Rabo eBusiness wins the Celent Model Bank Award for Identity Management

Unique joint venture between Rabobank and Signicat recognised by global financial services research and advisory firm Celent

Rabo eBusiness – the world’s first bank-led Digital Identity Service Provider – a partnership between Rabobank, a financial institution, and Signicat, a leader in verified digital identity solutions has been recognised by Celent as the winner of the Model Bank award for Identity Management.

celent_model_bank_logo

The Model Bank Award for Identity Management recognises the top technologies that are improving customer identity management and authentication. The winner of the award, Rabo eBusiness, gives banks, financial service providers, and any other multi-national business that needs to verify its customers’ identity, a singular service for identity authentication. It brings together Rabobank’s experience with large, multi-national enterprises, and Signicat’s digital identity technology.

Download a case study detailing why Celent chose Rabo eBusiness

KYC and AML regulations demand that financial service providers identify and authenticate their customers, while still delivering a convenient service. Rabo eBusiness is a single, cross-border method for digital on-boarding, login, signature and archiving that avoids a cumbersome UX for consumers and high manual costs for enterprises. This means consumers can use their existing digital IDs to use services and enterprises can roll-out a product across multiple markets using a single API. Focused on energy, telecom and insurance companies, healthcare institutions and financial services providers, Rabo eBusiness has already saved its enterprise customers over €1.5m this year.

“The Celent Model Bank Awards are one of the most well-respected industry awards and we are excited that our work with Rabobank has been recognised by Celent,” said Gunnar Nordseth, CEO at Signicat. “As established financial institutions come under threat from challengers, existing services are fast becoming commodified and disintermediated. Conversely, consumers and businesses – in the age of password fatigue and hackers – need a new way to build mutual trust and ensure that the business is legitimate, and the customer is genuine. As trusted entities, banks are in pole position to take their brand equity, customer data, and position in the value chain to provide digital identity services to improve the speed, security and utility of commerce.”

“We’re grateful and proud to receive recognition for our work with this award,” said Nico Strauss, Chapter Lead, Shopping and eBusiness, Rabobank. “Moreover, it’s a confirmation for us that we’re on the right track and that we’re creating synergies together with Signicat in order to become more relevant for our customers in new lines of business. Authentication online is still a burden for most customers and companies. We are determined to turn this around and want to contribute to a safer and convenient way of identification for services.”

Celent’s annual Model Bank Awards recognise the best practices of technology usage in different areas critical to success in banking. Nominations are submitted by financial institutions and undergo a rigorous evaluation process by Celent analysts. Celent judges submissions on three core criteria: demonstrable business benefits of live initiatives; the degree of innovation relative to the industry; and the technology or implementation excellence.

“The Model Bank Awards recognise how banks are using technology to change the face of banking,” said Zilvinas Bareisis, Senior Analyst at Celent. “These banks should serve as an inspiration to others looking for strong examples of best practice implementation that will have a truly meaningful impact on business results and the industry overall. The entry from Rabobank ad Signicat clearly demonstrated this.”

Download a case study detailing why Celent chose Rabo eBusiness here: https://resources.signicat.com/celent-model-bank-award

About Rabobank

Rabobank is an international financial services provider operating on the basis of cooperative principles. It offers retail banking, wholesale banking, private banking, leasing and real estate services. As a cooperative bank, Rabobank puts customers’ interests first in its services and is committed to being a leading customer-focused cooperative bank in the Netherlands and a leading food and agri bank worldwide. Rabobank Group is active in 40 countries. For further information about Rabobank, please visit https://www.rabobank.com.

Nordic Capital acquires digital identity pioneer Signicat

  • Signicat takes aim at the fast-growing global digital identity market

  • Nordic Capital will accelerate Signicat’s international expansion and strengthen its position as the leading digital identity hub

  • The acquisition reinforces Nordic Capital’s leading position in the Northern European Technology & Payments sector

Nordic Capital Fund IX (“Nordic Capital”) today announced the acquisition of Signicat, a high-growth provider of digital identity and signatures solutions that operates the leading digital identity hub in the market. Nordic Capital will, in close partnership with the company’s management and existing shareholder Viking Venture, accelerate Signicat’s international expansion and strengthen the company’s market leading position and unique product offering.

Founded in Trondheim, Norway in 2007, Signicat leads innovation in verified digital identity solutions, reducing risk while providing a smart and intuitive user experience. Its solutions enable companies and institutions, both in regulated and non-regulated industries, to offer efficient and user-friendly advanced online authentication, identification verification and electronic signature solutions.

Signicat has more than 500 clients, with a stronghold in the financial services sector where the company works with providers such as DNB, Klarna, Rabobank, Santander, Société Générale and Western Union. The company’s solutions are also increasingly adopted across new verticals, being used for instance by blue-chip companies such as BMW, Konica Minolta and Schibsted Media Group. Among Signicat’s largest customers are also several of Nordic Capital’s current and former portfolio companies including Nordax, Nordnet, Intrum and Resurs Bank. In 2018, Signicat generated revenues of approximately NOK 180 million (EUR 19 million), primarily consisting of recurring subscription or transaction based revenues. The company has circa 115 employees across offices in Norway, Sweden, Finland, Denmark, UK, Germany, the Netherlands and Portugal.

Signicat was acquired from Secure Identity Holding AS and other shareholders. Viking Venture III AS, Signicat’s other major shareholder, will re-invest all proceeds and continue as a minority owner, together with employee shareholders and with Nordic Capital as the majority owner.

“As one of the most prominent and experienced investors in the FinTech sector with a long and proven track record of growing businesses, Nordic Capital is the perfect partner to support Signicat’s accelerated international expansion strategy,” said Gunnar Nordseth, CEO and Co-Founder of Signicat. “We live in a digital society where interactions between consumers and institutions are predominantly online and mobile-first. Trust is at a premium, and digital identity is the solution. Over the last 12 years Signicat has built a digital identity platform with all the tools any institution requires to establish mutual trust with its customers. With the ongoing global digital transformation, we are ideally placed to address this burgeoning market opportunity.”

“Born from the most advanced digital identity market in the world, Signicat is a recognised leader in one of the most exciting and fast-growing technology areas globally acting as a key enabler for the digital economy,” said Fredrik Näslund, Partner at the Advisor to the Nordic Capital Funds. “The company has shown consistent high growth since inception, driven both by a rapidly increasing number of customers and strong volume growth among existing customers. Signicat’s highly experienced management team is well positioned to capitalise on enormous growth opportunities across geographies, customer verticals and products, as the digital transformation of the economy continues. Drawing on Nordic Capital’s significant experience across enterprise software, payment technology, financial services, and from scaling businesses globally, we are enthusiastic about the opportunity to help Signicat to further strengthen its market position and customer offering.”

“As a specialised Nordic software investor, we at Viking Venture have backed Signicat to become the market leader within digital identity in the Nordics. Together with Nordic Capital, we will support the company to become a global leader,” said Jostein Vik, Partner, Viking Venture.

The acquisition of Signicat is the ninth investment by Nordic Capital’s latest fund, Nordic Capital Fund IX with EUR 4.3 billion in committed capital and which closed in May 2018. The acquisition builds on Nordic Capital’s recognised expertise and outstanding track record in the technology sector. Nordic Capital has made 14 Technology & Payment platform investments, including Bambora, Point and Trustly, and more than 40 add-ons since 2001.

The parties have agreed to not disclose any financial details.

 

About Signicat

Based in Trondheim, Norway, and founded in 2007, Signicat operates the largest digital identity hub in the world, offering the only complete identity platform in the market, trusted to reduce the burden of compliance in highly regulated industries. With Signicat, institutions can build and leverage existing customer credentials to connect users, devices and even ‘things’ across channels, services and markets transforming identity into an asset rather than a burden. By ditching manual, paper-based processes and replacing them with digital identity assurance, customer on-boarding is accelerated and access to services is made simple and secure. Signicat has over 500 financial services and other organisations as clients, connects to more than 20 schemes globally and verifies more than 20 million transactions per month. For further information about Signicat, please visit www.signicat.com.

About Nordic Capital

Nordic Capital is a leading private equity investor with a resolute commitment to creating stronger, sustainable businesses through operational improvement and transformative growth. Nordic Capital focuses on selected regions and sectors where it has deep experience and a proven track record. Core sectors are Healthcare, Technology & Payments, Financial Services and in addition Industrial Goods & Services and Consumer, Key regions are the Nordics, Northern Europe and globally for Healthcare. Since inception in 1989, Nordic Capital has invested EUR 14 billion in over 100 investments. The most recent fund is Nordic Capital Fund IX with EUR 4.3 billion in committed capital, principally provided by international institutional investors such as pension funds. The Nordic Capital Funds and vehicles are based in Jersey and are advised by advisory entities, which are based in Sweden, Denmark, Finland, Norway, Germany and the UK. For further information about Nordic Capital, please visit www.nordiccapital.com.

About Viking Venture

Viking Venture is a specialised Nordic software investor with more than NOK 2 billion under management. The fund is headquartered in Trondheim, Norway and is an active minority investor in fast growing software companies with international potential.For more information about Viking Venture, please visit www.vikingventure.com.

New report from Signicat and Arkwright explores digital identity success in the Nordics

Report reveals banks as the key to digital identity success
Digital identity is also an opportunity to solve banking’s existential crisis

 

A new report launched today by strategy advisors Arkwright and commissioned by Signicat, a leader in verified digital identity solutions, examines the success of digital identity in the Nordics, and explores how other countries can learn from this model.

