MUNICH, June 24, 2020 /PRNewswire/ -- IDnow (www.idnow.io), a leading provider of Identity Verification-as-a-Service solutions, sees strong volume growth for its artificial intelligence-based solution. Transactions via IDnow AutoIdent have increased tenfold in the first two quarters of 2020.
Since its launch in 2018, IDnow's AutoIdent has grown from strength to strength and expanded into new industries. In 2020 IDnow sees an exponential growth in volume. From January to June, an increase of over 1000% in the number of transactions was recorded. The customer base covers a wide range of different industries: insurance, banking, mobility, cryptographic currency platforms and telecommunications. The reasons are equally diverse: new business models, security maximisation, digitalisation - companies are increasingly turning to secure and efficient solutions.
"Identity verification in general, but especially AI-based products such as AutoIdent, have great growth potential - particularly in the current crisis, where digital products are in greater demand than ever before. Digitalisation must now move faster, and many new use cases - that have been performed with personal interaction - now require efficient digital products like AutoIdent. With short setup times and easy integration of a single API, this is the perfect product to be secure and compliant on the one hand, and to allow fast and easy onboarding without personal interaction on the other hand," says Andreas Bodczek, CEO of IDnow.
"AutoIdent has a huge international potential, especially due to the rapidly advancing digitalisation in many industries and the resounding success of FinTechs and InsureTechs, the demand for simple, lean solutions is growing. Whether in banking, mobility, telecommunications or economy platform sharing, everyone is interested in a fast, seamless and secure onboarding process that increases conversion rates and customer satisfaction while providing the highest level of security," Andreas Bodczek continues.
AutoIdent's artificial intelligence uses the smartphone's camera, to recognise the country and type of ID document without the need for user input. The technology then captures the machine-readable part of the ID document as well as non-machine-readable areas, such as address fields. In the next step, the artificial intelligence automatically checks the optical security features of the ID documents, such as holograms. With the subsequent biometric video check of the person and "liveness detection", the identification process is completed for the customer within a few steps. On the basis of the recorded data, the system is able to decide whether the identification is valid, with a reliability that far exceeds the legal requirements.
Artificial intelligence and machine learning technology guarantee the highest quality and accuracy in identification verification. Furthermore, the IDnow process relies on a hybrid approach that optimally combines the advantages of man and machine. In special cases, the AI is supported by a human identity specialist who acts as an additional verification and security level.
With their Identity-Verification-as-a-Service (IVaaS) platform, IDnow is committed to making the networked world a safer place. The forgery-proof identity verification offered by IDnow is used in all industries in which companies process customer interactions online that require a maximum level of security. IDnow technology uses artificial intelligence to ensure that an identification document has all security features in order to reliably detect forged documents. It can potentially verify the identities of more than 7 billion customers from 193 different countries in real time.
IDnow covers a wide range of applications in regulated industries in Europe and for entirely new digital business models around the world as well. Through the platform, the identity flow can be adapted on a case-by-case basis to suit regional, legislative and economic requirements.
IDnow is supported by the venture capital investors BayBG, Seventure Partner, G+D Ventures, Corsair Capital and Jet A as well as a consortium of renowned business angels. With more than 250 customers, their clientele includes leading international companies in various industries such as Bank of Scotland, BNP Paribas, Commerzbank, eventim, Raisin (Weltsparen), Sixt, solarisBank, Telefonica Deutschland, UBS, Western Union and wirecard in addition to FinTechs such as Fidor, N26, smava and wefox.