Prominent Financial Institution expands partnership with Intellicheck

By Edlyn Cardoza

A prominent domestic and international financial institution has renewed and expanded its partnership agreement with Intellicheck, Inc. The multimillion-dollar contract renewal includes a price increase and a commitment to a minimum 20% increase in transaction volume. In addition to expanding physical use cases, they intend to introduce digital use cases in 2023.

Intellicheck’s 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, utilise Intellicheck’s technology solutions to speed up credit applications while stopping fraudulent account openings and account takeovers. Tellers at its bank branches utilise Intellicheck to prevent account takeovers 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 over 200 million customer accounts and operates in more than 160 countries and jurisdictions.

Intellicheck provides 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 used at BNPL providers, more than 30,000 retail locations, and multiple law enforcement and state agencies.