The report, Federated e-IDs as a value driver in the banking sector based on experience from Nordic markets, distils Signicat’s 12 years of experience with federated digital identity. Signicat not only helps banks make use of re-usable digital identity but also become digital identity service providers, enabling digitalisation and new business models within the public and private sector. Using these providers, citizens and business users can access their services of choice quickly, easily and safely. With identity a key component of establishing mutual trust, there exists a multi-billion-dollar global market opportunity for those willing to take it.

“There are many failed and failing digital identity schemes around the world, and a handful of successes that can be a blueprint for success,” said Frank Wunderlich, Associate Director at Arkwright. “Four of these successful digital identity schemes are close neighbours in the Nordics—it makes sense to examine these closely to discover what makes them tick and where they have learned from each other.”

The four digital identity schemes examined are:

  • BankID in Norway: 3.9 million users, 74% penetration
  • BankID in Sweden: 8 million users, 78% penetration
  • NemID in Denmark: 4.8 million users, 85% penetration
  • TUPAS in Finland: 4.7 million users, 87% penetration

“Digital identity services could be the centrepiece for banks’ shift toward trust rather than transaction providers,” said Arne Vidar Haug, Chief Strategy Officer and Co-Founder at Signicat. “Right now, the strict KYC and strong customer authentication (PSD2 STC) processes they need to follow are merely a cost, but they could be the key to a new business model based on digital identity.”

The report is available for download below.

Arkwright Whitepaper Download

About Arkwright

Established in 1987, Arkwright is a strategy advisory firm with a staff of about 100 professionals and partners, with offices in Hamburg, Oslo and Stockholm. Arkwright is owned by senior staff. Arkwright is pragmatic about methodology and passionate about creating results for clients. Because every client faces its own set of unique challenges, Arkwright believes that each one requires tailored, client-oriented advice based on strong analytical skills and deep business know-how. Arkwright contributes to its clients’ success with expert industry insights and facts that matter. Arkwright closely works with a wide range of private corporations—both small cap and large, blue-chip companies—all of which share the objective of optimizing their businesses and increasing profitability.

Verimi and Signicat partner to deliver verified digital identity solution for European enterprises

Signicat provides a trusted digital identity platform that integrates electronic IDs and other verification methods from across Europe

Verimi is the leading cross-industry identification and authentication platform in Germany and will be a Strategic ID partner for Signicat in Germany

 

Identification platform Verimi and digital identity solutions provider Signicat have today announced a partnership which delivers a better multi-factor identification and authentication solution across Europe. The agreement, signed today, includes the integration  of Verimi’s identification platform into Signicat’s Digital Identity Hub.

Verimi is the leading ID provider in Germany and was selected by Signicat after intensive testing as a strategic ID Partner for its entry into the German market. Signicat’s Digital Identity Hub allows customers to connect once, then digitally onboard and authenticate their clients in a verified, compliant manner. The partnership means that Signicat customers can add Germany to the list of markets where they can digitally onboard customers.

The agreement enables Verimi to attract more international partners via their network and means that Verimi will be an ID provider for Signicat’s services in Germany. Signicat will integrate Verimi services into their digital identity hub so that new and existing clients can use Verimi’s identification and authentication methods. Overall, the partnership ensures that secure and effective digital on-boarding, identity verification services, and regulatory compliance offerings can be provided in an interoperable manner across Europe.

Signicat and Verimi will together provide regulated businesses with verified digital identity solutions. Verified digital identities are increasingly important to many industries, in particular for banks, financial service providers, insurance companies, and public services.

Gunnar Nordseth, CEO of Signicat, said: “Germany is rapidly becoming a digital-first nation and our partnership with Verimi means we can offer our international clients an excellent identity verification and authentication method to attract and retain new customers. Verimi’s exciting offering is opening new doors for us in Germany and we look forward to working together with them.”

“Verimi starts to gain a foothold in the European market for digital identities and Signicat is the ideal partner for Verimi to attract even more new clients in Europe. We are happy to enter into a partnership with Signicat and become the ID Provider of choice in Germany,” said Roland Adrian, Spokesman for the Management Board of Verimi. 


About Verimi

Verimi is the European cross industry identity and trusted platform. Verimi combines a convenient central login (Single Sign On), highest data security and protection standards in line with European law and the self-determination of users regarding the use of their personal data. Verimi was founded in spring of 2017. The identity and trusted platform is supported by a network of thirteen international corporations. The shareholder network includes Allianz, Axel Springer, Bundesdruckerei, Core, Daimler, Deutsche Bahn, Deutsche Bank and Postbank, Deutsche Telekom, Giesecke+Devrient, Here Technologies, Lufthansa, Samsung and Volkswagen.

Äntligen säkra elektroniska signaturer för B2B-sektorn!

Article in digital.di.se in Swedish:

I en B2C-värld är det vanligt med elektronisk signering och verifiering. De flesta företag har idag denna tjänst för att konsumenten på ett snabbt och säkert sätt ska kunna genomföra köp, göra en banköverföring, se privata dokument på myndighetssidor och annat. En liknande tjänst för B2B har tidigare saknats.

Signicat Business Signature ger företag ett smidigt flöde för elektroniskt signerade dokument som är säkra och legalt bindande. Tjänsten möjliggör verifiering av identitet på signatören, exempelvis via autentisering med Svenskt BankID eller annat eID. Detta på grund av att det i vissa fall kan röra sig om känslig information.

– Vi gör även en slagning mot olika Look Up-tools i olika länder, exempelvis Bolagsverket i Sverige, där vi bäddar in bevis för att det är firmatecknare för bolaget som signerat avtalet, förklarar Ida Hagernäs, Sales Director Sweden på Signicat.

Signicat erbjuder även avtalssignering direkt integrerat i flera olika CRM-system; Salesforce, Dynamics 365 och SuperOffice.

Möjlighet att skicka vidare signeringsuppdrag till rätt person

Signicat erbjuder en lösning att skicka vidare signeringsuppdrag.

– Funktionen Sign Forwarding gör det möjligt att skicka vidare det som ska signeras, och säkerställer att rätt personer gör det. En länk skickas till den behöriga personen, som då får verifiera sin identitet innan han eller hon skriver under, tillägger Ida.

Utmärkt som Qualified Trust Service Provider inom eIDAS

Ett par av Signicats fördelar gentemot andra aktörer på marknaden är att de dels verifierar signatörens identitet innan de får titta på dokumentet, samt att de dessutom har alla eID som används i Europa redan integrerade i sina tjänster, vilket innebär att Signicat är en självklar leverantör för bolag som vill expandera ut i Europa.

– Signicat är en av få leverantörer som fått utmärkelsen Qualified Trust Service Provider (QTSP). eIDAS kräver att EU upprätthåller en EU Trust List som listar de leverantörer och tjänster som har fått kvalificerad status. Detta innebär att man granskat Signicats alla processer vad gäller säkerhet och hur vi behandlar personuppgifter och annat, säger Ida och fortsätter:

– Det enda du behöver är en integration till vårt API och sedan kan du presentera den metod du vill att kunden ska identifiera sig med, beroende på vilket land kunden befinner sig i. Det är ingen slump att de flesta stora banker och finansbolag använder våra tjänster.

Läs mer om hur ditt företag kan använda Signicat Business Signature.

Signicat and Rabo eBusiness in Tech Talk

The Banker, January 25, 2019

Tech Talk: Interview with Daan van den Eshof, Rabobank and John Erik Setsaas, Signicat

John Erik Setsaas, VP of Identity and Innovation, Signicat, and Daan van den Eshof, Product Manager, Rabo eBusiness, Rabobank, talks to Joy Macknight about creating a digital identity service provider and how the bank and fintech benefited from this partnership.

Fintech Finance Presents: The Fintech Show 1.13 – What Makes a Good Collaboration, Great?

Fintech Finance, February 20, 2019

In this episode of Fintech Finance we find out, what makes a good collaboration, great.

So for this, we asked thought leaders from around the industry, like Derek White from BBVA, an institution that is set on changing the paradigm.

Also John Erik Setsaas, VP of Identity and Innovation, Signicat, and Daan van den Eshof, Product Manager, Rabo eBusiness, Rabobank tell us about their partnership and how it can be an example for the industry in the future!

Bankenes viktigste produkt er tillit

IKT-Norge 25. JANUAR, 2019

John Erik Setsaas, VP of Identity and Innovation i Signicat, ønsker at bankene tar større ansvar.

Signicat er en av Europas ledende leverandører av elektronisk identitet og elektronisk signatur. Selskapet ble etablert i 2007, og tilbyr skybaserte løsninger til både privat og offentlig sektor.

John Erik Setsaas, VP of Identity and Innovation i Signicat.
Signicat er i dag den største leverandøren av BankID i Norge, og tilbyr både signering og autentisering med BankID og BankID på mobil. Vi ønsker dem velkommen som FutureBank-partner!

– Futurebank er en interessant møteplass for alle som jobber i bank- og teknologi-sfæren. Vi ser på dette gjennom digital identitet, og ønsker å bidra med vår kompetanse på dette området, forteller Setsaas.

Enklere å bli kunde

Signicat ser fra sitt ståsted flere endringer i fintech-næringen den siste tiden, og opplever mye fokus på å forenkle prosessen for å bli kunde.

– Fokuset for tradisjonelle banker har vært at man må gjennom en full KYC-prosess for å i det hele tatt bli vurdert, men vi ser at nye banker gjør det enkelt, og i første omgang kun ber om minimalt med informasjon for å slippe inn brukeren, for så å be om mer senere. Dette for å sikre at man opererer i henhold til KYC og AML. Vi ser at i Norden, hvor eID er utbredt, er det enkelt å bli kunde med etablerte elektroniske IDer (BankID, NemId, Tupas, etc), men der hvor slike ikke finnes, må prosessen forenkles, sier han.

