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The online platform for Identity Verification that gives back personal data ownership to the citizens

Project description

Innovation for consumers’ data management

The management of consumers’ data is a complex process. This is especially true for the financial sector, which must ensure accurate, verified and updated data in line with the Know Your Customer and Anti-Money Laundering regulations. This complexity results in heavy, costly and time consuming onboarding processes. The EU-funded VerifiedID project proposes an identity verification platform that allows consumers to complete onboarding processes for signing up to banks with only a few clicks. The innovation also provides control and transparency over the use of consumer data, allowing to grant access to the data and revoke it when data access is no longer required.

Objective

Currently, the management of consumers’ personal data is a complex process particularly for the financial sector, which must ensure to hold accurate, verified and updated data to comply with the Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. This complexity is present all throughout the relationship with consumers, starting with heavy, costly and time-consuming onboarding processes. Moreover, the EU General Data Protection Regulation (GDPR) imposes new rules on businesses that store customers’ data, stipulating that they must have unambiguous customers’ consent before sharing or processing their data, which protects EU citizens data privacy and reshapes the way that organizations approach data security and privacy. Non-compliant organisations can expect fines of up to €20 million or 4% of annual global turnover. Thus, there is an urgent need for solutions that simply customer onboarding workflow and make easy to obtain consumers’ consent for data processing.

NewBanking Identity centralises the EU GDPR, KYC and AML compliance, fitting the needs of banks and other regulated services as investment funds, insurers and real estate. Our identity verification platform allows consumers to complete onboarding processes for signing up to banks with only a few clicks (less than 1 minute) while also providing control and transparency over how their personal data is used, allowing to grant access to the data and revoke it when data access is no longer required (e.g. once the contract expires).

The successful implementation of the innovation project is expected to boost the company’s growth, placing NewBanking in a strong position to generate over 33 million EUR in accumulated turnover and close to 17 million EUR in gross profit, 3 years post-project.

Call for proposal

H2020-EIC-SMEInst-2018-2020

See other projects for this call

Sub call

H2020-SMEInst-2018-2020-1

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Coordinator

NEWBANKING APS
Net EU contribution
€ 50 000,00
Address
Applebys plads 7
1411 Kobenhavn
Denmark

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SME

The organization defined itself as SME (small and medium-sized enterprise) at the time the Grant Agreement was signed.

Yes
Region
Danmark Hovedstaden Byen København
Activity type
Private for-profit entities (excluding Higher or Secondary Education Establishments)
Links
Other funding
€ 21 429,00