IDnow launches KYC solution for crypto providers

IDnow, a provider of an Identity-as-a-Service platform that can verify users in real time, has launched a KYC solution for crypto providers.

The company has launched the new solution is in response to the unprecedented growth of the worldwide crypto currency industry, which is leading to an increasing need for trust and further regulation.

IDnow Crypto-Ident enables crypto providers to comply with even the strictest regulations while ensuring a state-of-the-art user experience according to the company.

It combines AI-based image recognition and patented security technologies, which accurately detects the most minor deviations from genuine ID documents and therefore significantly reduces the risk of fraud. Furthermore, the semi-automated verification process is controlled by a ident-specialist which considerably accelerates the digital onboarding and further improves security, the company added.

According to their respective KYC needs, crypto providers can choose between IDnow Crypto-Ident (Photo) and IDnow Crypto-Indent (Video) – depending on the country they are operating in or the tokens they are using.

With IDnow Crypto-Ident (Photo) providers can identify their customers securely, frictionless and in an economic way. The video solution ensures providers who have to conform to the strictest AML-legislations highest security standards and a complete compliance with the law within the digital onboarding process.

Rupert Spiegelberg, CEO of IDnow, stated: “With IDnow Crypto-Ident we broaden our product range to give ICOs and crypto providers the possibility to literally know their crypto-customers according to their specific demands. We are proud to deliver a pioneering new solution to the global community of crypto providers with the most advanced technology in the market. Our mission is to ensure the highest security standards for Crypto customers and to power trust in the crypto ecosystem.

Headquartered in Munich, Germany, IDnow claims its Identity-as-a-Service platform can verify the identities of more than 5.1 billion people from 65 different countries in real time. Its patent-protected video identification and e-signing solutions helps its clients save money, improve customer conversion rates and streamline the onboarding process. Founded in 2014, its clients include international blue chip companies such as Commerzbank, UBS, Sixt, Erste Bank and Telefonica Deutschland, FinTechs like Fidor, N26 and smava as well as many blockchain-based companies.

Global regulators are currently in the process of discussing how and if the Crytocurrencies market should be regulated.

The Bank of England governor Mark Carney recently called for Cryptocurrencies to be regulated. Speaking at the inaugural Scottish Economics Conference, Carney said that the currencies themselves could present a future risk to financial stability and called for them to be more rigorously regulated.

The European Union also recently warned that it will regulate cryptocurrencies if an effort is not made to tackle risk. While many investors have capitalised on the global boom in cryptocurrencies to make millions, others have suffered heavy losses and there is increasing concern of the potential for them to be used in crime.

Copyright © 2018 RegTech Analyst

Enjoyed the story? 

Subscribe to our weekly RegTech newsletter and get the latest industry news & research

Copyright © 2018 RegTech Analyst


The following investor(s) were tagged in this article.