Setsaas ser også at et stadig tilfang av nye utfordrere på bank-siden.

– Det er mange nye banker som kommer inn på markedet, som Revolut, Bunq, etc., med et tydelig fokus på en enkel brukeropplevelse, som dermed konkurrerer med de eksisterende bankene, sier han.

Ser virkningene av PSD2

13. januar 2018 ble PSD2 (Revised Payment Services Directive) innført. Dette er et EU-direktiv regulerer betalingsformidlingen i EU og EØS, som vil føre til store endringer når det gjelder betalingstjenester.

– Vi ser også at PSD2 er i ferd med å komme. SBanken kan allerede operere som en AISP (Account information service provider – opplysningsfullmektig) mot utvalgte banker, slik at man som sluttbruker kan få en samlet oversikt på tvers av banker, forteller Setsaas.

I årene som kommer ønsker han å se at bankene tar større ansvar.

– Deres viktigste produkt er tillit. Selv om mange hevder de ikke stoler på bankene, så stoler man fortsatt på produktene fra bankene: Fysiske penger, kredittkort, lån, bankkonti og bankbokser. Bankene bør utvide dette til å omfatte også andre områder, for eksempel identitet. Norske banker er langt framme på området (med BankId), men det er behov for nye tjenester her: Personas (roller), pseudonymitet og samtykkehåndtering (GDPR). Som tillitstjenesteleverandører er bankene i en sentral posisjon til å bidra med dette, sier Setsaas.

Nå ser han frem til å møte fremtidsrettede fintech-entusiaster på FutureBank.

– Vi ønsker å møte banker og personer som tenker fremover, fokuserer på brukeropplevelsen, og samtidig ser på nye muligheter for bankene som tillitstjenesteleverandører. Vi jobber for tiden med det vi kaller «identity custodians», som vi ønsker å utforske sammen med bankene, sier han.

Mer info om Futurebank 2019 finner du her.

Link til IKT-Norge nyheter

Signicat granted EU Quality Trust Mark for security and quality of services

Trondheim, Norway, 12 November 2018 – Signicat, a leader in verified digital identity and electronic signature solutions, has been granted the status of Qualified Trust Service Provider (QTSP) by the Norwegian communications authority, NKOM. With this status, Signicat becomes one of the few companies that can use the EU Trustmark, and is now part of the EU Trustlist.

QTSP status is defined by internal procedures meeting the strict standards defined by eIDAS regulation and is audited by an external body, in this case the British Standards Institute (BSI). Having satisfied the external auditors and also met the approval of NKOM, Signicat can now use the EU Trustmark to indicate that it meets the standards demanded by the EU, and delivers the highest levels of security and quality of service.

Signicat QTSP status is specifically due to being Qualified Time Stamp Authority, enabling digital documents to be certified as existing at a certain point of time, without the possibility of backdating. This means that the authenticity of digital documents certified by Signicat can be trusted for even the most sensitive of uses. Time stamping is an essential part of document preservation, ensuring that documents can be validated and known to have existed at a particular time—not just now, but far into the future.

“We’re delighted to have our hard work and expertise recognised by both the auditors and the communications authority,” said John Erik Setsaas, VP of Identity and Innovation, Signicat. “The EU Trustmark lets our customers know at a glance that we meet the very high standards laid down by the EU, and that we can help to build mutual digital trust with the consumers they serve.”

Signicat’s status as a QTSP follows its announcement last month that it has joined the European Telecommunications Standards Institute (ETSI), the recognised standards body for electronic communications.

About Signicat

Based in Trondheim, Norway, and founded in 2007, Signicat is a Qualified Trust Service Provider operating the largest Digital Identity Hub in the world, offering the only complete identity platform in the market and trusted to reduce the burden of compliance in highly regulated markets.

With Signicat, service providers can build and leverage existing customer credentials to connect users, devices and even ‘things’ across channels, services and markets transforming identity into an asset rather than a burden. By ditching manual, paper-based processes and replacing them with digital identity assurance, customer on-boarding is accelerated and access to services is made simple and secure. Signicat’s Identity Hub is a complete solution to that offers compliance and a route to better customer engagement.

Signicat has over 500 financial services organisations as clients, connects to more than 20 schemes globally and verifies more than 10m identities per month.

Media Contacts:
CCgroup for Signicat:
Signicat@ccgrouppr.com
+44(0) 203 824 9200

Signicat introduces Signicat Business Signature, digitising business to business document signing

Trondheim, Norway, 7 November 2018 – Signicat, a leader in verified digital identity and electronic signature solutions, has today announced an electronic signing solution specifically for business to business interactions. The Signicat Business Signature product facilitates a flexible and secure business to business document signing process that minimises manual operations and keeps evidence of signature in the same document.

With the digitising of consumer markets, and the ability to sign legal documents online, businesses are increasingly looking to take advantage of the cost and time savings of electronic signatures. However, electronic signing in business to business transactions requires an additional level of security to ensure that the business is the correct legal entity and that the signatory is allowed to act on its behalf.

To support this, Signicat Business Signature allows document recipients to forward a sign order internally within their company to a single person authorised to sign, or to obtain multiple signatures when no single person is authorised to sign alone (sign and forward).

As well as the processes used to on-board consumers, the Signicat Business Signature includes additional checks of business registers ensuring that the business is the correct legal entity and the signatory is allowed to act on its behalf. The document is then signed using, for example, an electronic identity or eID (such as Norway’s BankID), a one-time password via SMS or scanning of ID documents.

The Electronic Seal functionality protects and preserves documents such as invoices, diplomas and certificates. By electronically sealing documents, Signicat Business Signature helps prevent fraud and ensures the document cannot be tampered with.

“Businesses are increasingly looking to take advantage of consumer technology to drive efficiency and to improve manual processes, and the move to e-signatures are a logical step. By doing away with physical documentation and enabling instant contract signing, Signicat is helping to enable digital transformation across Europe,” said Gunnar Nordseth, CEO, Signicat.

Electronic signing brings benefits including the assurance of signature validity through ID verification and signing authority lookups, capability for cross-border signatures, the option for signers to sign multiple documents in one process and the long-term verification of a signer’s identity. The solution is currently live in Norway and Denmark and is being rolled out across additional countries as business registry information becomes available.

Learn more about Signicat Business Signature here:

-Ends-

About Signicat
Based in Trondheim, Norway, and founded in 2007, Signicat operates the largest Digital Identity Hub in the world, offering the only complete identity platform in the market and trusted to reduce the burden of compliance in highly regulated markets.

With Signicat, service providers can build and leverage existing customer credentials to connect users, devices and even ‘things’ across channels, services and markets transforming identity into an asset rather than a burden. By ditching manual, paper-based processes and replacing them with digital identity assurance, customer on-boarding is accelerated and access to services is made simple and secure. Signicat’s Identity Hub is a complete solution to that offers compliance and a route to better customer engagement.

Signicat has over 500 financial services organisations as clients, connects to more than 20 schemes globally and verifies more than 15m identities per month.
For more information, visit: https://www.signicat.com/contact/

Media Contacts:

CCgroup for Signicat:
Alice Pedder
Signicat@ccgrouppr.com
+44(0) 203 824 9200

Signicat digitises in-store signing of credit agreements for Resurs Bank retail partners

Three in every four in-store credit agreements now signed digitally using electronic IDs

Trondheim, Norway 28th November 2018 Signicat, a leader in verified digital identity solutions, today announced it has been selected by Resurs Bank to provide instant mobile signing of credit agreements. Resurs Bank is the leader in retail finance in the Nordic region with more than 1,000 retail partners, serving more than 35,000 stores.

Customers signing a credit agreement in stores served by Resurs Bank no longer have to sign physical paperwork – instead, they can sign using their eID and create a digital agreement. All paperwork is shared digitally, so in-store purchases of high value items requiring a credit agreement are therefore as fast, secure, and convenient as any online transaction.

The agreement is signed using a combination of Signicat Sign and an approved electronic ID (eID), such as BankID. The customer can easily accept the terms and conditions and sign using their mobile device.

A pilot programme in Sweden was an instant success, with 76% of customers choosing to sign credit agreements using Mobile BankID. The service has now been rolled out to all retailers served by Resurs Bank in Norway, Denmark, Sweden and Finland.

“This technology means that traditional stores can better compete with their online rivals—while they offer superior customer service they need to combine this with the convenience of online shopping,” said Marcus Lennerhov, Product Manager at Resurs Bank. “Thanks to Signicat, the majority of our retail credit agreements are now signed digitally using a mobile device giving customers the security and ease they are used to online.”

“In ditching paper, electronic signatures offer a frictionless and instant customer experience, and gives retailers a trusted and scalable way to deal with growing demand while improving conversion,” said Gunner Nordseth, CEO, Signicat. “Working with Resurs Bank to provide digital signing to over 35,000 stores is another milestone for digital identity in the Nordics, a model for the rest of the world to emulate.”

About Signicat

Based in Trondheim, Norway, and founded in 2007, Signicat operates the largest Digital Identity Hub in the world, offering the only complete identity platform in the market and trusted to reduce the burden of compliance in highly regulated markets.

With Signicat, service providers can build and leverage existing customer credentials to connect users, devices and even ‘things’ across channels, services and markets transforming identity into an asset rather than a burden. By ditching manual, paper based processes and replacing them with digital identity assurance, customer on-boarding is accelerated and access to services is made simple and secure. Signicat’s Identity Hub is a complete solution to that offers compliance and a route to better customer engagement.

Signicat has over 500 financial services organisations as clients, connects to more than 20 schemes globally and verifies more than 10m identities per month.

