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

Project Information

VerifiedID

Grant agreement ID: 835783

DOI

10.3030/835783

Project closed

EC signature date 19 November 2018

Start date 1 November 2018

End date 31 March 2019

Funded under

• INDUSTRIAL LEADERSHIP - Innovation In SMEs

Total cost

€ 71 429,00

EU contribution

€ 50 000,00

Coordinated by

NEWBANKING APS
Denmark

Periodic Reporting for period 1 - VerifiedID (The online platform for Identity Verification that gives back personal data ownership to the citizens)

Reporting period: 2018-11-01 to 2019-03-31

Summary of the context and overall objectives of the project

Full regulatory compliance when managing personal data has been increasingly challenging and expensive for regulated services, with the problem being recently intensified by the EU GDPR. Know Your Customer (KYC) checks are required for banks and other regulated services to prevent frauds and money laundering, costing each bank €50M/year; and the problem is growing at impressive 19% CAGR. The objective of the VerifiedID project is to provide the de-facto standard for legal (business) identity of internet users. Our new, blockchain-based, solution streamlines remote ID management and proofing down to “3-clicks”. After creating an account at NewBanking Identity, users will have a legally validated online identity that can be reused endlessly for proofing remotely their identity. This is unique, since current solutions will request post-validation steps, either face-to-face or remotely from their mobile devices.

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

During the feasibility study, we have performed a deep/active market analysis, allowing us to achieve all objectives: ●on-boarded 11 alpha clients, al working with the platform flawlessly, and updated our business model with them; ●confirmed the regulated services (banks, capital management, account and law firms) as the priority segment; ●defined the primary target geographical segments (Scandinavia, Netherlands); ●defined the certification strategy, incl. the need for ISO27001 to gain market trust; ●confirmed freedom to operate, submitted two patents and trademarked our brand; ●established a strategic partnership with Gemalto for the Phase 2 activities; as well as the technical updated needed to further strength the security and added value of NewBanking Identity.

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)

NewBanking Identity will be the cornerstone for financial institutions in protecting their customers’ personal data, yielding increased reputation and brand image: eliminating fraud and security breaches, while reducing the internal (and risky/prone to errors) manual processes. NewBanking Identity provides fully digital, transparent and secure service for Data Management, which is key to securing compliance with the many new regulatory mega trends (KYC & AML). Furthermore, NewBanking Identity reduces KYC costs by 94%, saving our customers billions of euros. Finally, the outcomes of the Phase 2 project will boost NewBanking growth, with expected revenues and EBITDA over five years post-project of €140 and €122 million respectively. We expect to create 70 new jobs until 2026.

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