Viisage (NASDAQ:VISG)
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Viisage (Nasdaq: VISG), a leading provider of advanced
technology identity solutions, today announced that ABN AMRO, one of
the world's largest international banks, has selected the Viisage
iA-thenticate(R) automated document authentication solution to
facilitate in compliance with pending regulations regarding identity
assurance. The solution represents the largest commercial deployment
of this technology and provides a showcase for other commercial
enterprises worldwide on the effective use of identity solutions.
Viisage's Netherlands business partner, Securitech B.V., managed the
deployment process.
The Viisage solution was selected by ABN AMRO following extensive
competitive testing. This product verifies the authenticity of
identity documents during the new account application process,
utilizing automatic document authentication from the Viisage
iA-thenticate hardware, software and data base system. The solution
scans identity documents such as driver licenses or passports and
determines if the documents are authentic or if tampering has
occurred. This first step in identifying fake documents helps to
prevent fraudulent accounts from being opened and enrollment of
individuals with fake credentials, thereby improving the integrity of
the new account process . The information from authentic documents
that pass the screening is automatically gathered from the ID's and
entered into ABN AMRO's operating system, reducing the time it takes
to create a new account. The solution shared among all the branches is
interoperable, allowing for seamless consolidated quarterly reporting
on new accounts from each of the branches into the Dutch Central Bank.
"We saw the opportunity to use Viisage's technology to propel us
forward in the effort to ensure the integrity of our systems. This
includes thoroughly validating the identity documents presented by
applicants," said Henk van Zanten, Senior Advisor Security Department
for ABN AMRO Bank. "We are very pleased with the results we have
experienced working with Viisage so far."
ABN AMRO, with more than 98,000 employees worldwide in more than
60 countries, is a global leader in the reduction of identity fraud in
the financial services industry and drives new technologies that
support compliance rules. This includes the requirement to maintain
complete documentation for potential customers opening new accounts.
Automating this process electronically helps to ensure the integrity
of applicants and their financial business, ultimately helping to
protect banking customers and investors from loss. ABN AMRO will
implement the Viisage solution across more than 650 branches
throughout the Netherlands, and plans to expand its current deployment
throughout all of its branches globally.
"ABN AMRO, like many financial institutions today, face the
challenge of increased accountability and compliance requirements,"
said Bernard Bailey, president and CEO of Viisage. "We are proud to be
its partner in this initiative, and this contract represents a
critical expansion into new commercial markets where confronting the
growing problems of identity theft and fraud is critical to enable any
company to effectively conduct their operations."
About Viisage
Viisage (NASDAQ: VISG) delivers advanced technology identity
solutions for governments, law enforcement agencies and businesses
concerned with enhancing security, reducing identity theft, and
protecting personal privacy. Viisage solutions include secure
credentials such as passports and drivers' licenses, biometric
technologies for uniquely linking individuals to those credentials,
and credential authentication technologies to ensure the documents are
valid before individuals are allowed to cross borders, gain access to
finances, or granted other privileges. With over 3,000 installations
worldwide, Viisage's identity solutions stand out as a result of the
Company's industry-leading technology and unique understanding of
customer needs. Viisage's product suite includes FaceTOOLS(R) SDK,
Viisage PROOF(TM), FaceEXPLORER(R), iA-thenticate(R) BorderGuard(R),
FacePASS(TM) and FaceFINDER(R).
This news release contains forward-looking statements that involve
risks and uncertainties. Forward-looking statements in this document
and those made from time to time by Viisage through its senior
management are made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements reflect the Company's current views with
respect to the future events or financial performance discussed in
this release, based on management's beliefs and assumptions and
information currently available. When used, the words "believe",
"anticipate", "estimate", "project", "should", "expect", "plan",
"assume" and similar expressions that do not relate solely to
historical matters identify forward-looking statements.
Forward-looking statements concerning future plans or results are
necessarily only estimates and actual results could differ materially
from expectations. Certain factors that could cause or contribute to
such differences include, among other things, the size and timing of
contract awards, performance on contracts, performance of acquired
companies, availability and cost of key components, unanticipated
results from audits of the financial results of the Company and
acquired companies, changing interpretations of generally accepted
accounting principles, outcomes of government reviews, developments
with respect to litigation to which we are a party, potential
fluctuations in quarterly results, dependence on large contracts and a
limited number of customers, lengthy sales and implementation cycles,
market acceptance of new or enhanced products and services,
proprietary technology and changing competitive conditions, system
performance, management of growth, dependence on key personnel,
ability to obtain project financing, general economic and political
conditions and other factors affecting spending by customers, the
unpredictable nature of working with government agencies and other
risks, uncertainties and factors including those described from time
to time in Viisage's filings with the Securities and Exchange
Commission, including without limitation, Viisage's Form 10-K for the
year ended December 31, 2004 and its quarterly reports on Form 10-Q.
Viisage expressly disclaims any obligation to update any
forward-looking statements.