For more information, visit: https://www.signicat.com/contact/

Media Contacts
CCgroup for Signicat
signicat@ccgrouppr.com
+44 203 824 9200

 

About Resurs Holding:

Resurs Holding (Resurs), which operates through the subsidiaries Resurs Bank and Solid Försäkring, is the leader in retail finance in the Nordic region, offering payment solutions, consumer loans and niche insurance products. Since its start in 1977, Resurs Bank has established itself as a leading partner for sales-driven payment and loyalty solutions in retail and e-commerce, and Resurs has thus built a customer base of approximately 5.5 million private customers in the Nordics. Resurs Bank has had a banking licence since 2001 and is under the supervision of the Swedish Financial Supervisory Authority. The Resurs Group operates in Sweden, Denmark, Norway and Finland. At the end of the second quarter of 2017, the Group had 742 employees and a loan portfolio of SEK 22.3 billion. Resurs is listed on Nasdaq Stockholm, Large Cap.

Have you replaced TUPAS? Time is running out.

Finland’s TUPAS digital authentication method is being replaced. Signicat can help.

The TUPAS protocol no longer meets the criteria for strong authentication in EU legislation. According to the Finnish Communications Regulatory Authority, e-services will have to replace old TUPAS integration interface by 30 September 2019.

Finnish Trust Network:
The Finnish Trust Network is a combination of identity service providers (e.g. TUPAS banks and Mobiilivarmenne operators) and brokers. With agreement with a member of Finnish Trust Network, companies can continue to engage with customers online in a verified, trusted manner.

Signicat has been helping Finnish businesses meet these new requirements by providing an approved, strong authentication solution and providing access to the Finnish Trust Network. We act as a broker for Finnish businesses, meaning that instead of having to sign up 10 separate agreements with the 10 active banks in Finland and then implement 10 separate technical integrations, we act as a one-stop shop, providing a single point of integration and a single agreement.

Additionally, due to the bulk eID pricing we have negotiated, the average customer can save up to 70% on these connection fees in addition.

Contact us if you require more information or help with your TUPAS migration.

EEMA Identity Blog: The problem of self-sovereign identity: We can’t trust people

10th August 2018: Link to EEMA Identity Blog

Two buzzwords often heard in identity today are self-sovereign identity and distributed identity. The reason for considering new models for identity is, among other things, to avoid a single point of dependency and to put the user is in control of his or her identity and decide how much information to share with whom.

It’s a compelling story. Who wouldn’t like more control over who has access to their data? Unfortunately, while the story is easy to sell, implementing self-sovereign identity is a much harder problem. What are the implications of this model of identity, and where will the responsibilities lie?

A digital identity gives a person access to their email, bank account, property, digital money and more. The hard part is binding a physical person to a digital identity. Identity professionals spend a lot of time trying to figure out secure ways of doing this.

In his blog The characteristics of Blockchain can be very valuable to identity, Kim Cameron said that “you should not lose your identity if a country has a political melt-down”. I completely agree. But it can take much less than revolution and anarchy for something to go wrong—neither should someone lose their identity if they fail to backup or forget a private key.

Human beings are not reliable

Anyone who has ever known a human being for any length of time knows this. They forget passwords and credentials and do not create backups. New technology that relies on fallible people to keep credentials safe comes with undeniable risks. A good example of this are the 23% of all bitcoins that are now lost, thanks to lost passwords and hard drives that now lie in landfill.

It’s unwise to create an infrastructure where ownership of possessions depends solely on people’s memory. Raise your hand if you have NEVER used the “I forgot my password” function. Raise your hand if you have NEVER lost a car key or a house key or needed help to access a locked space. Not a lot of hands, right?

In these situations, we can call a locksmith or demand a new password. Whether physical or digital, we can depend on somebody being there to assist if we get locked out. Unless we implement recovery mechanisms, self-sovereign identity means that there is no one that can help.

With self-sovereign identity, each user has a private key, designed in such a way that a brute force attack is close to impossible. This is clearly a good thing, as it prevents others taking over your digital identity. But putting the only possible key to access the digital identity in the hands—and forgetful brains—of the users invites disaster. There is no back-door. There is nobody to call.

It’s not just forgetfulness we need to worry about, as people have accidents or illnesses which can affect their memory. And when they die, and assets are to be passed on, the private key needed to access your digital identity is lost forever. We need to consider a worst-case scenario, such as someone’s house burning down, traumatizing them into losing their memory—and the recovery codes, carefully noted down and put in a sealed envelope, are also gone.

We need identity custodians

Clearly, we need identity custodians: an entity we can trust and call upon if we have a problem. Somebody who is able to give a key back when it’s lost. Ideally, we should be able to choose which identity custodian to use and switch as often as wanted. We also need different custodians for holding identity data and holding a key in escrow, to ensure segregation of responsibilities, and to reduce risk of exposure.
However, there are several fundamental challenges with using custodians:

– First is access to a user’s private key, which must be high-friction. It should not be possible for a rogue employee of an identity custodian to get access to your private key. But it must be possible, with your involvement, to recover the key. High friction and convenience do not go hand-in-hand.

– How do you prove who you are… when you cannot prove who you are? The key recovery must handle the situation that you have forgotten the key entirely and have no possessions that can help.

– The third challenge is building a key recovery system in such a way that it is secure, cost-efficient and usable. No system will be 100% secure, but due to the importance of keeping private keys private, a high level of security is a must.

One way to build such a system would be to split the key into several parts and have these parts stored physically (for example as a printed document), to make it more resistant to digital attacks. The physical presence of the user would be required to ensure a biometric match. The correct key would be handed to the user after all the parts have been collected. Procedures on the part of the identity custodian are important here to ensure that only the user and not the custodian gets the parts needed to reconstruct the private key.

Clearly, creating a secure, cost-efficient and usable management of identities is not simple. Self-sovereign identity, often discussed as a straightforward identity system, actually requires clunky solutions and multiple custodians to support it. It’s important to keep this in mind when these buzzwords are thrown around.

Author: John Erik Setsaas is Identity Architect at Signicat and a member of the EEMA Board of Management

Signicat joins ETSI for standardisation of digital signatures and trust services

Signicat is pleased to announce we have formally become a member of ETSI (European Telecommunications Standards Institute) joining their technical committee on Electronic Signatures and Infrastructure (ESI). ESI is the standardisation body responsible for most European standards on digital signature and trust services; CEN TC 224 additionally produces some standards, notably on security evaluation.

Signicat’s electronic signature services are designed to be standards-compliant, and with Signicat becoming a qualified trust service provider according to the EU eIDAS Regulation, standards-compliance is increasingly important for us. The decision to join ETSI/ESI is a strategic move to not only use standards, but to also get first-hand knowledge of and influence on their development.

European standards on digital signature and trust services are grouped in six areas as shown in the figure below. The green ticks show standards that are done (only maintenance activities) while the rest are in progress. When completed, standards will cover all trust services defined by eIDAS. CEN (the European Committee for Standardization) covers area 2 while the rest of the standards are produced by ETSI.

Formally, standards are not mandatory to fulfil eIDAS requirements for qualified trust services. However, when interoperability is a goal, in practice the ETSI and CEN standards must be used. Currently, Signicat uses standards from area 1 for the Signicat Sign service, from area 4 for the qualified time-stamp service, and of course the recommendations on cryptography from area 2. As the service offering expands, more standards will come into play.

While the eIDAS Regulation sets the scope of the standards work, ETSI’s strategy is to produce technical standards that are globally applicable and not targeted at a specific legal environment. Notably, ETSI uses the technical term “digital signature”, a signature created by use of public key cryptography and PKI certificates, to distinguish from the in-principle technology neutral, legal terms “electronic signature” and “electronic seal” used by eIDAS. ETSI standards, together with a few core specifications on which ETSI has built the work, are referenced internationally as the state of the art standards in the area.

Of the ongoing work, standards to enable server-based (remote) creation of qualified and other signatures are especially important. CEN is about to publish Common Criteria (CC) security evaluation profiles for the equipment needed for such a service, such as “remote QSCD” (Qualified Signature Creation Device). ETSI will publish standards for the signing protocol towards the service and policy and security requirements to be applied by the service provider operating the signing service.

Standards for signature validation services is underway from ETSI, specifying how a signed document (or pairs of signatures and hash values) can be sent to a trusted service, returning a signature validation report that is also being standardised.

Registered delivery, i.e. transmission of documents and other message between parties in a reliable and secure way, is a trust service in eIDAS. A new ETSI standard in this area is about to be sent for national ballot, meaning that the national standardisation bodies of the ETSI member states will vote on its acceptance. In addition to the base standard, ETSI has revised the old Registered Electronic Mail (REM) specification for email-based registered delivery; the new REM version is also under national ballot.

Standards are being produced for long-term preservation of both signed and unsigned documents, using digital signature techniques to produce evidences of existence.

When qualified trust services are audited by a Conformity Assessment Body (CAB), the CAB must be nationally accredited for the job according to an ETSI standard.

Of miscellaneous other work, ETSI recently published standards for issuing of qualified web-site certificates and qualified electronic seal certificates to actors that are accredited for payment service provider roles according to the EU PSD2 directive.

All in all, as ETSI standards are the foundation of many of the services that Signicat provides or will provide in the future, keeping track of and influencing the development of standards is necessary to ensure that Signicat continues to deliver world-class signature and trust services.

More on these links: ETSI and CEN.

itsme®

Signicat and Belgian Mobile ID to deliver trusted digital identity services in Belgium through the itsme® digital identity scheme

Trondheim, Norway 19 June 2018 – Signicat, the world’s leading trusted digital identity provider, has partnered with Belgium Mobile ID to integrate the Belgian itsme® digital identity scheme into the Signicat Digital Identity Platform.

