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Veridium Wins $150,000 Grant from Digital Financial Services Lab to Bring Financial Services to Unbanked Populations

Veridium,
a leader in strong authentication solutions using biometrics instead of
passwords and tokens, today announced it has won a $150,000 grant from Digital
Financial Services Lab (DFS), supported by the Bill
and Melinda Gates Foundation, to bring universal and affordable
financial services to emerging countries across the globe.

Veridium was awarded this grant after successfully completing the first
DFS Lab Biometrics Challenge. The Challenge supported developing secure,
software-based technologies which can capture and verify fingerprints
using only the sensors (i.e. camera) on an unmodified Android
smartphone. The grant will be used to further the work, developing a
mobile app to make it even easier to enroll and match people against
existing government databases. This will bring greater transparency and
security into the distribution of government aid and money.

“We’re glad to announce this investment in Veridium and see their 4
fingers touchless biometrics identification as an important step toward
financial inclusion,” said Jake Kendall, DFS Lab Director. “Their
technology allows biometrics to be deployed over billions of existing
smartphones reaching into low income and rural populations all over the
world. We’re looking forward to helping Veridium further their work and
bring it to market.”

The company was previously awarded an initial
grant from DFS Lab in September 2017 to launch a pilot
program with Wala,
a South African-based, blockchain-powered financial services platform,
to demonstrate a new digital banking model using biometric
authentication technology.

With Veridium’s 4
Fingers Export, users can capture fingerprint biometrics touchlessly
on any unmodified Android smartphone for convenient, quick, and secure
identification. The process enables users to export the print to match
against a legacy government database. This can be part of a KYC process
for identity proofing a new account, reducing fraud, and providing
access to people in rural areas where physical bank branches are not
feasible.

“Winning the grant from DFS Lab has enabled us to be one step closer to
our goal of disrupting the current banking model, which currently
excludes billions of people around the world just because they lack
identity documents,” said Lori Cohen, CMO, Veridium. “Our goal is to
help design a new banking model, using our biometric authentication
technology to bring the unbanked into the financial services system.
Additionally, over time, improve their circumstances, making it possible
to open a bank account, apply for credit, and achieve a level of
financial stability.”

Veridium’s technology provides the ability to enroll and authenticate
customers remotely and securely, using biometrics. Veridium is the first
company to develop a multi-finger touchless biometric authentication
system that works on unmodified smartphones. The quality of the prints
is equivalent to those captured on tradition flatbed scanners, making it
the most reliable and flexible option for remotely enrolling and
authenticating customers.

For more information on Veridium’s 4
Fingers Export or its other biometric authentication capabilities,
please visit https://www.veridiumid.com/biometric-authentication/.

About Veridium:

Veridium is a leader in the development of “strong authentication”
solutions using biometrics instead of traditional passwords, PINs, and
tokens. Powered by an unmatched legacy of IP and R&D, our software
increases security, improves convenience, and reduces fraud at a lower
total cost of ownership than traditional multi-factor authentication
(MFA) solutions. Veridium has offices in the U.S., U.K. and Romania. For
additional information, please visit www.veridiumID.com.

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