NW_20020410_en_VASCO Unlocks New Banking Potential in Latin America

April 10, 2002

OAKBROOK TERRACE, Illinois and BRUSSELS, Belgium – April 10, 2002 – VASCO (Nasdaq NM & Nasdaq Europe: VDSI; www.vasco.com), a global provider of enterprise-wide security products that support e-business and e-commerce, announced today that it has recently won three contracts with Latin American banking institutions in Panama, Chile and Guatemala. VASCO sees this as an important step to unlock the potential key market in Latin America.

Banco Aleman Platina (Panama), the largest Central American bank active in coffee export, will use VASCO’s VACMAN Controller and will offer Digipass to its customers to perform electronic transactions using a token based security system. Banco Aleman Platina plans to reach in the mid-long term a figure of more than 75% of its clients using its token based electronic transfer service. Redbanc (Chile), the provider of the Interconnected Banking Network (RBI) that is used by Chilean banks to transfer electronic funds and information, will implement Digipass strong authentication in an internal security application. Lloyds Bank (Guatemala) trusts on Digipass to allow its employees to securely perform remote access actions. Redbanc and Lloyds have also licensed VASCO’s VACMAN Radius for Middleware.

“The Latin American market is of great importance for VASCO’s longer term strategy,” stated Jan Valcke, VASCO’s Executive Vice President of Sales and Marketing. “We see that the Internet and its derivates are growing very rapidly in this region. Next to that, the Latin American corporate banking world clearly sees the opportunities and the dangers of performing transactions via the Internet. We at VASCO are ready to put our cutting edge array of security products at the disposal of Latin American banking institutions and their customers.”

VASCO secures the enterprise from the mainframe to the Internet with infrastructure solutions that enable secure e-business and e-commerce, protect sensitive information, and safeguard the identity of users. The Company's family of Digipass® and VACMAN® products offers end-to-end security through strong authentication and digital signature, enterprise Single Sign-On, and LAN security, while sharply reducing the time and effort required to deploy and manage security. VASCO's customers include hundreds of financial institutions, blue-chip corporations, and government agencies in more than 50 countries. More information is available at www.vasco.com.

About Banco Aleman Platina:
Banco Aleman Platina is the leading Bank in Coffee export financing from Central America to the USA, Canada and Europe. The Head Office is based in Panama. Banco Aleman Platina has 7 Country Offices in Central America, Mexico, Colombia and Peru. More information is available at www.bancoaleman.com

About Redbanc
Redbanc S.A. is a private society that gives support to banks operation by means of the installation, operation, and development of an ATM Network, and an Interconnected Banking Network (RBI) used to transfer electronic funds and information among the banks and the institutions related. The development of the banking system allows Redbanc to keep ahead with new and revolutionary products and services: Financial Services Network (RSF), File Transference Service (STA), Digital Network to Regions (RDR).

About Lloyds Bank Guatemala
Lloyds Bank Guatemala is a subsidiary of Lloyds TSB International. Lloyds TSB International provides banking and financial services through over 400 outlets in the Americas, New Zealand, Asia, Europe and the UK Offshore islands. Lloyds Bank Guatemala provides services in Corporate banking, Trade finance, Private banking and Retail banking.

Forward Looking Statements
Statements made in this news release that relate to future plans, events or performances are forward-looking statements. Any statement containing words such as “believes,” “anticipates,” “plans,” “expects,” and similar words, is forward-looking, and these statements involve risks and uncertainties and are based on current expectations. Consequently, actual results could differ materially from the expectations expressed in these forward-looking statements.

Reference is made to the Company's public filings with the US Securities and Exchange Commission for further information regarding the Company and its operations.

For more information contact:

Jochem Binst, +32 2 456 9810, [email protected]

Investor Relations:
Annemieke Blondeel, USA +1 630 932 8844, Europe +44 208 298 99 60, [email protected]