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

Informazioni relative al progetto

VerifiedID

ID dell’accordo di sovvenzione: 835783

DOI

10.3030/835783

Progetto chiuso

Data della firma CE 19 Novembre 2018

Data di avvio 1 Novembre 2018

Data di completamento 31 Marzo 2019

Finanziato da

• INDUSTRIAL LEADERSHIP - Innovation In SMEs

Costo totale

€ 71 429,00

Contributo UE

€ 50 000,00

Coordinato da

NEWBANKING APS
Denmark

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

Periodo di rendicontazione: 2018-11-01 al 2019-03-31

Sintesi del contesto e degli obiettivi generali del progetto

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.

Lavoro eseguito dall’inizio del progetto fino alla fine del periodo coperto dalla relazione e principali risultati finora ottenuti

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.

Progressi oltre lo stato dell’arte e potenziale impatto previsto (incluso l’impatto socioeconomico e le implicazioni sociali più ampie del progetto fino ad ora)

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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