IDnow, a company nominated in the 2018 FinTech50 listing of the hottest European start-up businesses, has launched the next generation of its Identity Verification-as-a-Service platform that will enable companies to verify the identities of more than seven billion potential customers online easily and securely, and in compliance with regulatory Know Your Customer (KYC) requirements across Europe and beyond.
The IDnow platform – which is already trusted by several hundred companies across Europe, including UBS, Commerzbank and Telefonica – has been significantly enhanced with biometric, computer vision and security fraud detection technologies that gives it “the most extensive ID verification capabilities in the market” able to meet more identity verification use cases than any other platform.
The IDnow platform meets the high security and fraud detection requirements of strictly regulated environments for financial services and telecommunications sectors in countries like Germany, Switzerland and other European countries and is fully compliant with all relevant regulations and directives such as the AML regulation, eIDAS, the General Data Protection Regulation and PSD2.
In addition, the platform meets the business requirements for speedy and simple workflows that reduce customer on-boarding friction for non-regulated or lightly regulated sectors such as mobility, travel, recruitment and the sharing economy.
Features of the solution include:
*Fully-automated ID verification process including facial recognition, Optical Character Recognition and hologram and other anti-fraud detection features
*Video-based, agent-assisted ID verification workflow to meet specific regulatory environment requirements as well as to help ‘last mile’ conversion for customers unable to complete the automated process
*Integrated Issuance of Qualified Electronic Signature certificates for E-Sign solution
The IDnow platform can be easily integrated into a company’s service application and customers can complete an identification check quickly and easily from a smart phone. For industries or countries with more stringent security regulations, the platform will continue to offer video chat-based identity verification.
“As we do more online, digital identities are becoming the new currency, so knowing your customers has become more important than ever,” explained Rupert Spiegelberg, CEO at IDnow. “Companies need an easy, trusted and compliant way of finding out who their customers really are. We believe our platform can offer just that. In addition, with full automation and compliance, organisations can rely on one platform for international requests, helping to bridge the gap in the market. As an end user, this means no more posting of copies of passport/proof of address, no more having to be present yourself at a physical branch and, for corporate customers, lower costs and higher success in customer acquisition.”