Company Joins the Wells Fargo Startup Accelerator to Advance Security and Authentication efforts for Payments, Banking, and Ecommerce
SAN FRANCISCO – October 23, 2017 – Redrock Biometrics, an innovator in biometric solutions, today announced commercial availability of PalmIDTM, the first market-ready, and secure, palm-based biometric authentication solution. PalmID features enrollment portability – when users enroll with PalmID on one device, they are automatically enrolled on other devices with PalmID installed.
Redrock has also joined the Wells Fargo Startup Accelerator program to speed development of its advanced palm-based solution targeted to a wide range of industries including payments, banking, and e-commerce. Redrock Biometrics will work closely with Wells Fargo business and technology leaders through the program, exploring use cases and experimenting with the PalmID biometric solution, an alternative to passwords and PINs.
“The Wells Fargo Startup Accelerator is always on the lookout for companies that can help advance convenience and security for our customers alongside a beautiful user experience,” said Bipin Sahni, head of Innovation Research & Development for the Wells Fargo Innovation Group. “We see numerous applications for PalmID biometric authentication in payments, banking, and other financial institutions. We are excited to collaborate with Redrock Biometrics on new ways to keep critical information safe and secure.”
According to a recent report from Risk Based Security, more than 4.2 billion user credentials and passwords were stolen in 2016, with approximately 95 passwords stolen every second.[1] Forrester estimates that account takeover causes at least $6.5 – $7 billion in annual losses across a broad range of industries including financial services, insurance, e-commerce, and healthcare.[2]
PalmID is the first enrollment-portable biometrics solution that is commercially available. PalmID SDK is available for sign-in authentication for Windows, Android, iOS, Mac OS, and Linux as well as configurable for standalone and client-server architectures. It can be integrated into any device with an RGB or IR camera and CPU. End use applications include point-of-sale systems and ATMs, as well as consumer electronics, AR/VR, medical equipment, IOT and automotive.
With a simple wave of the hand, PalmID converts the palm image into a unique signature and authenticates the user in 10-100 milliseconds depending on CPU speed. The Palm ID Capture Module uses sophisticated machine vision techniques to detect palm in a video stream and pass its descriptor for enrollment or verification. The PalmID Matching Module can run server side or locally and matches the verification request against the enrollment template, using proprietary algorithms extensively tested against tens of thousands of palms.
“Palm-based biometrics are an ideal authentication solution for the payments, banking and e-commerce markets due to ease of deployment by POS providers, consumer electronics and ATM manufacturers, as well as ease of use by consumers,” said Hua Yang, Cofounder and CEO of Redrock Biometrics. “The portability feature designed into PalmID is likely to increase consumer acceptance of biometrics as an authentication solution.”
Interested in connecting with Redrock Biometrics at Money20/20? Contact us at contact@redrockbiometrics.com or visit our kiosk # K64 to see a live demo of the newly released PalmID solution.
About Redrock Biometrics
Redrock Biometrics, Inc. is the creator of PalmIDTM, a patented palm-based authentication software development kit and platform. PalmID is the first commercially-available solution combining high-performance, secure, contactless and affordable biometrics for virtually any device with a camera – with enrollment portability – the ability for users to enroll with PalmID once and be automatically enrolled across all devices with PalmID installed. The company was founded in 2015 and is headquartered in San Francisco. To learn more about Redrock Biometrics or request a demo visit: www.redrockbiometrics.com.
