution with worldwide representative offices. HRB is the largest global bank headquartered in St. Kitts and Nevis, a prosperous British Commonwealth nation and the birthplace of America’s founding father Alexander Hamilton. Led by HRB’s founding Chairman the Rt. Hon. Sir Tony Baldry and a global team of seasoned executives, HRB has a deep British heritage servicing a rapidly expanding worldwide private banking and corporate banking clientele through several business lines: Banking, Asset Management, New Business Registration, and Capital Markets. The bank’s Asset Management ETF business is offered through an independently managed affiliate listed on the New York Stock Exchange (NYSE symbol: VSL). The Bank’s independently managed Asset Management business is a registered investment adviser regulated by the U.S. Securities and Exchange Commission (SEC), duly authorized to manage customer investment portfolios. The Bank’s new business formation affiliate AAA Global Incorporation & Trust Ltd (www.trustaaa.com) is a leading worldwide incorporator and trust company with a 27-year operating history.

Media Contact
Erin Harrison
The Bliss Group

Notice Regarding Forward-Looking Statements
Information contained in this announcement may include “forward-looking statements.” All statements other than statements of historical facts included herein, including, without limitation, those regarding the financial position, business strategy, plans and objectives of management for future operations of both authID.ai and its business partners, future service launches with customers, the outcome of pilots and new initiatives and customer pipeline are forward-looking statements. Such forward-looking statements are based on a number of assumptions regarding authID.ai present and future business strategies, and the environment in which authID.ai expects to operate in the future, which assumptions may or may not be fulfilled in practice. Implementation of some or all of the new services referred to is subject to regulatory or other third-party approvals and activities. Actual results may vary materially from the results anticipated by these forward-looking statements as a result of a variety of risk factors, including the risk that implementation, adoption and offering of the service by customers, consumers and others may take longer than anticipated, or may not occur at all; changes in laws, regulations and practices; changes in domestic and international economic and political conditions, the as yet uncertain impact of the Covid-19 pandemic and others. Additional risks may arise with respect to commencing operations in new countries and regions, of which authID.ai is not fully aware at this time. See the Company’s Annual Report Form 10-K for the Fiscal Year ended December 31, 2020 filed at www.sec.gov for other risk factors which investors should consider. These forward-looking statements speak only as to the date of this announcement and cannot be relied upon as a guide to future performance. authID.ai expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this announcement to reflect any changes in its expectations with regard thereto or any change in events, conditions or circumstances on which any statement is based.

Primary Logo