Press Release
Precise Biometrics and CoreStreet Team up to Create New Biometric Product for Physical Access Control
Instant Identity is First Biometric Product Line to Incorporate Real Time Identity and Validation
Cambridge, Mass. and Lund, Sweden (April 22, 2004)
Precise Biometrics AB (Stockholm Stock Exchange: PREC A), which develops and sells world-leading and user-friendly biometric security solutions based on fingerprints, has entered into a fully-funded license and co-development agreement with CoreStreet, a leading provider of validation solutions for identity management and access control, to create a new line of biometric products jointly called Instant Identity. The cooperation will result in the first biometric product line that performs real time validation as well as authentication and authorization to provide a reliable and quick way to secure both physical and digital environments.
“CoreStreet’s Real Time Credentials technology changes the face of biometrics by building validation into the system,” said Christer Bergman, president and CEO of Precise Biometrics. “Biometrics is the ideal technology for determining the identity of a user but has, until now, not been able to validate the user’s access rights. The new Instant Identity products will, not only, be able to authenticate who the user is, but also validate what the user is allowed to do—in real time—without costly centralized connections.”
All Precise Biometrics’ fingerprint authentication products are based on the company’s patented core technology, Precise BioMatch™. Precise BioMatch™ is a hybrid-matching algorithm, which combines the benefits from traditional minutia extraction with advanced pattern matching and thereby maximizes the information collection from a fingerprint. Moreover, the Precise BioMatch™ technology is interoperable and works with various biometric readers, applications and smart cards.
Instant Identity, combining CoreStreet’s Real Time Credentials and Precise BioMatch™, enables security to be employed in locations where network connections may not be available. The ability to check an individual’s credentials to determine both who they are, and what they are allowed to do right now, greatly improves an organization’s security capabilities. By eliminating the need for a direct connection to a secure database at transaction time, speed, accuracy and convenience increase while costs decrease.
“Instant Identity is a great example of the practical value of our Real Time Credentials technology which takes security to the next level of ease and convenience,” said Phil Libin, president of CoreStreet. “Combining our validation technology with Precise Biometrics’ innovative Precise BioMatch™ fingerprint technology, we can go a long way toward providing affordable, active security.”
CoreStreet’s Real Time Credentials makes scalable, ubiquitous security possible, with or without connectivity, at a fraction of the expense and response time typically required with conventional systems.
Availability
Instant Identity products will be available at the end of 2004.
About Precise Biometrics
Precise Biometrics AB (publ) is an innovative security company that supplies world-leading systems for authentication using fingerprints. The solutions supplied by the company replace keys, PIN codes and passwords. The company's products are cost effective and provide security and comfort combined with top-class protection of personal integrity. The range of products includes systems for access control to buildings, computers and networks and for building into mobile and fixed terminals, such as mobile phones and portable computers. The company headquarters are in Lund , Sweden . The company also has offices in Stockholm and a U.S. subsidiary in Washington , D.C. Precise Biometrics is listed on the O-list of the Stockholm Stock Exchange (symbol: PREC A). For more information about Precise Biometrics, visit www.precisebiometrics.com.
About CoreStreet
CoreStreet is the only provider of massively scalable validation products for identity management and access control. With CoreStreet’s Real Time Credentials™, organizations can control physical and logical access to buildings, computer networks, applications and devices.
Real Time Credentials solutions can be deployed anywhere in the world - in connected and disconnected environments - without having to set up costly and vulnerable infrastructure. CoreStreet’s products are designed to secure large, mission-critical applications for military, civilian government, financial services and healthcare customers. The company, headquartered in Cambridge, Mass., holds 14 patents with more pending. For more information, visit www.corestreet.com.
CoreStreet and Real Time Credentials are trademarks of CoreStreet Ltd.