The integration of itsme® into the Signicat platform means that Belgian financial institutions, online retailers, and other commercial entities can more readily attract new customers and more seamlessly engage with existing customers through:
– Frictionless customer on-boarding and ongoing, advanced user authentication.
– Improved digital customer engagement through electronic signing and preservation of legal agreements.
– regulatory compliance of KYC and AML, GDPR and more.

Additionally, through the relationship, Signicat allows businesses throughout Europe to accept itsme® as an official mobile ID, meaning that Belgian citizens will be able to use their digital ID to access services across the continent. Signicat now connects to 20+ eID schemes globally in countries including Sweden, Norway, Denmark and The Netherlands.

As part of the engagement, Signicat will become a value-added reseller for itsme®, providing customers with comprehensive offering for trusted digital identity solutions in Belgium.

Itsme®, created by Belgian Mobile ID, is an ID scheme and an open ecosystem with the ambition to become a European reference for mobile identity and digital privacy, which makes the concept easy to deploy in other regions and countries. Itsme® is free of charge for users. Companies and institutions who want to offer itsme® to their clients contribute according to their number of users.

“Being able to on-board and keep digital customers is becoming increasingly important for businesses, especially with offerings that require a level of trust beyond a functional credit card. Our work with Belgian Mobile ID means that we can streamline customer onboarding and ongoing engagement for organizations looking to build trusted digital relationships with customers in Belgium,” said Gunnar Nordseth, CEO, Signicat. “The integration of itsme® into the Signicat platform further means that businesses across Europe can quickly and securely on-board Belgian customers, digitally, in minutes – and have trust in their identities – without any need for excessive paperwork.”

“Partnering with Signicat means that Belgian citizens now have access to a wide range of services from across Europe, effectively making itsme® a cross-border digital ID scheme,” said Kris De Ryck, CEO of Belgian Mobile ID. “The cooperation with Signicat offers interesting perspectives to expand the reach of itsme® in Europe.”

-ENDS-

About Signicat
Based in Trondheim, Norway, and founded in 2007, Signicat operates the largest Digital Identity Hub in the world, offering the only complete identity platform in the market and trusted to reduce the burden of compliance in highly regulated markets.
With Signicat, service providers can build and leverage existing customer credentials to connect users, devices and even ‘things’ across channels, services and markets transforming identity into an asset rather than a burden. By ditching manual, paper based processes and replacing them with digital identity assurance, customer on-boarding is accelerated and access to services is made simple and secure. Signicat’s Identity Hub is a complete solution to that offers compliance and a route to better customer engagement.

Signicat has over 200 financial services organisations as clients, connects to more than 20 schemes globally and verifies more than 10m identities per month.

For more information, visit: https://www.signicat.com/itsme/ or contact us https://www.signicat.com/contact/

Media Contacts:
CCgroup for Signicat
Nicole Louis, Martyna Borys
signicat@ccgrouppr.com
+44(0) 203 824 9200

Freja eID

Signicat and Verisec partner to offer Sweden’s Freja eID across Europe

Trondheim, Norway, June 12 2018 – Signicat, a leader in trusted digital identity, and IT security company Verisec, the developers of Freja eID, today announced a digital identity partnership using the Freja electronic ID (eID). As part of the deal Signicat will now offer Freja eID as a signing and authentication method—enabling retail, financial, and other organisations to use Freja eID to on-board and engage customers.

Freja eID is a digital identity with two levels of trust; the easily accessible basic Freja eID, and the more secure and trusted Freja eID+, which requires additional identity vetting. Freja eID+ is used for secure transactions across the private and public sector and is the first Swedish mobile eID approved by the Swedish E-identification Board, granting it the Svensk e-legitimation (Swedish Electronic Identity) quality mark.

Freja eID can be used to sign documents in accordance with the EU’s cross-border digital identity regulation (eIDAS). It also makes it possible for those with limited access to electronic identity schemes—such as recent immigrants—to use Freja eID at the basic level.

Signicat has added Freja eID support into the Signicat Digital Identity Platform and will resell Freja eID acceptance as part of the commercial arrangement. Through the Signicat platform, its customers will have access to Freja eID users through the same interface.

Gunnar Nordseth, CEO Signicat, comments:
“Signicat is pleased to be working with Verisec and to add support for Freja eID and Freja eID+ to the Signicat Digital Identity Platform. By supporting Freja eID we give our customers a new digital identity method for use in combination with all those we already support across Europe. Signicat fully supports Freja eID for authentication, customer on-boarding, and to digitally sign documents.”

Johan Henrikson, CEO Verisec, comments:
“Signicat, as an established digital identity service provider (DISP) in Europe, represents a new and important partnership for Freja eID, supporting its use across the region. For many major players in the banking, finance, insurance and eCommerce, Signicat is the preferred provider of electronic identity and signature solutions.”

For more information, please contact:
Johan Henrikson, CEO Verisec AB
Mobile: +46 733 45 89 02
E-mail: johan.henrikson@verisec.com

For more information, please contact:
CCgroup for Signicat
signicat@ccgrouppr.com
+44 203 824 9200

About Verisec
Verisec AB (publ) is a company on the cutting edge of digital security, creating solutions that make systems secure and easily accessible. The company provides a wide range of products and services within its two areas of business: Digital Identity and Information Security. Verisec has global distribution and operations in Stockholm, London, Belgrade, Madrid, Mexico City, Dubai and Frankfurt. Verisec is listed on Nasdaq First North Premier in Stockholm. Erik Penser AB is Verisec’s. Certified Adviser. For more information, please visit www.verisec.com and www.frejaeid.com

About Signicat
Based in Trondheim, Norway, and founded in 2007, Signicat operates the largest Digital Identity Hub in the world, offering the only complete identity platform in the market and trusted to reduce the burden of compliance in highly regulated markets.

With Signicat, service providers can build and leverage existing customer credentials to connect users, devices and even ‘things’ across channels, services and markets transforming identity into an asset rather than a burden. By ditching manual, paper based processes and replacing them with digital identity assurance, customer on-boarding is accelerated and access to services is made simple and secure. Signicat’s Identity Hub is a complete solution to that offers compliance and a route to better customer engagement.

Signicat has over 200 financial services organisations as clients, connects to more than 20 schemes globally and verifies more than 10m identities per month.

For more information, visit: https://www.signicat.com/contact/

Mitek and Signicat partner to improve digital customer on-boarding for financial institutions

Joint offering additionally helps customers to comply with PSD2, AMLD5 and eIDAS regulations

San Diego and Trondheim, June 4, 2018: Mitek (NASDAQ:MITK) a global leader in digital identity verification software solutions, and Signicat, the world’s leading trusted digital identity provider, today announced a partnership to improve the digital customer on-boarding process for Europe’s financial services companies, while helping clients in their efforts to comply with a number of regulations, including PSD2, AMLD5, and eIDAS.

For many European financial services companies, the battle to attract new customers is fierce. With new “challenger” banks emerging and smaller banks looking to capitalise on new technologies to provide a competitive advantage, every step of the customer acquisition process must be streamlined to achieve optimum success.

“At Signicat we commissioned a report, ‘The battle to on-board: The European perspective on digital on-boarding for retail banks’, to understand what consumers across Europe identify as problem areas when it comes to selecting new financial service providers,” said Gunnar Nordseth, CEO at Signicat. “We found that up 52% of European customers abandon the on-boarding process and one of the main reasons for this is the need to present paper-based ID documents. The research further found that 52% of respondents would be more inclined to register for a new service should the on-boarding process be 100% online.”

To compound this, new regulations throughout Europe are forcing institutions to more rigorously identify customers. In addition to AMLD5 and new KYC regulations, eIDAS opens the way for electronic identification and PSD2 places the focus on strong customer authentication. This multi-faceted focus on identity means that current on-boarding processes could become cumbersome and act as a deterrent to potential new customers.

Signicat has integrated Mitek’s Mobile Verify solution into the on-boarding engine within its Digital Identity Platform. This will enable financial institutions across Europe to verify identity documents though capture on a mobile device, and to seamlessly on-board customers.

Mitek’s Mobile Verify solution can verify the authenticity of identity documents by capturing an image with a mobile device and assessing its authenticity. This helps customers to ensure compliance with strict AML and KYC regulations.

“This partnership marks a watershed in the European identity market. Financial institutions can now on-board customers 100% digitally, doing away with the need to visit a branch,” René Hendrikse, VP and Managing Director, EMEA, Mitek commented. “With the arrival of PSD2 and increasingly stringent AML and KYC regulations, the ability to verify customers’ identity digitally is essential. Our partnership with Signicat offers one of the only platforms capable of this.”

“Partnering with Mitek enables us to jointly offer European financial services institutions a customer on-boarding solution that is 100% online. Our customers will not only be able to benefit from Mitek’s Mobile Verify solution, but also Signicat’s secure authentication, electronic signing and archiving of sealed documents, as well as our integration with over 30 public electronic ID schemes and registry lookups,” said Nordseth. “The partnership is designed to remove friction from the customer on-boarding process to ensure financial institutions can effectively compete in the marketplace.”

