Edentify successfully deploys its IDScreen(TM) identity risk management technology to Bankcars’ 60 bank clients nationwide, opening the door for new revenue-boosting potential
BETHLEHEM, Pa. and ATLANTA, Ga.,- Edentify, Inc. (OTC Bulletin Board: EDFY – News), a leading provider of identity management solutions (http://www.edentify.us), today announced the company’s successful deployment of its IDScreen(TM) identity risk assessment product to all of Bankcars’ 60 bank clients. The successful deployment generates additional streams of new revenue, and brings national exposure to Edentify (RSS: http://tinyurl.com/tqrh5) and its IDScreen technology, which helps prevent those banks from accepting and opening new accounts for customers with fraudulent identities.
“Our partnership with Bankcars is creating valuable new opportunities to boost revenue for the company,” says Terrence DeFranco, CEO of Edentify. “With just one deal, we were able to deploy our technology to 60 banks around the country. This brings new, national exposure to Edentify, and moves us one step forward in the battle to thwart the devastating effects of identity theft and fraud. Our success adds a great win to our business portfolio that can pay dividends by strengthening our market presence, and increasing our selling power for future partnerships and deals.”
The partnership between Edentify and Bankcars, announced August 4th (http://www.edentify.us/press/view-article.php?feed_id=4&article_id=91), combines Edentify’s IDScreen risk management technology with Bankcars’ Closed Account Reporting System to significantly reduce the risk of accepting fraudulent applicant identities for over 60 of Bankcars’ bank customers. Each institution uses Bankcars’ Closed Account Reporting System to quickly verify an applicant’s identity information, and conduct a derogatory background check using the National Check Network (NCN(TM)) database. If an applicant is cleared, the institution uses Edentify’s risk score technology to assess the risk the identity might be fraudulent. The background- and risk-check works in real time, and helps banks maintain compliance with the U.S. Patriot Act.
“We’re quite pleased with Edentify’s technology at our 60 client banks,” says Cosby Benton, Managing Director for Bankcars. “Over the past few weeks, our clients have had only good things to say about Edentify and its IDScreen. They tell us that deployment and integration of Edentify’s IDScreen tool was very fast and seamless, and the technology is easy to use. We anticipate more great results as our clients continue to use IDScreen to assess identity fraud risk and maintain government compliance and also look to use Edentify’s other products to mitigate risk for our bank and credit union customers.”
Edentify, Inc. (‘Edentify’) was formed in August 2004 with the objective of becoming the leading organization in the field of developing and deploying data analysis technology solutions for preventing identity theft and fraud. It is currently a later-development-stage company and expects shortly to begin a period of growth. Edentify will seek to fulfill its goals by analyzing the means by which identity crimes are perpetrated and through the development of new technologies and procedures to assist corporations, the government, and consumers in the fight against identity fraud and related crime. Edentify owns the intellectual property rights to two strategic approaches towards the detection and prevention of identity fraud. One is a patented information-based approach that analyzes identity data information for individuals in large databases, and is capable of detecting and scoring incidences of identity manipulation and potential theft (Identity Quotient Index(TM)). Edentify will continue to market this
technology to the financial services industry, as well as to large healthcare organizations and local, state, and federal government agencies. The second approach, which is still under development, is a biometric technology that will be marketed through and is named after our wholly owned subsidiary, InMotion Biometrics, Inc. (‘IMB’). This novel set of algorithms combines face and voice recognition techniques for authenticating the identity of an individual. Additionally, the system is designed as a multi-modal platform capable of combining the reading of two or more biometric technologies simultaneously. Edentify is based in Bethlehem, Pa.
Forward-Looking Statement Disclaimer
This press release may contain forward-looking statements that are made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements of future goals and similar statements reflecting other than historical facts constitute forward-looking statements. These forward-looking statements involve a number of risks and uncertainties, which are more fully described in Edentify’s filings with the Securities and Exchange Commission, including, but not limited to, the potential need to acquire additional financing, our dependence upon key vendors, restrictions in alliance agreements that may deter acquisitions by competitors of our marketing partners, and high volatility in our common stock price. The actual results may differ materially from any forward-looking statements due to such risks and uncertainties. Edentify undertakes no obligation to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of
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Source: Edentify, Inc.