RegTech IDnow has unveiled its new identity verification product AutoIdent Substantial.
The product is leveraging artificial intelligence and has been approved for certification to meet the EU eIDAS regulation following the eID Level of Assurance at Substantial. IDnow claims it has become the first company to have an automated solution that fulfills the EU eIDAS regulation at substantial.
“IDnow is proud to be the only company to possess an approval for certification at this level of assurance for a fully-automated AI product,” said Andreas Bodczek, CEO at IDnow. “Understanding the industry and the emerging needs of our clients and prospective users, we knew what to do and harnessed our technological and regulatory leadership. This is a game-changing development as the benefits of digital identity verification become available to a much wider range of services.”
AutoIdent Substantial offers digital identity verification using ID document verification, authenticity check, biometric detection, optional agent review ando Optional capability for an advanced electronic signature for contract signing with a trust service provider.
IDnow said that health insurances or health care providers will benefit particularly from the know your customer solution. It use cases such as customer portal onboarding, access to electronic health records or issuance of health insurance cards.
The news comes on the back of IDnow acquiring Wirecard Communications Services in September after Wirecard imploded in June in a blaze of fraud allegations and $2.1bn being missing from its accounts.
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