-Ends-

To download Signicat’s white paper, “The battle to on-board: The European perspective on digital on-boarding for retail banks”, click here: https://www.signicat.com/resources/battle-to-on-board-2-report/

About Mitek
Mitek (NASDAQ: MITK) is a global leader in digital identity verification solutions built on the latest advancements in AI and machine learning. Mitek’s identity verification solutions allow an enterprise to verify a user’s identity during a digital transaction. This enables financial institutions, payments companies and other businesses operating in highly regulated markets to mitigate financial risk and meet regulatory requirements while increasing revenue from digital channels. Mitek also reduces the friction in the users’ experience with advanced data prefill and automation of the onboarding processes. Mitek’s innovative solutions are embedded into the apps of more than 6,100 organizations and used by more than 80 million consumers. For more information, visit www.miteksystems.com or www.miteksystems.co.uk. (MITK-F)

Mitek Contact:
Ann Reichert
Senior Director of Marketing
pr@miteksystems.com

CCgroup
Mitek@ccgrouppr.com
+44 203 824 9200

Mitek Investor Contacts:
Todd Kehrli or Jim Byers
MKR Group, Inc.
mitk@mkr-group.com

About Signicat
Based in Trondheim, Norway, and founded in 2007, Signicat operates the largest Digital Identity Hub in the world, offering the only complete identity platform in the market and trusted to reduce the burden of compliance in highly regulated markets.
With Signicat, service providers can build and leverage existing customer credentials to connect users, devices and even ‘things’ across channels, services and markets transforming identity into an asset rather than a burden. By ditching manual, paper based processes and replacing them with digital identity assurance, customer on-boarding is accelerated and access to services is made simple and secure. Signicat’s Identity Hub is a complete solution to that offers compliance and a route to better customer engagement.
Signicat has over 200 financial services organisations as clients, connects to more than 20 schemes globally and verifies more than 10m identities per month.
For more information, visit: https://www.signicat.com/contact/

Media Contact
CCgroup for Signicat
signicat@ccgrouppr.com
+44 203 824 9200

Podcast

The Global Digital Banker podcast – episode 14 – The global state of digital identity

The Global Digital Banker podcast:

We take a look at the global state of digital identity. From the West we hear from John Erik Setsaas, Identity Architect at Signicat and from the East we hear from Jonathon Thorpe, Head of Identity at the Australian Govt. Digital Transformation Agency.

John Erik Setsaas shares how financial institutions can position themselves at the centre of this technology shift, the opportunities to banks for investing within this space and some great examples of institutions that are leading in market.

Jonathon Thorpe explains the next phase of work for the Digital Identity Framework, the organisations that they are partnering with to implement their solutions and how they build trust and mitigate against risks for consumers.

Listen to the podcast here

Research: Retail banks lose over half of European applicants during on-boarding

  • 72% want bank-led digital identity to ease on-boarding pain
  • 52% would apply for more services if process was entirely digital

Trondheim, Norway, 23rd May 2018 — New research released today reveals that retail banks now lose 52% of potential customers at the on-boarding stage, an increase of 35% in the last two years.

The Battle to On-Board II report was commissioned by Signicat, the world’s leading trusted digital identity provider. The report looks at digital identity and its effect on retail bank on-boarding in the UK, Germany, the Netherlands, and Sweden, and follows up on similar research carried out two years ago.

Banks must comply with Know Your Customer (KYC) and Anti Money Laundering (AML) requirements when on-boarding new customers. This requires personal information to be shared, and identity to be proven. While much of the process can be completed online, in many cases the proof of identity (checking passport, driving license, etc.) phase must be completed in person or documents sent through the post.

The initial 2016 report was focused solely on the UK and found that banks were struggling to on-board consumers thanks to over-reliance on paper processes and a lack of digital identity. 40% of customers were giving up at this last step, frustrated. The new research paints an even bleaker picture across Europe with 52% of respondents admitting abandoning applications. This is more disturbing in the UK where the number rises to 56%.

The 2018 report not only highlights the issue that is preventing customers from completing applications, but also reveals what consumers want to solve the problem. An overwhelming majority of Europeans, 72%, want their banks to offer a fully-digital on-boarding system. This won’t just make them more likely to complete an application, but will also help increase revenue from customers—52% of consumers would be more likely to use additional services from a bank that allowed them to on-board without the need to use paper-based identity. Indeed, the use of digital identity could help gain cross-border customers as the majority of respondents wanted an ID they could use across Europe. This is especially true in Sweden where only 22% did not want this.

Consumers are also clear on who should lead the charge on digital identity. Banks were the number one choice in every country surveyed, trusted to deliver a system over the government or a social media giant.

“The research uncovered some fascinating consumer behaviour around digital identities. It shows that customers that have verified and trusted digital identities are more likely to sign up for more financial products,” said Gunnar Nordseth, CEO, Signicat. “Customers trust banks to supply this identity above governments and social media and in markets where there isn’t a pervasive digital identity scheme, this presents a significant opportunity for banks to increase revenues. Given the potential upside of increased sales, it is clearly worth the banks’ while to explore this further.”

The report The Battle to On-Board II is available for download. It is based on a survey of 4000 consumers across the UK, Germany, The Netherlands and Sweden by Sapio Research.

 

The report is available here:

https://www.signicat.com/resources/battle-to-on-board-2-report/

– ENDS –

 

About Signicat
Based in Trondheim, Norway, and founded in 2007, Signicat operates the largest Digital Identity Hub in the world, offering the only complete identity platform in the market and trusted to reduce the burden of compliance in highly regulated markets.

With Signicat, service providers can build and leverage existing customer credentials to connect users, devices and even ‘things’ across channels, services and markets transforming identity into an asset rather than a burden. By ditching manual, paper based processes and replacing them with digital identity assurance, customer on-boarding is accelerated and access to services is made simple and secure. Signicat’s Identity Hub is a complete solution to that offers compliance and a route to better customer engagement.

Signicat has over 200 financial services organisations as clients, connects to more than 20 schemes globally and verifies more than 10m identities per month.

For more information, visit: https://www.signicat.com/contact/

Media Contacts:

CCgroup for Signicat:

Nicole Louis, Alan Miller

Signicat@ccgrouppr.com

+44(0) 203 824 9205

Exclusive interview with Rabobank: How do the Dutch identify themselves? With iDIN, of course

Wednesday, 16th May 2018, The PayPapers: In 2017, Rabobank and Signicat teamed up to enter the Dutch identity market by providing digital services to businesses and supporting them in servicing their clients.

This joint Digital Identity Service Provider (DISP) offers a range of online login, identity, signature and archiving solutions under the banner of Rabo eBusiness. The Paypers sits down with Alexander Zwart from Rabobank to discuss how Rabo eBusiness developed over the last year and how Dutch consumers prefer to identify themselves.

Could you please provide more details about Rabo eBusiness: what was the idea behind this initiative, what are the groups it addresses, and how is Rabo eBusiness helping these customer groups?

A few years ago, a group of Dutch banks have started iDEAL, a popular payment scheme in the Netherlands, used for online shopping. However, when these banks brought iDEAL to the Dutch market, Payment Service Providers like Adyen or Buckaroo acknowledged that merchants wanted to offer not only iDEAL, but also a wide variety of payment methods, e.g. credit card or PayPal. Therefore, the banks developed this service together, but what they failed to see is that one payment method does not solve all the problems of an online merchant.

Moreover, when the Dutch banks started an online identity scheme, such as iDIN, the question we asked ourselves was: does iDIN solve the whole challenge that merchants face with online identity? We believed that it did not: merchants need more identity options than what the iDIN offered – they required a Digital Identity Service Provider (DISP). We proceeded by looking for PSPs that were already offering identity options in Europe and found Signicat, an experienced and respected DISP in Europe. We wanted to create a solution that would meet identity needs on both sides of the online interaction; both for the consumers who want to identify themselves securely online, as well as for merchants who want to ease the customer’s journey.

So Rabo eBusiness is really a partnership; we have this business together with Signicat and we share its profits. Signicat and Rabobank operate together, both on the product management side, developing the product, as well as on the sales side. We entered the market with a basic proposition, i.e. we offer the possibility of using multiple identity services, like Google login, iDIN, and DigiD – an identity service delivered by the Dutch government, and we plan to expand our product portfolio in the near future.

Does Rabo eBusiness service all industries, or do you focus on specific segments of the market?

On the consumer side, when it comes to the people who use identity, Rabobank has a great coverage in the Netherlands. 94% of the Dutch population have an electronic ID, according to a survey commissioned by Signicat, which will be included in the Battle for Onboarding report that will be launched in May 2018. Of these people, 68 % use their ID to buy financial products.

Our primary focus, therefore, is the financial sector itself. Rabobank is the best launching platform for Signicat, because our customers, i.e. people who buy our products, are already used to identifying themselves via our bank. One of Rabo eBusiness’ first customer was Rabobank itself – Rabobank “bought” the product from itself, and used the identity proposition from Signicat to allow its clients who don’t have a Rabobank ID, but who might have an online ID solution from the competing banks, access the bank’s services.

What made Signicat’s implementation within Rabobank successful? Where there any challenges?

Signicat is very experienced in connecting complex IT parties like Rabobank. The biggest challenge, therefore, was not the part of cooperating with Signicat, yet for Rabobank to take a new look at identity. It took us some time to adapt our architecture to an open structure, accessible for people outside the bank.

Signicat has made connecting with other large parties a very easy experience, and as a result Rabobank is able to smoothly connect with large organizations now. I have mentioned earlier that one of our business focus is the financial services sector; for us financial institutions and insurance companies are a good match.

Therefore, we are proud to announce that we have recently partnered with Aegon, another large financial services provider in the Netherlands, and managed to integrate our solution in their IT systems frictionless due to the Signicat’s experience in connecting large parties.

Thanks to fintechs and challenger banks, incumbent financial service providers are under more pressure than ever for market share. It is critical, therefore, that customers can use applications as smoothly as possible—as any bumps in the road will lead to abandonment. In the Netherlands, what is still needed to drive adoption of identity services?

