The $11.3 million will be used to retain and extend global exclusivity agreements with strategic partners and vendors; research and develop new applications utilizing the companys proprietary Power Inlay Technology; secure materials for DisplayCard production; finance the companys acquisition of the DisplayCard assets from nCryptone, and for general corporate purposes. Innovative Card Technologies ISO-compliant DisplayCard enables cardholders to generate and display a dynamic passcode for one-time use. During a home banking login, online merchant checkout or enterprise systems login, the cardholder obtains a new, unique eight-digit number by pressing a button on the card. As prompted, the cardholder then enters the number, proving the presence of the card, and completes the transaction. By utilizing the DisplayCard, banks, enterprise and retailers can strengthen security by enabling dual-factor authentication (when paired with an existing static password). The Federal Financial Institutions Examinations Council (FFIEC) has issued a recommendation for all U.S. financial institutions to institute multi-factor ID authentication by December 31, 2006.
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