A panel-sized fabrication process for integrated module boards (IMB) is introduced. The IMB technology enables very high density solderless integration of active and passive components inside rigid or flexible organic substrates. With these interconnection structures signal distances are minimized and high performance electrical Cu-to-Cu or Cu-to-Ni/Au contacts are achieved. IMB is an environmentally friendly technology that is based on photoimagible polymers and additive or semi-additive plating processes. To meet the requirements of mass production, the panel-sized process has been developed. The first signal layer is fabricated subtractively. Metallizations of microvias and the second signal layer are realized with an additive process. Active components are automatically assembled and embedded inside drilled troughholes and electrically contacted with a special technique. Photodefinable epoxy-based build-up layers are produced subsequently. Inductors and capacitors are integrated into the smart card modules. Reliability of the modules has been evaluated by mechanical and electrical test methods and the results are presented.