IrisGuard and Path Solutions enter into a strategic business agreement

24 June 2011

IrisGuard Inc. an advanced international technology company specialized in the design & deployment of Iris Recognition systems, announced an exciting partnership with Path Solutions, a Kuwait-based multi award-winning provider of Islamic and Investment software solutions focused on serving the Islamic banking sector. The partnership targets a common goal by both firms to provide innovative and advanced iris biometric technology in customer security authentication to Islamic financial institutions.

Iris Recognition is an advanced biometric technology that uses a person’s iris pattern to identify the individual. It is increasingly being utilized as fundamental biometric technology in many applications such as banking, homeland security, airport security and physical access control. In banking services, it is the most advanced and secure technology for individual’s recognition that provides fast and secure services reducing fraud and increasing efficiency in customer services by eliminating the need for user ID, ATM card, pin number, and password authentication at online and offline banking channels.

Commenting on the partnership, Path Solutions’ Group Chairman & CEO, Mohammed Kateeb said, “Our strategic partnership with IrisGuard increases the breadth and depth of solutions we offer to our clients, and supports our strategy of becoming a one-stop shop of fully integrated financial services ICT solutions. This partnership brings together the best in cutting-edge solutions and experience for the ultimate goal of ensuring advanced automation of customers’ identification and efficiency of services. We look forward to working with IrisGuard to enable our clients to take full advantage of this modern technology”.

For his part, IrisGuard CEO, Imad Malhas said, “This milestone agreement will allow us to broaden our reach into leading Islamic banks and financial institutions worldwide. Our aim is to transform IrisGuard to a winning player in the global financial services marketplace, and the partnership with Path Solutions is a gigantic step in that direction. It is also an expression of our confidence in Path Solutions’ know-how and ongoing success in its endeavor to provide the most advanced technology available today to the sector it serves”.

Malhas explained that the solution is utilized live at multiple leading banks in the region including Jordan Commercial Bank and Cairo Amman Bank in Jordan and CAC Bank in Yemen and soon three new banks in the MENA region. It provides easy, fast, accurate and secure distinguished services and enables the protection of customers’ privacy information and financial resources.