Innovative Card Technologies, Inc. (NASDAQ:INVC), developers of the breakthrough ICT DisplayCard security device for e-banking, e-commerce and data access, today announced that Industrial Bank of Korea (IBK) will distribute 12,000 ICT DisplayCards to its employees to authenticate internal systems logon. IBK joins a distinguished group of global financial institutions that are embracing the ICT DisplayCard for multifactor authentication, and is the first firm in the region to use the card in a data systems access application.
“We are excited to use this cutting-edge technology to authenticate our employee’s internal systems account access,” said Ko Wan-Seon, Deputy General Manager of the Information System Department of IBK. “Because the ICT DisplayCard provides the strong security of a one-time passcode in an extremely user-friendly package, we chose the ICT DisplayCard over many other solutions on the market, including bulky tokens.”
IBK will distribute the ICT DisplayCard to its employees company-wide. The bank, which provides a full suite of financial services to both consumers and corporations, has 473 branches in Korea and international offices in New York, Tokyo, Hong Kong, Tianjin, Quingdao, Shenyang and Ho Chi Minh.
IBK is receiving the cards through Innovative Card Technologies’ reseller Innet, which has successfully gained approval from the Korean government’s Financial Security Agency to distribute the ICT DisplayCard.
“This commitment from Industrial Bank of Korea further demonstrates the Korean market’s receptiveness to our wafer-thin one-time passcode card,” said Steven R. Delcarson, Innovative Card Technologies CEO and President. “Other projects in the region include two consumer online banking authentication roll-outs; one that has been successfully delivered, and another that is in production. We are excited to begin authenticating internal systems logins for Industrial Bank of Korea, our first data access application in Korea.”
About Industrial Bank of Korea
Industrial Bank of Korea is a financial institution that provides a range of banking solutions through its three business units. SME Banking offers lending, venture-financing and research services, to small- and medium-sized enterprises (SMEs). Retail Banking offers consumer banking services, including loans, deposits, money transfers, credit cards and trust accounts. Corporate and Institutional Banking provides Internet banking and e-commerce solutions, foreign exchange services, employee retirement plans and consulting services for corporations. IBK also provides international banking services, such as correspondent banking, international factoring, investment banking, foreign exchange trading and financial derivatives engineering as well as bank assurance. IBK has 473 branches in Korea. http://english.ibk.co.kr.
About Innet Co., Ltd.
Innet is a Seoul-based firm focusing on Internet infrastructure, network training, and new multimedia technologies. Since its establishment in 1996, Innet has become the leading provider of Internet networks in the Korean market. Innet’s partners include Cisco Systems.
About Innovative Card Technologies
Innovative Card Technologies (NASDAQ:INVC) was founded in 1993 to add functionalities to payment cards. InCard’s suite of ICT DisplayCards enable dual-factor authentication in a convenient card form. The cards can be configured to offer RFID physical access or payment capabilities, and feature a screen powered by an integrated battery, circuit, and switch. This screen displays a one-time password to verify the presence of the card during online and voice transactions or data systems login. www.incardtech.com.
This press release contains forward-looking statements which are commonly identified by words such as "would," "may," "will," "expects," and other terms with similar meaning. Forward-looking statements are based on current beliefs, assumptions and expectations and speak only as of the date of this release and involve risks and uncertainties that could cause actual results to differ materially from current expectations. The material factors and assumptions that could cause actual results to differ materially from current expectations include, without limitation, the following: ICT DisplayCard adoption, ICT DisplayCard further testing and certifications, dependence on a limited number of suppliers and their capacity, full scale production of the ICT DisplayCard, and limited capital and liquidity. Innovative Card Technologies, Inc. refers interested persons to its most recent Annual Report on Form 10-KSB as amended by Form 10-KSB/A and its other SEC filings for a description of additional uncertainties and factors that may affect forward-looking statements. Forward-looking statements are based on information presently available to senior management, and Innovative Card Technologies has not assumed any duty to update any forward-looking statements.