IDnow, nominated for the 2018 FinTech50 list of hottest European start-ups, has launched the next-generation of its identity Verification-as-a-Service platform that will enable companies to verify the identities of more than 7 billion potential customers online, easily and securely, in compliance with regulatory Know Your Customer (KYC) requirements across Europe and beyond.
The IDnow platform, 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 places like Germany, Switzerland and other European countries, and is fully compliant with all relevant regulations and directives such as AML regulation, eIDAS, GDPR and PSD2. In addition, the platform meets the business requirements for speedy and simple workflows that reduce customer onboarding friction for non-regulated or lightly regulated sectors such as mobility, travel, recruitment and the sharing economy.
Unique features 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 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 smartphone. 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, IDnow. “Companies need an easy, trusted and compliant way of finding out who their customers really are and 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 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.”
Pavel Subrt, Director at Raiffeisen Bank International, said: “With 16.5 million customers across 14 countries in Europe, we needed an identity verification solution that could cater to the multiple regulatory requirements of each region, as well as address the challenge of new customer acquisition. When it comes to signing up new customers in the banking industry, ‘leakage’ – when we lose customers before they reach the final stage of the application – is a common problem. This is particularly prevalent among the millennial generation. Many prefer to open accounts remotely, so when they are asked to go to a branch to complete the identification process required to open a new account, many choose not to and we simply lose them. We were previously experiencing a leakage rate of up to 60% but now, with IDnow platform, we got an efficient tool for reaching our ambition of significantly decreasing this leakage.”
Delia Koenig, Senior Product Manager, solarisBank AG, said: “As a technology company with a full banking license, solarisBank provides Banking-as-a-Platform to businesses without their own banking license to enable them to offer financial services themselves. The fact that IDnow had an easy-to-integrate, lean API was a big plus to us. IDnow’s video identification service is fully Know Your Customer (KYC) compliant which helps our customers to fight fraud and onboard customers faster.”
Daniel Berndt, Chief Client Officer, Raisin, said: “Serving over 130,000 savers across Europe, we needed an identity verification solution that was fully integrated and customisable for our customers as well as being fully compliant with all regulatory requirements in the countries in which we operate. Having assessed the marketplace, we believe that the IDnow platform is the best available solution for our business in Germany and Austria today. Our reputation rests on security and excellence in customer service, so having the ability to detect security features on personal ID documents with industry beating certainty is something we will certainly be evaluating.”
