Total Contract Value in the Very High Seven-Figure Range Over Three Years
Intellicheck, an industry-leading identity company delivering proprietary on-demand digital and physical identity validation solutions, 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.
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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.
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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.
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Source: businesswire
