Powerhouse Southern Regional Bank Significantly Expands Partnership with Intellicheck
MELVILLE, N.Y.--(BUSINESS WIRE)-- Intellicheck, Inc. (Nasdaq: IDN), an industry-leading identity company delivering proprietary on-demand digital and physical identity validation solutions, today announced a top financial customer has signed a new high value three-year agreement. This agreement expands the initial digital use-cases to also include teller workstation transactions. The total contract value in the high seven-figure range is expected to propel this client to a top three revenue generator for the Company. The new agreement significantly expands the bank's utilization of Intellicheck's cutting-edge identity validation technology. This regional bank is now utilizing Intellicheck's technology in their more than 1,900 branches nationwide.
The initial Annual Contract Value is anticipated to be a low-seven figure revenue amount paid in equal monthly installments for the first year as the product is rolled out throughout its system. The Total Contract Value is anticipated to be a high seven-figure revenue amount. The Company expects the additional contracted revenue to begin in the third quarter of 2025.
Intellicheck CEO Bryan Lewis commented, 'We believe that the growth of this partnership reflects the important role our innovative technology solution delivers as it gives this bank the ability to accelerate customer acquisition and customer protection, while also enhancing bank-customer trust. Good customers benefit from the fraud protection only our unique proprietary technology can provide. We are very excited to significantly expand our relationship and lengthen the contract with this widely recognized regional bank.'
Intellicheck's unique technology enables bank branch personnel to rapidly respond to requests for account changes, credit applications, and new account opening requests while at the same time stopping identity theft.
Intellicheck's partner is a leading regional U.S. commercial bank. With more than $500 billion in total assets, the bank offers a wide range of consumer and commercial services through its wholesale and consumer businesses including consumer and small business banking, commercial banking, corporate and investment banking payments, and specialized lending businesses.
Intellicheck provides both digital and physical identity verification solutions to industries where speed and certainty is crucial. Intellicheck's approach to proving identity is unique. It enables a frictionless customer experience that seamlessly fits into existing workflows using existing technology, scanning devices or Intellicheck's mobile app. Intellicheck's technology solutions provide a proprietary identity verification process that creates a competitive advantage for every business by facilitating rapid customer acquisition and on-going customer retention and trust at the point of service, while preventing unauthorized ID use and stopping identity-based fraud.
About Intellicheck
Intellicheck, the industry leader in identity verification management, prevents the unauthorized use of IDs to stop identity-based fraud. Intellicheck is the only SaaS-based validation and proofing service that uses a unique and proprietary analysis of DMV-issued IDs to create trusted, real-time customer identity verification experiences across a wide variety of sectors, both in-person and digitally. Each year, we validate around 100 million identities across North America, providing a seamless, invisible ID verification with 100% decisioning in under a second. For more information on Intellicheck, visit us on the web and follow us on LinkedIn, X, Facebook, and YouTube.
Safe Harbor Statement
Statements in this news release about Intellicheck's future expectations, including: the advantages of our products, future demand for Intellicheck's existing and future products, whether brand value and market awareness will grow, whether the Company can leverage existing partnerships or enter into new ones, and all other statements in this release, other than historical facts, are 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995 (PSLRA). These statements, which express management's current views concerning future events, trends, contingencies or results, appear at various places in this release and use words like 'anticipate,' 'assume,' 'believe,' 'continue,' 'estimate,' 'expect,' 'forecast,' 'future,' 'intend,' 'plan,' 'potential,' 'predict,' 'project,' 'sense', 'strategy,' 'target' and similar terms, and future or conditional tense verbs like 'could,' 'may,' 'might,' 'should,' 'will' and 'would' are forward-looking statements within the meaning of the PSLRA. This statement is included for the express purpose of availing Intellicheck, Inc. of the protections of the safe harbor provisions of the PSLRA. It is important to note that actual results and ultimate corporate actions could differ materially from those in such forward-looking statements based on such factors as: market acceptance of our products and the presently anticipated growth in the commercial adoption of our products and services; our ability to successfully transition pilot programs into formal commercial scale programs; our ability to successfully implement and monetize new and expanded relationships with clients; continued adoption of our SaaS product offerings; changing levels of demand for our current and future products; our ability to reduce or maintain expenses while increasing sales; our ability to successfully expand the sales of our products and services into new areas including health care and title insurance; customer results achieved using our products in both the short and long term; success of future research and development activities; our ability to successfully market and sell our products, any delays or difficulties in our supply chain coupled with the typically long sales and implementation cycle for our products; our ability to enforce our intellectual property rights; changes in laws and regulations applicable to our products; our continued ability to access government-provided data; the risks inherent in doing business with the government including audits and contract cancellations; liability resulting from any security breaches or product failure, together with other risks detailed from time to time in our reports filed with the SEC. We do not assume any obligation to update the forward-looking information.
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