There are a few challenges ahead; firstly, we need to make identity services as easy to use as the big techs do, both on the consumer and the merchant side. On the consumer side, it is very important that the identity scheme you prefer is offered on all devices, especially on the mobile phone and within an IoT environment. This is why banks have invested a lot in making iDIN available for mobile. On the merchant side, it is important that you can offer a broad set of identity services/schemes to your customers (iDIN, DigiD, Google ID, Facebook ID, etc.), to maximize conversion rates.

Secondly, iDIN needs to be seen as a trustworthy, and preferred means of identifying oneself. However, things are pointing in the right direction: iDIN is used by an increasing number of people and organizations in the Netherlands, increasing the trust and goodwill towards this identity service.

Thirdly, we need to keep on working on the distribution on the merchant side. People have to see it in the market, so that consumers are convinced of its convenience and accessibility, and merchants are assured of its power to increase conversion. Luckily, Signicat has a lot of experience and expertise in creating a smooth onboarding process.

How do you see the identity services space evolving over the next 5-10 years in Europe?

Definitely identity will remain a key topic for the next decade. One can see that governments, companies, and people want to do more online. This makes digital identity increasingly important and will grow tremendously. Moreover, the Signicat research shows that banks are a trusted institution for consumers as their safe house for identity, more than social networks, so there is a big opportunity for banks to take the lead in identity services.

Webinar
For more great insights from Rabobank, Signicat and iDIN tune in on the 30th of May to The Battle to Onboard II webinar, in which they will discuss how you can keep your customers happy with the help of seamless on-boarding og digital identity. Click here to register.

Signicat featured in Lafferty Group’s new Bank-Fintech Partnership report

New research looks in-depth at this growing dynamic, including Signicat’s work with Rabobank

Trondheim, Norway, 27th April 2018—Signicat, the world’s leading digital identity provider, has been profiled in Lafferty Group’s in-depth research on the collaborations between financial providers often seen as rivals: Bank-Fintech Partnerships: Deployment Lessons from Around the World.

The report explores the opportunities available to both banks and fintechs by partnering rather than only competing, and includes 21 detailed case studies. It examines how banks are not just partnering with fintechs in order to provide new services to their customers, but also how banks can learn from fintech culture to solve business issues.

The deep dive into Signicat’s partnership with Rabobank covers the creation of a Digital Identity Service Provider (DISP) in the Netherlands, Rabo eBusiness, designed to replicate the success of BankID in Norway. As the report notes, “there is a gap between the metrics on an eID card and the requirements for digital onboarding of customers in financial institutions that is also sufficient for Customer Due Diligence…Rabobank will offer customers a trusted digital identity that they can then use to access all kinds of other services.”

“At Signicat, we believe that fintech providers and banks are not enemies, and a great deal of potential can be unlocked when they work together,” said Gunnar Nordseth, CEO, Signicat. “We’re delighted that Lafferty has chosen to profile our collaboration with Rabobank as an example of this working in practice.”

The report is part of Lafferty’s Retail Banking 2020 research, and a sample is available here: http://reports.lafferty.com/reports-store/retail-banking-2020-research-service/artificial-intelligence-and-robotics-in-banking.html

About Signicat
Based in Trondheim, Norway, and founded in 2007, Signicat operates the largest Digital Identity Hub in the world, offering the only complete identity platform in the market and trusted to reduce the burden of compliance in highly regulated markets.

With Signicat, service providers can build and leverage existing customer credentials to connect users, devices and even ‘things’ across channels, services and markets transforming identity into an asset rather than a burden. By ditching manual, paper based processes and replacing them with digital identity assurance, customer on-boarding is accelerated and access to services is made simple and secure. Signicat’s Identity Hub is a complete solution to that offers compliance and a route to better customer engagement.

Signicat has over 200 financial services organisations as clients, connects to more than 20 schemes globally and verifies more than 10m identities per month.

For more information, visit: https://www.signicat.com/contact/

Trusted Digital Identity

The Nordic countries rank high in trust, which means that people have trust in other people. And in organizations. And in the government. Trust is a core part of making a digital identity scheme work. There are countries where the uptake of digital identity is very slow, and one of the reasons is the lack of trust.

“Trust is a fundamental element of social capital – a key contributor to sustaining well-being outcomes, including economic development.” (Cite: Esteban Ortiz-Ospina and Max Roser (2016) – “Trust”. Published online at OurWorldInData.org. Retrieved from: https:/ourworldindata.org/trust)

One problem is of course also the lack of services which accept the digital identity, and as such it is a chicken-egg problem.

Then there is usability. If the digital identity scheme requires a card reader, which you must buy, and install drivers to make it work on a number of different PCs, or make it work with mobile devices or tablets, well, the stage is set for disaster. And if there are no services available, why would users want to set up an electronic Identity (eID)?

If you do not have trust in the government, perhaps due to fear of surveillance, you will also be very reluctant to share personal information online. There are countries with a history of not just surveillance but even eradication of groups of people, so this is understandable.

On the other hand, many people are more than happy to share an abundance of personal details on social media, and seem oblivious that this information is available to a lot of people, including the government. Many people seem to be more than eager to sell their private information in return for targeted marketing, for example through the use of store loyalty cards. Perhaps social media has given the users some sort of comfort, letting users believe that they are only sharing information between friends. We tend to forget that information such as which links we are clicking on, which posts and pages we like and comment on, as well as where we are and which device we are using, is also collected, and used to learn more about us. The sharing of information is motivated by yourself, possibly because you are you are being rewarded by other people liking or commenting on your information . Nobody is requesting the information from you; you are sharing. In return, you get paid in likes, as well as in ads, all the while (consciencly or not) trusting the social media platforms not to mis-use your data.

To make a solution trustworthy, it must be transparent. The user must understand what information has to be shared (e.g. uploading the image of a passport), why this information has to be shared (e.g. to verify who you really are, and to prevent someone from stealing your identity) as well as how the information is being used (for example for the sole purpose of verifying your identity).

The GDPR (General Data Protection RegulatIon: https://www.eugdpr.org/ ) will come into effect in May this year, and is good news for all of us. The GDPR was created to protect the privacy of the user. It is not for organizations. It is not for governments. It is all about protecting how our personal information is being used. The GDPR requires that anybody collecting and using PII (Personally Identifiable Information) also has to obtain consent from the user in order to be able to use their data.

And to show that that they truly mean this, the EU has put some substantial fines on breaches, up to 4% of global revenue. So hopefully, this should make collecting and using personal information more transparent, as well as help restore trust in identity data usage.

Signicat is currently working with some of our large customers to see how consent management can be integrated into our solutions, while at the same time putting as little stress as possible on the user.

Blogpost by John Erik Setsaas, Identity Architect, Signicat

The UK’s second-tier digital identity scheme will lead to a second-tier digital economy

The state of Identity in the UK is far behind that in the rest of Europe, and this is central to the success of consumer-focused fintech and financial services.

Link to the article from International Business Times, Business Fintech, February 15 2018

By Gunnar Nordseth

The UK currently enjoys a dominant position in European financial services, including fintech. London fintech firms have enjoyed £3.5bn of investment over the last five years—more than five times any other European city—with 2017 a record year. The hottest and most digitally advanced companies base themselves in London, with the effect that digitisation is sweeping the financial services market.

The UK attracts the talent, it is home to some of the most technologically ambitious companies in Europe, its regulatory structure encourages innovation and, as a global metropolis, it has the infrastructure needed to facilitate global trade. At first glance the UK is in an enviable position as the rest of the world focuses its attention on the wave of innovation in financial services, but all is not as rosy as it seems.

One key area of infrastructure has slipped through the cracks and now threatens to topple the UK from its perch. The state of Identity in the UK is far behind that in the rest of Europe. It might seem completely unconnected but it is, in fact, central to the success of consumer-focused fintech and financial services. The UK still operates a paper-based identity infrastructure where identity is proven with a passport, driving licence or other item such as a utility bill. This is then checked and verified by hand by someone not necessarily trained to do so. This takes time, is expensive, inefficient and subject to a catalogue of mistakes.

Why is identity central to financial services?

In order to access any financial service, a customer’s identity has to be established and proven to the satisfaction of regulations. Signicat’s survey in 2016 found that 40% of people have abandoned a signup process in the UK because of the time it took and the difficulty in proving their identity. If customers are unable to access services, how are businesses expected to succeed? Financial services companies have made much of being 100% digital, but for the moment access remains a barrier to that goal. In the UK, the vast majority of financial services organisations do not allow for anyone to prove their identity digitally to the satisfaction of regulations. Identity remains analogue and paper-based, relying on passports, driving licenses and even utility bills. A report into bank onboarding by analyst house PAID Strategies found that nearly all high street banks require consumers to go through manual processes for ID—and the only one that did have a digital process didn’t work on smartphones or tablets.

If consumers cannot access financial services digitally, the UK will face two main consequences. Firstly, thanks to the EU’s labour laws, Europe’s population enjoys freedom of movement and the right to work in any member state. As part of this, through the eIDAS regulation, the EU is mandating that electronic identity (eID) schemes are interoperable across the region. This helps with opening bank accounts, applying for mortgages and accessing other essential services. Since the UK does not have an eID scheme that satisfies financial regulations, it will be left out in the cold. If people are unable to open bank accounts, rent or buy properties or use government services, why would they choose to come?

Secondly, this inability to onboard new customers will make the outlook for these businesses rather bleak. For smaller fintech companies, funding and investment will start to dry up with countries that have embraced eID (such as those in Scandinavia, already a hotbed of fintech innovation) reaping the benefits. For the largest financial services firms, the millions spent on becoming digital businesses will be wasted.

GOV.UK Verify to the rescue?

