At a time of heightened regulatory and industry interest in digital identity, IDnow has launched two new products to the European market.
The ID verification platform has taken its InstantSign and eID eSign features to European clients, eyeing up a smoother ID verification process for its users.
Specifically, the features remove the obligations of the Qualified Electronic Signature (QES), allowing users who have already performed AML verification to digitally sign contracts.
Vikas Seth, Chief Product Officer at IDnow, said: “Eliminating the requirement for reverification by reusing an existing identification significantly streamlines the process of issuing a QES in an AML-compliant e-signing journey.
“InstantSign has been proven to reduce drop-offs and accelerate contract completion. With physical signing processes sometimes taking days, our customers can now cut this to mere seconds with InstantSign, by foregoing the printing, signing and return process of a hard copy contract.
“Additionally, if reverification is needed due to an expired identity document, InstantSign works seamlessly with IDnow’s entire range of identity verification solutions from automated and hybrid, to video, thus keeping identity data up-to-date, and providing a compliant solution for financial services organisations.”
Explaining the two products in further detail, IDnow adds that InstantSign offers a reusable identity, whilst eID eSign offers users the chance to verify ID and digitally sign contracts using Near Field Communication (NFC) technology.
Digital ID is becoming increasingly recognised as a core component of modern ID verification, AML, age checking and fraud prevention frameworks. This is the case across Europe, with EU legislators assessing the potential of the technology.
In non-EU markets such as the UK progress is also being made. Three new digital IDs were recently recognised by the UK Proof of Age Standards Scheme (PASS), launched by Yoti, Lloyds and the Post Office.
“With eID eSign, our customers can future-proof their offering according to the German AML laws (GwG) and the European eIDAS regulations,” Seth concluded.
“The use of the NFC chip reduces the risk of identity theft and unauthorised access while cutting costs associated with printing, storage and manual handling of documents. Both solutions propel us and our customers into the next stage of compliance digitalisation,
