Top Five U.S. Bank Accelerates Hardware Order to Fast-Track Deployment of Intellicheck’s In-Branch Identity Verification Platform
September 03 2021 - 8:13AM
Business Wire
Expanded Use Case Verifying IDs and Passports
Averts Identity Theft and Fraud
A top five U.S. bank has accelerated its purchase of hardware
through Intellicheck, Inc. (Nasdaq: IDN) to advance the newest
deployment of Intellicheck’s identity verification platform at bank
branches nationwide. The third quarter delivery of the previously
announced $1.3 million hardware sale, now positions the bank to use
Intellicheck’s passport authentication capabilities in addition to
its driver license authentication solutions.
This hardware order that was originally anticipated to be split
between the third and fourth quarters accelerates the ability for
this prominent globally recognized bank to provide clients with
unprecedented confidence in the security of in-branch financial
transactions.
Intellicheck CEO Bryan Lewis said, “By accelerating the delivery
of this hardware order the bank is now in the position to arm their
tellers to stop fraud quickly and effectively for in-branch
transactions. We believe that the critical first step for our
customers whose clients are executing a transaction is answering
the most vital question with certainty. Is the person doing the
transaction the real person or are they using falsified
documentation? Failing to answer that question with certainty based
on identity validation opens the door to validating an imposter.
Our verification process is 99% accurate and we believe that we do
it like no one else and that’s why even law enforcement agencies
across the country have deployed our innovative technology
solution.”
Although hardware isn’t a core component of Intellicheck’s
business, from time to time the Company will sell hardware in
conjunction with an implementation that does not use existing
equipment. Hardware sales carry significantly lower gross margins,
in this case approximately 20%, versus our most recently reported
SaaS gross margin of 93.3%.
With headquarters in New York and business in more than 160
countries and jurisdictions, this top 5 bank is already using
Intellicheck’s leading identity verification technology with retail
clients including the largest North American electronics retailer
for credit card applications and account look-ups.
About Intellicheck
Intellicheck (Nasdaq: IDN) is a trusted industry leader in
technology solutions that stop identity theft and fraud with rapid,
accurate identity verification. We make it possible for our clients
to increase revenues, improve customer service, and increase
operational efficiencies. The company is focused on partnering with
banks, credit card issuers and retailers as well as law enforcement
agencies, national defense clients and diverse state and federal
government agencies. For more information on Intellicheck, visit us
on the web and follow us on LinkedIn, Twitter, Facebook and
YouTube.
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