Signicat, a provider of electronic identity and electronic signature solutions, has secured €1.36m in phase two funding from the EU’s Horizon 2020 programme.
The grant follows the completion of phase one, undertaken by Signicat and funded by Horizon 2020 in December 2016. Working with Innopay, Signicat discovered that on average, European eID schemes provide 69% of the information that financial institutions need in order to on-board a customer wholly digitally.
Signicat will use the new funds to further develop its IDAaaS (Identity Assurance as a Service) toolbox for use across Europe in order to resolve the issue. Its IDAaaS service enables financial service providers across Europe to verify the identity of a new customers, either an individual or an organisation, It uses electronic identity (eID) and digital verification of paper ID, as well as other technologies including registry lookup, facial recognition, and other innovations.
As a result, a business can comply with complex KYC (Know Your Customer) requirements, fuelling its aim to create a single digital ID market in Europe in which financial service providers can sign up consumers across borders.
Signicat CEO Gunnar Nordseth said: “A single digital ID market in Europe is vital so that financial service providers can easily offer their services across borders without the customer struggling to assert their identity. Cross-border digital ID creates greater choice and convenience for the customer, and opens up new markets for financial institutions. While eIDAS is a step in the right direction, it does not yet go far enough. Our vision is to integrate eIDs across Europe, making on-boarding customers simple for financial institutions and their customers, while still meeting KYC regulations.”
The EU’s eIDAS regulations aim to help financial services across Europe meet KYC requirements through digital IDs. While eIDAS provides a standard regulatory environment with different levels of assurance for different levels of risk, it is up to member states to define the tools needed for each level of assurance.
Based in Trondheim, Norway, and founded in 2007, Signicat is looking to ditch manual, paper-based processes and replace them with digital identity assurance, customer accelerating on-boarding. Using its solutions, service providers can rapidly grow market share, easily acquire new customers, and ensure compliance with financial, privacy and data protection regulations including AML and KYC.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
