Iván Nabalón, CEOStepping up to this challenge is Madrid-based Electronic IDentification (eID), a global provider of customer onboarding and digital identity solutions driven by advanced biometrics and AI logarithms. “eID disrupts the status quo by enabling the global bank and fintech companies with simple and secure solutions to convert more customers in a frictionless manner,” affirms Iván Nabalón, the CEO of the company. Gone are the days when these institutions had to wait for several days to onboard one customer. eID has reduced this time to minutes.
What is more, the onboarding process used to burn a hole in the bank’s pockets as it would cost around 100 Euros for one customer. eID helps the institutions reduce the cost to 10 Euros.
At the core of eID’s value proposition is VideoID, a video-based identification solution that combines facial biometrics, machine learning, and artificial intelligence (AI). As VideoID covers all the bases in the areas of security and global compliance in a simple way, financial institutions can verify the applicant’s authenticity and complete the onboarding process within minutes as opposed to weeks. It utilizes complex and advanced machine learning algorithms to verify the authenticity of the documents provided by the customers. To enhance security during customer registration, team eID has incorporated 21 security measures into its solution. These features perform liveness check and biometrical comparison through a 30-second video in real-time. The video is asynchronously relayed to the back office, where an agent handles validation. Therefore, banks and fintech companies can leverage the customer onboarding and KYC process with the same security that is possible with onsite verification.
In addition, firms can digitally transform their business processes by integrating VideoID into their existing systems and applications. The data required for the identification of the applicants can be procured through video streaming without any difficulty. In the same way, SmileID is the only facial-biometrics authentication service on the market that can authenticate customers in seconds with full guarantee.
To provide an additional layer of protection to the contracting process, eID offers a robust eSignature feature through its SignatureID solution. With such offerings in place, financial institutions can do away with the tedious bureaucratic paperwork in the branch office.
Unlike other onboarding solutions in the market, VideoID complies with the most stringent regulations, such as European AML compliance programs and electronic IDentification, Authentication and trust Services (eIDAS).
These solutions not only work for banks and financial institutions but for any kind of business, organization or administration that needs to register users, clients or citizens remotely, verifying identity with a high level of reliability and security.
Having its presence in 23 countries, eID is looking forward to increasing its global footprint in more nations. The company continues to remain focused on technological and process innovations to address the regulatory issues that pose hurdles in the growth of business and organizations globally.
At the core of eID’s value proposition is VideoID, a video-based identification solution that combines facial biometrics, machine learning, and artificial intelligence (AI). As VideoID covers all the bases in the areas of security and global compliance in a simple way, financial institutions can verify the applicant’s authenticity and complete the onboarding process within minutes as opposed to weeks. It utilizes complex and advanced machine learning algorithms to verify the authenticity of the documents provided by the customers. To enhance security during customer registration, team eID has incorporated 21 security measures into its solution. These features perform liveness check and biometrical comparison through a 30-second video in real-time. The video is asynchronously relayed to the back office, where an agent handles validation. Therefore, banks and fintech companies can leverage the customer onboarding and KYC process with the same security that is possible with onsite verification.
In addition, firms can digitally transform their business processes by integrating VideoID into their existing systems and applications. The data required for the identification of the applicants can be procured through video streaming without any difficulty. In the same way, SmileID is the only facial-biometrics authentication service on the market that can authenticate customers in seconds with full guarantee.
To provide an additional layer of protection to the contracting process, eID offers a robust eSignature feature through its SignatureID solution. With such offerings in place, financial institutions can do away with the tedious bureaucratic paperwork in the branch office.
Unlike other onboarding solutions in the market, VideoID complies with the most stringent regulations, such as European AML compliance programs and electronic IDentification, Authentication and trust Services (eIDAS).
These solutions not only work for banks and financial institutions but for any kind of business, organization or administration that needs to register users, clients or citizens remotely, verifying identity with a high level of reliability and security.
Having its presence in 23 countries, eID is looking forward to increasing its global footprint in more nations. The company continues to remain focused on technological and process innovations to address the regulatory issues that pose hurdles in the growth of business and organizations globally.
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