Intercede signs deal with large unnamed European bank
Intercede Group
105.50p
16:55 25/04/24
Software and service company Intercede has signed a contract with an unnamed large European bank, it announced on Thursday.
FTSE AIM All-Share
753.12
16:50 25/04/24
Software & Computer Services
2,390.57
17:09 25/04/24
The AIM-traded firm said that under the agreement, it would supply its MyID product for more than 10,000 employees, in addition to recurring support and maintenance services.
It said the deal was worth more than £0.25m over a three-year period, with most of that value accruing in the first 12 months of the contract period.
Intercede said its MyID product would enable the bank to eliminate a reliance on the use of potentially insecure passwords for its internal systems security.
In doing so, the bank would become more resistant to social engineering and other cyber-attacks based on compromising employee passwords, the board explained.
By deploying more robust methods of authentication, the bank would be able to reduce instances of fraud and improve the level of privacy and security provided to customers.
As a result, the bank would apparently reduce its overall financial risks and exposures under the upcoming EU's General Data and Protection Regulations.
“This contract was secured following a comprehensive and exhaustive tender process over an extended period,” said Intercede chairman and chief executive Richard Parris.
“Our success demonstrates that Intercede's MyID product for employees remains the top of its class, is technically relevant and commercially viable for some of the world's largest and most security sensitive companies.
“I am delighted we secured this win in a country with a strongly competitive local market thereby proving our capacity to project our sales and technical support capabilities into the wider EU marketplace.”