© pixabay.com
© pixabay.com

ID assurance firm secures funding

Signicat, the providers of electronic identity and electronic signature solutions, has announced that it has secured phase one funding from Horizon 2020.

The funding aims to scope a simplified and cost-effective online service for identity assurance that can be used in regulated industries such as banks and financial institutions across Europe.

Signicat has expressed hopes that banks in Europe will integrate with its identity assurance hub, permitting complex integrations to be centralised. The funding has been awarded to explore the need for a pan-European solution based on the expected positive impact on the financial market and end users.

Gunnar Nordseth, CEO of Signicat, said: “Know your customer (KYC) regulation is important for the prevention of identity theft and financial fraud, including money laundering and terrorist financing. However, the due diligence activities that are necessary to establish the required level of trust in a user’s identity have traditionally been cumbersome and expensive.

“Lack of workable solutions for online identity assurance hampers the development of an efficient finance industry in the EU. Surveys done in the UK show that four out of ten customers at some point become frustrated enough with an online application to simply give up. Our vision is to reshape the market for trusted identity assurance and to become the leading provider of such services in Europe.”

Signicat’s objectives within phase one are to identify commercial requirements, the legal environment and technical solutions in six pre-selected European countries, including the Netherlands, Germany, the UK, Belgium, Italy and Spain.

Phase two will include the implementation of a revised business plan based on the findings, with available funding reaching an amount of €200m.