Next generation authentication for the digital age

Project Information

NK-52-2016

Grant agreement ID: 745088

DOI

10.3030/745088

Project closed

EC signature date 3 March 2017

Start date 1 April 2017

End date 30 September 2017

Funded under

• Secure societies - Protecting freedom and security of Europe and its citizens

Total cost

€ 71 429,00

EU contribution

€ 50 000,00

Coordinated by

SIA NOTAKEY
Latvia

Periodic Reporting for period 1 - NK-52-2016 (Next generation authentication for the digital age)

Reporting period: 2017-04-01 to 2017-09-30

Summary of the context and overall objectives of the project

In late 2015 European Parliament adopted the revised Directive on Payment Services (or PSD2). For financial companies that meant adopting strong two-factor authentication for bank login and transaction approval. As at that time there were no solutions to solve bank needs on a scale, professionals, who developed Latvian State ID card architecture and e-signature set a mission to come up with the most secure and convenient solution for meeting the regulatory requirements.

Goals of the Feasibility Study:

- collect feedback from financial companies in EU on how best to meet their business, security and compliance requirements;
- do pilot studies with financial companies to assess the risks and prepare USP for the solution;
- look for ways on how to scale the solution beyond finance industry.

Work performed from the beginning of the project to the end of the period covered by the report and main results achieved so far

Things done:

- extensive cold calling and cold e-mailing to banks and financial companies in EU and beyond;
- awareness generation by speaking at conferences such as Open Banking Days in London;
- networking by participating in Plug and Play Accelerator (in partnership with Santander bank) and Kickstart Accelerator in Zurich (in partnership with UBS and Credit Suisse);
- piloting solution at UBS and Credit Suisse;
- piloting product in non-financial companies - Latvian Mobile Telephone (telecommunication), Santa Monica Networks (IT) and Stradins Hospital (healthcare).

Results:

- defined USP that sets Notakey apart from the competition;
- clear sales plan: focus on employee authentication as the first step (much shorter sales cycle);
- product improvements after piloting at several companies;
- established partner network, who attracts new clients, do integration and help with support in multiple regions;
- awarded as best performing startup at Kickstart Accelerator;
- established a comprehensive roadmap for next years based on pilots.

Progress beyond the state of the art and expected potential impact (including the socio-economic impact and the wider societal implications of the project so far)

Progress beyond the state of the art:

- Notakey has a clear value proposition about how it contributes to the EU new regulations GDPR, eIDAS and PSD2;
- Notakey allows SMEs to be more competitive as it provides identity & access management tools, which previously have been available to companies with large IT budgets;
- Notakey allows to substitute passwords with a more secure and convenient solution, thus reducing fraud risk and making the society more secure as whole.

transactionsign-1.png