Europe's Leading Platform Provider Receives Compliance Extension for Fully Automated Identity Verification
MADRID, Nov. 1, 2022 /PRNewswire/ -- IDnow, one of Europe's leading providers of identity verification, announces the compliance extension of its AutoIdent solution in combination with Qualified Electronic Signature (QES) together with its provider of Namirial trust services. The conformance extension was approved by the Italian Digital Agency (Agenzia per l'Italia Digitale, AGID) and is valid throughout the European Union.
The compliance expansion, which comes about a year after IDnow first enabled the automated identity verification solution for highly regulated use cases, includes the approval of two innovations. First, the company received approval for the first fully automated, AI-based identity verification system, which does not require a mandatory manual review by an identification agent. This is possible thanks to the quality, security and reliability of automated fraud prevention checks, which improve the customer experience thanks to their real-time results.
The extension makes the IDnow AutoIdent product with QES the first approved by AGID (Agenzia per l'Italia Digitale) validated in the European Union capable of issuing QES certificates based solely on the data of the final consumer captured during a verification process of automated identity with the help of a fraud prevention system based on artificial intelligence.
The solution can be used in most European Union countries thanks to the Fifth and Sixth Directives. Under these directives, the European Union has established and expanded "Know Your Customer" (KYC) identification methods for remote onboarding and criminal offences. The main objective is to align the European market around financial services. The result of the harmonization of remote onboarding methods allows the IDnow group to offer the financial and banking sectors a uniform tool to comply with their AML (Anti-Money Laundering) and anti-money laundering obligations, optimizing these investments. and conducting business more consistently across borders.
Second, the approval is related to the use of NFC technology according to ICAO 9303, an international standard that defines the specifications of machine-readable travel documents (MRTD), issued by the International Civil Aviation Organization (ICAO). . Therefore, IDnow can use NFC technology to read the chips of compatible documents as part of automated identity verification.
These innovations result in one of the fastest and most secure processes available on the European market, while also significantly increasing conversion rates.
Identity verification based on AI algorithms marks a new milestone
"This is not only a big step for IDnow as the industry leader in identity verification, but also a milestone for AI-based identity verification in general," says Johannes Leser, Vice President of Trust Services at IDnow. "Building on this expanded compliance, our QES-powered AutoIdent product offers trusted data validation and fraud prevention that provide a high level of security for a tightly regulated environment."
About the IDnow group
IDnow is a leading global identity verification platform with a vision to make the connected world a safer place. The IDnow platform offers a broad portfolio of solutions, ranging from automated to human-assisted, from purely online to point of sale. Each method is optimized for excellent conversion rates and the best user experience, while ensuring the highest security standards.
The company has offices in Germany, the UK and France and is backed by renowned institutional investors, led by Corsair Capital. Its portfolio of more than 900 international clients spans a wide range of industries, including leading international companies such as Western Union, UBS, Sixt and Munich Re, as well as digital champions such as N26, Solarisbank, wefox and Tier Mobility.
For more information, visit https://www.idnow.io.
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