August 07, 2019
IDnow grows with “AutoIdent” and opens up new markets and industries
Munich, August 2019 7th – IDnow (www.idnow.io), a leading provider of solutions in ‘identity verification as a service’, boasts more than 250 customers. Among them are such widely recognised companies as N26, Commerzbank and UBS. Now, IDnow is expanding operations with AutoIdent, a fully automated solution for easy online identification based on artificial intelligence.
Using a smartphone camera, the artificial intelligence (AI) from IDnow AutoIdent recognizes passports and other identification documents, including the country where it was issued – all without needing the user to enter their information manually. Then, the program captures both the machine-readable parts of the document, as well as non-machine-readable areas, such as address fields. In the next step, the AI automatically checks the visual security features of the document, for example, holograms. This check is followed by biometric video examination and ‘liveness detection’ of the person. In this way, the customer can complete the identification procedure in just a few steps. On the basis of the collected data, the system is able to check whether the identification is valid, and the reliability of this detection is much higher than is required by law.
AI and machine learning technology guarantee both high efficiency and accuracy. Moreover, IDnow technology utilises a hybrid approach that combines the advantages of man and machine. In special cases, the AI is supported by a human identification specialist who controls additional test and security levels.
AutoIdent is based on video technology, which provides an enormous security advantage compared to traditional photo technology that has thus far been the staple of the market. With video technology, the security checks are based not on a single image, but on several hundred images for each identification.
For many cases of use and industrial branches, AutoIdent is the optimal identification solution. “AutoIdent is a highly efficient product that offers the user the maximum safety and, at the same time, shorter cycle times. This solution is intended for many industries which want to offer their customers up-to-date digital processes and to meet the highest demands in terms of safety,” says Andreas Bodczek, CEO at IDnow. “Automated identity verification has enormous potential worldwide. Through the worldwide success of innovative fin-tech and insure-tech companies, even well-established financial and insurance institutions are more and more being made to digitize their customer processes. In the meantime, we see cases from many industries, such as mobility service providers, telecommunication providers and sharing economy, platforms, to name a few – all of them want a simple, sleek product that optimizes their conversion, improves customer satisfaction and, above all, is reliable.”
Under the strict standards of the German market, AutoIdent fulfils a wide range of regulatory requirements from different countries. In addition, this solution conforms to the GDPR. A single technical integration ensures compliance with the regulations and laws of many countries. For the customer, the procedure is simple and, above all, fast. It delivers the highest conversion rates (up to 90%) and, moreover, provides maximum security thanks to the accuracy of machine learning technology. IDnow has a false acceptance rate of 0.05% – far more accurate than the 0.1% required by law.
AutoIdent is designed to meet the needs of international companies: the solution is integrated via a single API. After a single integration, it becomes possible to use suitable identification technologies via this API worldwide. The omnichannel approach makes it possible to use with mobile devices and web applications, as well as at points of sale.
IDnow is currently on a course of enormous growth. In January this year, IDnow opened a French subsidiary, and in the last few months, IDnow has put together a team to lead the successful expansion in the Anglo-Saxon countries. A few months ago, under the leadership of Andreas Bodczek, a former CEO of Telefónica Germany, IDnow announced: in 2023, the company’s turnover will hit 100 million Euros.
About IDnow GmbH
With its Identity Verification-as-a-Service (IVaaS) platform, IDnow has set out to make the connected world a safer place. IDnow's unmanipulable identity verification is used across industries conducting online customer interactions that require a high degree of security. IDnow uses artificial intelligence to check all security features on ID documents and can therefore reliably identify forged documents. Potentially, the identities of more than 7 billion customers from 193 different countries can be verified in real-time. In addition to safety, the focus is also on an uncomplicated application for the customer. With five out of five stars on the Trustpilot customer rating portal, the technology is particularly user-friendly.
IDnow covers a wide range of use cases both in regulated sectors in Europe and for completely new digital business models worldwide. The platform allows the identity flow to be adapted to different regional, legal and business requirements on a per use case basis.
IDnow is supported by venture capital investors BayBG, Seventure Partner, G+D Ventures and Jet A as well as a consortium of renowned business angels. Its portfolio of over 250 customers includes leading international companies from various industries such as Bank of Scotland, BNP Paribas, Commerzbank, eventim, Raisin (Weltsparen), Sixt, solarisBank, Telefonica Deutschland, UBS, Western Union and wirecard as well as fintechs such as Fidor, N26, smava, and wefox.
Further information available at www.idnow.io.