Top Five Domestic and Global Bank Expands Partnership with Intellicheck In Multimillion-Dollar Contract Renewal

Rhea-AI Summary

A prominent financial institution has renewed and expanded its partnership with Intellicheck (Nasdaq: IDN), committing to a multimillion-dollar contract with a price increase and a minimum 20% rise in transaction volume. The collaboration will broaden physical applications and introduce digital use cases in 2023. Intellicheck's technology enhances client onboarding, stopping over 99% of fraud. The institution serves over 200 million customers globally, with $1.7 trillion in assets, emphasizing the value of Intellicheck’s identity validation solutions.

Positive

• Renewed partnership with a major financial institution, ensuring continued business.
• Contract includes a minimum 20% increase in transaction volume, indicating strong confidence in Intellicheck's solutions.
• Expansion of use cases into digital applications, enhancing market reach.

Negative

• None.

MELVILLE, N.Y.--(BUSINESS WIRE)-- A prominent domestic and international financial institution has renewed and expanded its partnership agreement with Intellicheck, Inc. (Nasdaq: IDN). The multimillion-dollar contract renewal includes a price increase and a commitment to a minimum 20 percent increase in transaction volume. In addition to expanding physical use cases, they intend to introduce digital use cases in 2023.

Intellicheck CEO Bryan Lewis said the Company’s cutting-edge technology solutions give financial institutions a distinct competitive advantage. “Our fully automated identity validation tools help our financial partners expand their business by making it easier to onboard new clients while stopping more than 99% of fraud with near 100% conversion rates. Our client’s expansion of the partnership underscores the recognized value Intellicheck’s proven solutions deliver.”

Intellicheck’s identity validation solutions provide results in under a second for the bank’s retail clients in-store at the point of sale, online, and at bank teller workstations. The globally renowned bank’s retail customers, including the largest North American electronics retailer, utilize Intellicheck’s technology solutions to speed up credit applications while stopping fraudulent account openings and to stop account takeover. Tellers at its bank branches utilize Intellicheck to stop account takeover and meet AML and KYC requirements.

The top five bank is an American multinational investment bank and financial services corporation with $1.7 trillion in assets and is one of the top three credit card issuers in the U.S. The worldwide financial enterprise serves more than 200 million customer accounts and does business in more than 160 countries and jurisdictions.

Intellicheck provides both digital and physical identity verification solutions for fintechs and financial services companies including many of the top 12 banks and credit card issuers using Intellicheck’s flexible technology solutions at brick-and-mortar locations as well as online through a browser or mobile device. The Company’s frictionless solutions are also in use at BNPL providers, more than 30,000 retail locations, and multiple law enforcement and state agencies.

About Intellicheck
Intellicheck (Nasdaq: IDN) is an identity company that delivers on-demand digital identity validation solutions for KYC, fraud, and age verification needs. Intellicheck validates both digital and physical identities for financial services, fintech companies, BNPL providers, e-commerce, and retail commerce businesses, law enforcement and government agencies across North America. Intellicheck can be used through a mobile device, a browser, or a retail point-of-scale scanner. For more information on Intellicheck, visit us on the web and follow us on LinkedIn, Twitter, Facebook, and YouTube.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230105005131/en/

Media and Public Relations: Sharon Schultz (302) 539-3747

Investor Relations: Gar Jackson (949) 873-2789

Source: Intellicheck, Inc.

FAQ

What recent partnership did Intellicheck, Inc. secure?

Intellicheck has renewed and expanded its partnership with a major financial institution, adding a multimillion-dollar contract.

What is the significance of the renewed contract for Intellicheck (IDN)?

The renewed contract includes a 20% increase in transaction volume, reflecting strong confidence in Intellicheck's solutions.

What kind of fraud prevention capabilities does Intellicheck offer?

Intellicheck's technology stops over 99% of fraud, significantly improving client onboarding processes.

How large is the financial institution partnering with Intellicheck?

The partnering financial institution has $1.7 trillion in assets and serves over 200 million customer accounts globally.