RegTech100 company Electronic Identification (eID),a provider of digital onboarding services, has opened shop in France.
The company, which is headquartered in Madrid Spain, has responded to needs on the ground and set up a permanent office in Paris, hiring a new local team of business developers for the region. In its announcement, the company describes France as a key geography in its new internationalisation strategy.
Following the Paris FinTech Forum last January, E-ID said it couldn’t have been happier with the event. It made its decision to form a Paris following France’s president, Emmanuel Macron, talk on the new national artificial intelligence strategy on March 29.
eID said in a blog post: “He announced that the government has budgeted €1.5m over five years to support the industry and encourage start-ups to set the country on a path to reach the US and China. France has become a country that invests decidedly in artificial intelligence and financial services, emerging as the clear leader in Europe.”
Founded in 2003, Electronic IDentification has created VideoID, which combines video streaming with machine learning and artificial intelligence algorithms to identify people in just seconds, from any device and through any channel.
The company claims that VideoID is creating a new services category in the Internet to identify customers remotely by providing the same technical security and legal compliance as face-to-face identification.
Self-Bank, the Spanish online banking subsidiary of French financial group Boursorama, is using a combination of video-conferencing, biometrics and electronic signatures from eID, to cut registration times for new customers onboarding.
On the other hand, Risk Management Solutions (RMS) uses the eID technology to offer a customer onboarding and KYC solutions that allows obligors an analysis in real time of clients and operations of financial institutions. This helps detect suspicious behaviour in the field of the prevention of money laundering and financing of terrorism.
Last year, Electronic Identification was hand-picked by a panel of industry experts for the RegTech 100, a list of companies that every financial institution should know about in 2018.
Since Q4 2017, more than $3.2bn has been invested in the global RegTech sector. Out of that total, more than $234.6m went to RegTech100 companies, with 25 out of the 100 going onto to raise funds following the award.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
