BIO-Key International, Inc. ( BKYI ) shares are moving higher on Wednesday after the company announced that the National Bank of Egypt is deploying its PortalGuard platform.

The Details: The deployment of BIO-Key’s PortalGuard will secure access to the bank’s applications by leveraging PortalGuard’s advanced Multi-Factor Authentication and Single Sign-On capabilities.

The implementation of PortalGuard is being done in collaboration with Raya Information Technology. Raya will manage the deployment and coordinate technology vendor resources to implement the process smoothly.

“By securing all access points with multi-factor authentication and eliminating the need for multiple credentials, NBE can now provide employees with Single Sign-On access to all their applications,” said Alex Rocha, Managing Director BIO-key EMEA.

The company said its next goal is to deliver PortalGuard's capabilities to millions of consumers and businesses.

Nicholas Prinz, Regional Director, Middle East and Africa at BIO-key, said “This project highlights the growing need for advanced identity solutions in the Middle East and Africa. We are proud to collaborate with Raya Information Technology to deliver cutting-edge solutions that meet the demands of such a prestigious institution as the National Bank of Egypt.” 

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BKYI Price Action: At the time of writing, BIO-Key ( BKYI ) stock is trading 56.2% higher at $2.14, according to data from Benzinga Pro.

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