NW_20050908_en_VASCO and i-flex Sign Solution Partnership

September 8, 2005

OAKBROOK TERRACE, Ill., and BRUSSELS, Belgium, September 8, 2005 - VASCO Data Security International, Inc. (Nasdaq: VDSI) ( www.vasco.com), the global leader in strong user authentication products to the financial sector, today announced that it is cooperating with i-flex® solutions (www.iflexsolutions.com) to integrate Digipass two factor authentication security with [email protected]TM, i-flex’s Internet banking solution. As a result, i-flex customers will be able to enjoy phishing-free e-banking.

VASCO’s VACMAN Controller has been integrated into [email protected].
This means that new or existing [email protected] customers will be able to add Digipass strong authentication to their system by uploading the Digipass secrets into VACMAN Controller and rolling out the soft- or hardware Digipass to the end-users.
i-flex’s offerings include FLEXCUBE®, a complete product suite for retail, consumer, corporate, investment and internet banking, asset management, and investor servicing. The solution offers integrated delivery of banking products across the branch network, including telephone, ATM, POS (Point of Sales) and Internet.

“By partnering with i-flex, we have brought Digipass two-factor authentication to FLEXCUBE customers,” said Jan Valcke, VASCO’s President & COO. “We are convinced that due to this cooperation, more banks will offer Digipass to their customers in other geographies”.

“The combination of [email protected] and VASCO’s Digipass offers banks a secured Internet banking transaction environment against cyber crimes such as phishing, Trojans, virus pharming and identity theft.” said Thomas Mathew, Vice President, Product Management & Knowledge Management, i-flex solutions

About VASCO: VASCO designs, develops, markets and supports patented user authentication products for the financial world, remote access, e-business and e-commerce. VASCO’s user authentication software is delivered via its Digipass hardware and software security products. With over 17 million Digipass products sold and delivered, VASCO has established itself as a world-leader for strong User Authentication with over 390 international financial institutions and approximately 1,700 blue-chip corporations and governments located in more than 90 countries.

About i-flex solutions
i-flex® solutions (Reuters: IFLX.BO & IFLX.NS) is a world leader in providing IT solutions to the financial services industry. i-flex has serviced over 570 customers in more than 115 countries. i-flex’s range of products and customized services enable financial institutions to cut costs, respond rapidly to market needs, enhance customer service levels and mitigate risk.

i-flex and FLEXCUBE are registered trademarks of i-flex solutions.
For information, please visit: www.iflexsolutions.com

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]