The company has secured a second round of Horizon 2020 funding to develop its IDAaaS service aiming to enable financial service providers and other businesses across Europe to verify the identity of a new customer—either an individual or an organisation—using electronic identity (eID) and digital verification of paper ID, as well as other technologies including registry lookup, facial recognition, and other innovations.
The grant follows the completion of phase one, undertaken by Signicat and funded by Horizon 2020 in December 2016. This analysed the need for and applicability of digital onboarding in selected countries.
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. This has created a fractured ecosystem lacking consistency across borders.
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, and identified the gaps where Signicat could offer IDAaaS.
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