BKYI stock surged by 100% pre-market on October 29, 2024, which can be attributed to Securing a Significant Order1.
Bio-key International (BKYI) secured a $910,000 order from a financial services client for upgrading their biometric customer identification technology. This order is part of the client's ongoing efforts to enhance customer verification processes and is expected to generate an estimated $1.4 million in annual recurring revenue. The upgrade to BIO-key's "fingerprint only" biometric technology will enable the financial institution to identify clients with a simple fingerprint scan, eliminating the need for additional identification such as a card or account number. This is expected to result in a reduction of approximately thirty seconds per client interaction, improving the efficiency of client experiences with the company's verification solutions2.