Ipsidy Announces Phil Kumnick to Join Board

LONG BEACH, New York, Nov. 4, 2019 /PRNewswire/ -- Ipsidy Inc. (www.ipsidy.com) (OTCQX: IDTY), a provider of an Identity as a Service (IDaaS) platform and a suite of secure, mobile, biometric identity solutions, available to any vertical, today announced that Phillip L. Kumnick has agreed to join the Board of Directors.

Mr. Kumnick brings a wealth of industry experience to the Board with over 30 years as a senior executive in the payments industry. From 2010 to 2018 he was Senior Vice President Global Acquirer Processing at Visa, Inc., and was the executive in charge of leading and growing Visa's acquirer and merchant processing services and omni-channel solutions on a global basis. Mr. Kumnick was also a key contributor to the design of the Secure Remote Commerce (SRC) standard now being rolled out by the card brands, which aims to provide a simple and secure card payment experience. SRC uses tokenization to protect consumers' sensitive data and intelligent identity authentication to help distinguish legitimate cardholders from fraudsters. Phil was the product owner and developer of Visa's critical entry into encryption and tokenization products and services for their acquiring partners for transactions at the physical point of sale.

Prior to joining Visa, Mr. Kumnick had a brief stint as the leader of the Cards & Payments practice of Cap Gemini, which he joined from TSYS Acquiring Solutions. Phil was a Senior Vice President at TSYS from 2001 to 2009, with responsibility for leading the Product Management team and expanding the Company's portfolio of merchant and acquirer products. He was also a leader of key M&A activities, including business development and strategic investment in Europe, Latin America and Asia, and helped expand TSYS' client footprint to over 70 countries.

Phil Kumnick started his payments career at MasterCard International where he worked from 1988 to 2000, in various capacities, rising to Vice President & Chief Settlement Officer – Global Settlement Operations. In that role he was responsible for the 7 x 24 x 365 mission critical clearing and payment operations of a $3.0 billion per day global EFT and treasury operation. He was a strategic subject matter expert and key contributor to the evolution of MasterCard's global processing functions.  Mr. Kumnick has an MBA- Finance and a BS Finance from St. Louis University.

"We are delighted that Phil Kumnick has agreed to join Ipsidy as a director," said Philip Beck, Chairman and CEO Ipsidy Inc. "At this critical stage of the Company's development, which we believe is at an inflection point, we welcome Phil's extensive experience and depth of knowledge, in particular in the fields of security, platform operations and international markets. We believe that he will have a significant contribution to make to helping us achieve our goals."

Phillip Kumnick added, "I have been following Ipsidy's progress for some time and believe that the IDaaS platform they have built has tremendous potential for delivering innovative identity solutions, which are so desperately needed in today's digital world. I very much look forward to working with the Ipsidy Board and the Ipsidy leadership team to help them execute their plan."

About Ipsidy

Ipsidy Inc. (OTCQX:IDTY) www.ipsidy.com is a provider of an Identity as a Service (IDaaS) platform that delivers a suite of secure, mobile, biometric identity solutions, available to any vertical, anywhere.  In a world that is increasingly digital and mobile, our mission is to help our customers know with biometric certainty the identity of the people with whom they are engaging.  We provide solutions to everyday problems: Who is applying for a loan? Who is accessing the computer system? Who is in my lobby? Identity creates trusted transactions. Ipsidy's solutions embed authenticated identity and event details with a digital signature and participants use their own mobile device to approve everyday transactions. Our platform delivers identity solutions that work great on their own but even better together.

Ipsidy is headquartered in New York and has operating subsidiaries: MultiPay in Colombia, www.multipay.com.co; Cards Plus in South Africa, www.cardsplus.co.za; Ipsidy Enterprises in the U.K and Ipsidy Perú in Peru. Further information on Ipsidy can be found at www.ipsidy.com.  If you wish to join the Ipsidy partner network and resell our suite of mobile biometric solutions, contact Ipsidy at [email protected].

Notice Regarding Forward-Looking Statements

Information contained in this announcement may include "forward-looking statements." All statements other than statements of historical facts included herein, including, without limitation, those regarding the financial position, business strategy, plans and objectives of management for future operations of both Ipsidy and its business partners, future sales, product and service launches with customers and new initiatives and customer pipeline are forward-looking statements. Such forward-looking statements are based on a number of assumptions regarding Ipsidy's present and future business strategies, and the environment in which Ipsidy expects to operate in the future, which assumptions may or may not be fulfilled in practice. Implementation of some or all of the new services referred to is subject to regulatory or other third party approvals. Actual results may vary materially from the results anticipated by these forward-looking statements as a result of a variety of risk factors, including the risk that implementation, adoption and offering of the service by customers, consumers and others may take longer than anticipated, or may not occur at all; changes in laws, regulations and practices; changes in domestic and international economic and political conditions and others. Additional risks may arise with respect to commencing operations in new countries and regions, of which Ipsidy is not fully aware at this time. See the Company's Annual Report Form 10-K for the Fiscal Year ended December 31, 2018 filed at www.sec.gov for other risk factors which investors should consider. These forward-looking statements speak only as to the date of this announcement and cannot be relied upon as a guide to future performance. Ipsidy expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this announcement to reflect any changes in its expectations with regard thereto or any change in events, conditions or circumstances on which any statement is based.

Contact:
Ipsidy Inc.
Philip Beck,
Chairman and CEO
[email protected]  
+1(516)274-8700

SOURCE Ipsidy Inc.