Databases can be fragile, as the information inside can be stolen, or corrupted. So, how do you protect against this? TOC Biometrics is an identity verification and biometric signature company. They work without enrollment or a database, by linking the fingerprint directly with the biometric information contained in a Smartphone, Tablet or ID Card. Originating in South America, they achieved international recognition after winning the LatAm Edge Award in 2016. We spoke to International Business Director, Andres Landerretche, to find out more about the company
Please can you give us an overview of TOC Biometrics?
Founded in 2010, TOC Biometrics is specialized in the development of biometric identity verification solutions and services. TOC is focused on biometric authentication, remote and onsite, for the finance and insurance industries. Our platform for biometric mobile authentication allows secure and private transactions between banks and their customers. With TOC On boarding platform, potential customers will be able to use a smartphone to securely send their personal information required by any on boarding process, payment or contracting process and electronic signature. We have more than 120 clients in Chile and Peru and a subsidiary company in London, TOC ID Verification UK Limited.
Why was the company formed, was there a particular issue you were looking to address?
Our founder and CEO, Ricardo Navarro, had the vision of setting up a technological company that could provide worldwide identity verification solutions using biometrics and Artificial Intelligence in order to tackle and solve the identity theft problem.
What has the adoption rate been like for biometric authentication? What industries are currently adopting this technology, and what other industries could benefit?
The adoption rate has been exponential. By 2020, 100% of all mobile devices will have embedded biometrics. It is expected that by 2020 there will be 800,000 million transactions worldwide. We started off offering our services in the Fintech space but now you see more and more opportunities in the Insure tech, Health tech, and government tech space.
You were the winner of the 2016 LatAm Edge Awards, can you tell us a bit more about this award, and how has this impacted upon the business?
The Latam Edge Award recognizes start up companies that have the potential to scale up at global level and use the UK as a platform to grow our business. We are very proud to be the first company to win the Award. We are very grateful for the advice and assistance provided by the prize. It has provided us with a soft landing platform and has allowed us to understand more about the UK business mindset and fintech environment.
What does the future hold for TOC Biometrics?
We are really excited about the future of TOC Biometrics. We are a passionate about identity, privacy and security, values that will be at the cornerstone of the digital economy. We strongly believe our business is in the right niche at the right time and the future looks very promising for our company.
And finally, will the company be looking for funding?
As the business grows and opportunities multiply in many shapes and forms, it is quite possible that we will need funding in the foreseeable future.