SINGAPORE: Forise International Limited, through its subsidiary Prisma Technologies Pte Ltd, has secured a contract to provide management consulting services to enhance the security of a payment gateway owned and operated by Denmark-based cryptocurrency trading firm Capverto.

Over two phases spanning 26 weeks and 22 weeks respectively, Prisma Technologies will advise Chennai-based Trident Solutions FZE, the lead systems integrator for the US$1.9 million (S$2.7 million) enhancement project, on the implementation of visual recognition and location intelligence solutions for Capverto.

These solutions will provide an extra layer of authentication and security for Capverto’s cryptocurrency payment gateway.

The location intelligence solutions are from Pitney Bowes Inc, a global technology company providing commerce solutions that power billions of transactions worldwide.

The visual recognition solutions hail from Singapore-headquartered Prisma AI Corporation Pte Ltd.

The contract, which will have a positive impact on Forise’s financial results for the year ending 31 December 2020, marks Prisma Technologies’ second project following its incorporation in October last year. The first, announced on 21 October 2019, was a contract to manage a US$2.34 million visual recognition security project for aviation and highway automation systems in Africa and Asia.

Prisma Technologies is a joint venture between Forise and Prisma AI which incorporates visual recognition, image search, machine learning, video analysis and remote sensing capabilities into a proprietary software that it markets to governments and businesses worldwide. In business for more than 20 years now, the Prisma AI group counts BMW, Ikea, Vodaphone as well as a number of airports among its clients.

Mr Shreeram Iyer, Director at Prisma Technologies and Group CEO of Prisma AI, said: “While Prisma Technologies is a start-up, its experience in security and surveillance using visual recognition is extensive because its lineage is tied to Prisma AI. Prisma AI’s opensource visual recognition solutions have been trusted by governments and businesses for years and can be seamlessly integrated into any existing infrastructure to enable users to significantly sharpen their security or surveillance capabilities. We believe this is something that will continue to be in demand across many industries for years to come.”

Mr Vivekanth T, Vice-President and Chief Operating Officer of Trident Solutions FZE, said: “Prisma is no stranger to Trident Solutions and Pitney Bowes as its forte in visualbased detection using artificial intelligence is well known in the industry. We believe the end-client will find Prisma’s capabilities extremely relevant and useful, especially at a time when data protection and cybersecurity are high on the agenda of businesses and governments alike.”