BQT names $32.5m client as Monoco

Stan Beer
Sunday, 04 September 2005 17:23

IT Industry - Listed Tech

Biometric technology provider, BQT Solutions Limited (ASX:BQT) has announced the name of an international client flagged in June for a $32.5 million deal.

The client, UK-based Monoco Limited, "has officially released to the market their breakthrough Brand Card Payment technology which will have a major impact on the Credit Payment Cards worldwide," said BQT managing director, John Genner.

BQT’s R&D team has spent over 2 years in working with Monoco Limited on a special component for integration into Monoco's technology. The relationship with Monoco Limited is ongoing as the BQT technical team will work on future technology rollout.

The technology involves what is claimed to be the worlds first automated transaction system for retailers to issue and accept Brand Cards at terminals in retail outlets. Each transaction is processed and audited in real-time for retailers to receive daily record of every valid transaction.

When a Brand Card is inserted in a terminal a set of numeric constants are generated, and each numeric constant is a discrete identifier for the card – face – user which combine to form a binary matrix, a precision identifier which validates a card and user in real-time at the server for the cost of a phone call. A facial image is retrieved from the card and displayed on the POS terminal. The fingerprint template is stored in the card and verified by a physical match or a scramble pin pad number, unique to the card holder. There is no name physically on the card which is designed to enhance security if the card is lost or stolen.

Under the BQT receives ₤4,000,000 (A$9,500,000) on the assignment of BQT’s intellectual property and BQT will supply product to the value of ₤9,600,000 (A$23,000,000).

BQT shares closed 2c up to finish on 34c in a heavy day of trading, with turnover of just short of $2.5 million.