Though we mostly rely on mobile gadgets to handle our everyday basis chores, they incessantly run into old-style requirements to present paper-based forms of ID to verify a wide range of transactions. To eliminate this cumbersome step, IDnow wants to make authentication as easy as taking a selfie.
IDnow has launched an AI-based service for identity verification that will enable companies to verify the identities of more than 7 billion potential customers online, easily and securely, in compliance with regulatory Know Your Customer (KYC) requirements across Europe and beyond.
The AI is a mobile-based financial technology and it also appeals for automotive, crypto, insurance, and telecom companies. Basically, anybody who wants to sell you something that requires authentication for authorized or monetary causes by way of a smartphone is a possible goal for IDnow’s verification-as-a-platform.
IDnow’s AI meets the high security and fraud detection requirements of strictly regulated environments for financial services and telecommunications sectors in many different countries like Germany, Switzerland and other European countries.
It is also fully compliant with all relevant regulations and directives such as AML regulation, eIDAS, GDPR, and PSD2.
The unique feature of the system is that it is fully automated, which means it verifies people identity automatically with the help of other supporting technologies like facial recognition, Optical Character Recognition and hologram, and other anti-fraud detection features.
For industries or countries with more stringent security regulations, the platform will continue to offer video-chat based identity verification.
It’s video-based agent-assisted ID verification workflow meet specific regulatory environment requirements as well as to help last-mile conversion for customers unable to complete automated process. The system also came with an integrated Issuance of Qualified Electronic Signature certification feature for verifying E-Sign.
“As people get more used to it, technology such as facial recognition is getting better at discovering fakes and attempted fraud,” said IDnow CEO Rupert Spiegelberg.
“Our key challenge is to really target those new and broadening sectors and to roll out across many countries. I think we really are very much in the early days of the growth cycle of this business.”
The IDnow AI service can be easily integrated into a company’s service application and customers can complete an identification check quickly and easily from a smartphone.
The AI service platform meets the business requirements for speedy and simple workflows that reduce customer onboarding friction for non-regulated or lightly regulated sectors such as mobility, travel, recruitment, and the sharing economy.
IDnow’s Autoldent service take a selfie and then AI-powered algorithms match it with databases the company has gathered to verify it against a wide range of government-issued IDs from 193 countries.
To ensure that everything must smoothly it has provided with massive engineering feat, and to correct lighting issues and the quirks of different operating systems, handsets, and camera quality.
Companies can also opt to use a version that includes additional verification by an agent. And because the company has an API, the technology can be built right into third-party apps to make it part of the onboarding process.
Data continues to show that it’s a clunky signup or onboarding system where companies are at the greatest risk of losing potential customers, Spiegelberg said. Some customers who have started using IDnow have seen their conversion rate improve by 50 percent, he added
IDnow has nominated to the 2018 FinTech50 list of hottest European start-ups. It’s the platform, already trusted by several hundred companies across Europe, including UBS, Commerzbank, and Telefonica has been significantly enhanced with biometrics, computer vision, and security fraud detection technologies that give it the most extensive ID verification capabilities in the market, able to meet more identity verification use cases than any other platform
“IDnow has invested millions of euros over the last years implementing the most sophisticated countermeasures to beat fraudsters, and we are constantly improving our services to counter the latest types of attacks,” Spiegelberg said in the statement.
Founded in 2014, Munich-based IDnow has raised $12 million in venture capital and has 300 employees. It’s targeting an authentication market worth potentially billions.
Companie’s biggest challenge remains its ability to expand fast enough as other competitors advance. That may eventually be a function of its ability to raise money and hire fast enough, two places were Silicon Valley still often holds an advantage over European competitors.
“Serving over 130,000 savers across Europe, we needed an identity verification solution that was fully integrated and customizable for our customers as well as being fully compliant with all regulatory requirements in the countries in which we operate.
“Having assessed the marketplace, we believe that the IDnow platform is the best available solution for our business in Germany and Austria today. Our reputation rests on security and excellence in customer service, so having the ability to detect security features on personal ID documents with industry-beating certainty is something we will certainly be evaluating.” Daniel Berndt, chief client officer, Raisin.
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