Intellicheck expands multimillion-dollar digital ID contract with financial customer
New York-based identity provider Intellicheck has announced the expansion of a multimillion-dollar contract with an unnamed financial customer.
Details about the new deal are scarce, but Intellicheck said it includes a price increase as well as a commitment to a minimum 20 percent increase in digital ID transaction volume.
Further, the new agreement will see the expansion of deployments of Intellicheck’s physical use cases alongside the introduction of new digital use cases.
“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 percent of fraud with near 100 percent conversion rates,” comments Intellicheck CEO Bryan Lewis.
According to the executive, the bank’s retail customers, including the largest North American electronics retailer, use Intellicheck’s technology to speed up credit applications while reducing fraudulent account openings and account takeovers.
“Our client’s expansion of the partnership underscores the recognized value Intellicheck’s proven solutions deliver,” Lewis adds.
The financial client’s digital ID contract expansion comes weeks after Intellicheck signed a six-month test of ID document authentication with a city in the U.S. state of South Carolina to spot fake IDs and reduce underage drinking.