Fobi AI (TSX-V:FOBI, OTCQB:FOBIF) Inc, a provider of real-time data analytics through artificial intelligence, has announced the release of its new digital identification (ID) solution, AltID, which plugs into the company’s Fobi PassPro enhanced wallet pass platform.
The Vancouver-based technology company said AltID will enable organizations to move from paper and plastic-based analog credential systems to digitally validated credentials in businesses, schools, venues, and across regulated industries.
AltID is a digital ID verification solution that bolts on to PassPro to make credential verification more secure and enable segmented customer engagement. For example, age-specific promotions can be pushed out safely to only those people who are verified as authorized to receive them. AltID makes sure that only verified people get the right promotions, increasing sponsorship revenue and reducing liability issues, said the company.
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Fobi’s AI verifies only the credentials businesses need access to. Once verified, Fobi sends each user their approved Wallet pass, without storing unnecessary personally identifiable information (PII) data as AltID is digitally signed and secured on the Hedera Hashgraph ledger.
For example, AltID’s AI age verification enables venues to control access to age-restricted areas and segment sponsorships using the verified age credentials. Fobi ensures that only the information businesses need to know is verified and used to approve wallet pass distribution, lowering cybersecurity risk. Traditional ID verification processes lead companies to store significantly more PII than necessary. Additionally, biometric and password-protected mobile wallets mitigate fraud.
The potential uses span any PassPro solution such as Loyalty or Fan Pass and across any industry such as employee management, education, sports and entertainment, and retail. AltID also supports regulated markets that struggle to meet government mandates to ensure proper age verification of their customers. Fobi’s recent announcement with Barnet Technologies to jointly promote age verification and employee management for companies in North America will utilize the AltID solution.
The eco-friendly solution enables companies to replace traditional employee plastic cards, or fobs with Fobi’s app-less Wallet pass technology that users can channel to easily perform contactless check-ins by using their mobile phones.
Fobi’s digital ID product AltID is timely as governments across Europe, Asia, the Middle East, Africa, and North America are increasingly moving to digital ID implementations, noted the company.
In 2022, the Canadian province of Ontario is set to roll out and store government-issued ID in digital wallets. For public and private organizations, information can be captured more quickly with unified credentials.
Significantly, digital IDs can help human resources with identifying employee information for building access, validating a student for university exams, or checking for age verification for products like liquor. AltID is a secure and simple digital tool that can be used as the primary credential for accessing any resource.
In a statement, Fobi CEO Rob Anson said: “As a result of our recent Barnet Technologies partnership, we identified the clear need in the market for digital age verification. We believe that AltID is positioned very well to deliver a convenient, secure and app-less mobile age verification solution to regulated industries.”
AltID is the logical next product extension of Fobi’s Wallet pass ecosystem. It supports ongoing digital transformation that is driving the shift to digital identification that companies can’t afford to ignore, said Fobi.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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