The EU Digital Identity Wallet is an initiative under the European Commission and aims to create a unified digital identification system across Europe.
KYC platform Electronic IDentification recently explained what the digital wallet is and why firms should care.
It stated that this EU Digital Identity wallet would allow European citizens to safely store their documents and personal information in an app. These documents include identity documents, driving licences, medical records, bank cards and university degree titles. This app would then be usable across all EU member states.
Through this app, users would have a simplified way to be identified in every aspect of their life across the whole EU, making processes and everyday lives much easier and simpler.
It added that the ID wallet would allow citizens to enrol in a European university, apply for a scholarship, buy medicine and complete many other tasks.
The post said, “The goal of the European digital identity wallets is to simplify citizens and public administration transactions and carry them out online without any issues.”
Electronic IDentification is the only provider in Europe with an owned solution following an end-to-end identification video process and qualified electronic signature through a qualified certificate in a transaction that takes seconds.
It provides a qualified electronic signature that can be issued without the intervention of any other provider. This signature is compliant with various regulations, including AML5, KYC and eIDAS.
Read the full post here.
The RegTech company previously released a report exploring what advanced electronic signatures are and why firms should care.
Electronic IDentification founder and CEO Iván Nabalón recently spoke with FinTech Global highlighting where the company started its journey and how it is paving the way for digital identification technology.
Nabalón said, “The problem with the digital certificates 20 years ago is you had to do the face identification before the issuance of the qualified electronic signatures in person, offline. We solved this, and have been working all these years, on one side with the technology and on the other with the regulators.”
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