All is not as dark as it seems however. The UK’s digital identity scheme, GOV.UK Verify, was created with big ambitions. In 2015, a business case predicted a 90% success rate for those people and businesses looking to identify themselves through the scheme. It was also predicted that up to 77 different public services would be likely to use the system.

GOV.UK Verify has, to date, fallen well short of these aims. Only fifteen services use it, and only 37% of those who have attempted to create a digital ID have been able to access the service they intended to.

On the face of it this looks like one more government IT failure of the type that so often gets press attention, as lofty goals don’t match the results achieved. But GOV.UK Verify isn’t fatally flawed—it actually needs to be more ambitious in order to succeed.

Unlike other European digital ID schemes GOV.UK Verify is limited to the public sector, does not support financial services and is not interoperable with its continental counterparts. Currently there are no plans to extend the schemes capabilities beyond vague promises with no timeline.

The UK needs to look to digital identity schemes elsewhere; to find success, they need to emulate success. One of the world’s leading digital ID successes is Norway’s Bank ID. Bank ID is used by 3.7m Norwegians, with over a million using the system on mobile. As the name suggests, its original use was for banking products, but this has now extended to signing leases, accessing secure post, and more.

GOV.UK Verify aimed to conquer public services first and then be made available for use by private services, and herein lies the flaw. People simply don’t engage with public services often enough for digital ID to be a regular part of their lives. Filing tax returns and renewing vehicle tax are performed annually, while other services such as renewing driving licenses are only necessary every decade. It’s unlikely that people will remember their credentials with such a long gap between uses. Using GOV.UK Verify won’t be a simple process for most—instead many users will need to go through the rigmarole of resetting passwords and recovering IDs, sometimes via post. If the process of using GOV.UK Verify is so painful, why would anyone want to use it more regularly?

The private sector provides online services people use every day. For example, people use banking for regular tasks such as paying bills, moving money between accounts, and checking their balance. Identity and signing is also common for more than just financial services: signing leases, receiving recorded deliveries and secure post, and proving your age when buying age-restricted items. Using eID for these purposes is far more convenient than the current methods that involve card readers, presenting utility bills or passports.

The new Public/Private Partnership

To make a success of digital identity, it’s vital to have buy-in from those corporations that have already performed the due diligence on so many identities—retail banks. A public/private partnership of government and banks is the only way l to get a digital identity system working across multiple sectors and—a must for success—getting individuals and businesses to see the benefit of such a system and use it.

It’s crucial to build a digital identity system that will be popular with everyone using it as Europe makes efforts to make each country’s digital identity interoperable. The EU’s eIDAS project is a framework where the ambition is that anyone or any business in the EU can safely and securely identify itself to any other business in the EU. eIDAS is part of the EU’s plan to create a digital single market, which aims to “tear down regulatory walls” and make goods and services more universal. If the plan is successful, there’s no reason why a business in Barcelona could not take advantage of an innovative new service created in Tallinn.

The EU estimates that a single digital market could contribute €415 billion per year to the economy and create hundreds of thousands of new jobs. Without a suitable digital identity scheme, the UK will be locked out of this opportunity, and may have to abdicate its financial services crown—a second tier digital identity scheme will ultimately simply mean a second-tier economy.

Gunnar Nordseth is CEO of Signicat.

Innovation Horizon2020

Signicat secures second round of Horizon 2020 funding to develop ID Assurance as a Service

Signicat secures second round of Horizon 2020 funding to develop ID Assurance as a Service

Oslo, Norway, 25th January 2018 – Signicat, the first and largest identity assurance provider in the world, has secured phase two funding from the EU’s Horizon 2020 programme, the framework for funding research and innovation. The funding will be used to further develop Signicat’s IDAaaS (Identity Assurance as a Service) toolbox for use across Europe—helping to create a single digital identity market for Europe, one of the European Commission’s priorities for the latter half of the decade.

ignicat’s IDAaaS service will enable financial service providers and other businesses across Europe to verify the identity of a new customer—either an individual or an organisation—using electronic identity (eID) and digital verification of paper ID, as well as other technologies including registry lookup, facial recognition, and other innovations. This means businesses can comply with complex KYC (Know Your Customer) requirements, while still offering simple, digital on-boarding to their customers.

The grant follows the completion of phase one, undertaken by Signicat and funded by Horizon 2020 in December 2016. This analysed the need for and applicability of digital on-boarding in selected countries. Working with Innopay, Signicat discovered that on average, European eID schemes provide 69% of the information that financial institutions need in order to on-board a customer wholly digitally, and identified the gaps where Signicat could offer IDAaaS. This new project builds on this work.

“A single digital ID market in Europe is vital so that financial service providers can easily offer their services across borders without the customer struggling to assert their identity. Cross-border digital ID creates greater choice and convenience for the customer, and opens up new markets for financial institutions” said Gunnar Nordseth, CEO, Signicat. “While eIDAS is a step in the right direction, it does not yet go far enough. Our vision is to integrate eIDs across Europe, making on-boarding customers simple for financial institutions and their customers, while still meeting KYC regulations.”

The EU’s eIDAS regulations aim to help financial services across Europe meet KYC requirements through digital IDs. While eIDAS provides a standard regulatory environment with different levels of assurance for different levels of risk, it is up to member states to define the tools needed for each level of assurance. This has created a fractured ecosystem lacking consistency across borders.

Signicat is the first IDAaaS provider in the world and will develop its IDAaaS toolbox to meet the requirements in more countries, integrating identity assurance across Europe. As well as creating new business opportunities for Signicat in new markets, this will help the Financial Services industry develop as a single digital market.

Horizon 2020 is part of the Innovation Union, a Europe 2020 flagship initiative aimed at securing Europe’s global competitiveness.

-ENDS-

About Signicat
Based in Trondheim, Norway, and founded in 2007, Signicat is the first and largest Identity Assurance Provider in the world, providing regulated markets with the technology to create mutual trust between organizations and their potential customers.

With Signicat, service providers can build and leverage existing customer credentials to connect users, devices and even ‘things’ across channels, services and markets transforming identity into an asset rather than an obstacle. By ditching manual, paper based processes and replacing them with digital identity assurance, customer on-boarding is accelerated and access to services is made simple and secure. Service providers can rapidly grow market share, easily acquire new customers, and ensure compliance with financial, privacy and data protection regulations including AML and KYC.

Signicat has the technology to connect the market, the expertise to scale the systems, and the experience to build the trust.

For more information, visit: www.signicat.com

Media Contacts
CCgroup for Signicat
signicat@ccgrouppr.com
+44 203 824 9200

B2B functionality

Signicat Signature B2B functionality

Electronic signatures with B2B functionality

The use of electronic signatures is becoming more common. Typically today, an electronic signature is initiated, based on some end-user action, such as requesting a loan, leasing a car, requesting a money transfer and more. The user will be redirected to the signature interface, where he or she can immediately read through the document(s), and add the signature by performing an authentication. Alternatively, an e-mail is sent to the user, which links to the document(s) to be signed. These are typical B2C scenarios, and as said, becoming more and more common.

Electronic signatures B2B versus B2C

Electronic signatures in a B2B scenario differs from B2C signatures in several aspects. The main legal change, is that the document is signed by an organization (often called a legal person) instead of a (natural) person. But in the end, a person will have to sign, on behalf of the organization. This often means that the person doing all the initial work, may not be the same as the person adding the signature.

At Signicat we have extended Signicat Sign with B2B functionality making it possible to handles this every day scenario, where somebody else needs to sign the document bundle than the person making the documents ready for approval. This means that when an employee receives a signature request, and determines that he or she is not authorized to sign on the document, the request can be sent do another employee. It is also possible for the user to sign first, and then forward to another employee.

Another issue with B2B signing is knowing if the signer of a business signature is authorized to sign on behalf of the company. Signicat already has the mechanism for verifying this. After the document is signed, Signicat Sign will be able to verify that the signer is authorized to sign on behalf of the company. Not all countries have digitized the company information needed to verify the signing rights. The challenge is the source of this information. There are many business registries, however the challenge is that the information is mainly created for human consumption, and not very machine friendly. This is something we are working with the info-providers on.

We have implemented support for the business to business electronic signing for customers in Norway and Denmark and are adding new countries as the business information gets available.

Please get in contact if your company also want to make it easy and simple for your business client to do business with you.

PEP lookup as an integral part of Signicat Assure means even stronger identity assurance

Financial institutions are under strict requirements when onboarding clients, regardless of whether this is done digitally, or in the old-fashioned way, by meeting face-to-face. The driver behind this is the AMLD (Anti-Money Laundering Directive), which aims to prevent money laundering and terrorist financing.

One of the checks that has to be performed is checking whether the person being onboarded is a PEP (Politically Exposed Person). PEP is a term describing someone who has been entrusted with a prominent public function. A PEP generally presents a higher risk for potential involvement in bribery and corruption by virtue of their position and the influence that they may hold. there is not a global definition of a PEP. Still people with PEP status are typically politicians, judicial or military officials, senior executives of state owned political parties and important political party officials. PEP status also apply to family member and close associates of PEPs.

Enhanced Due Deligence

When onboarding a user with PEP status, the AMLD requires that EDD (Enhanced Due Diligence) is to be performed. This includes even more extensive background checks of the person.

Signicat has now included PEP check in our Signicat Assure solution. This means that when using Signicat Assure for onboarding digital customers, a PEP check can be performed in the background. Information about the PEP status is returned to the bank (or any organization requesting this information when onboarding). The bank can then execute additional EDD check, which may also be provided by Signicat.

Click here to get more information about Signicat Assure and simple, cost-efficient and user-friendly onboarding.

Blog post by John Erik Setsaas, Identity Architect, Signicat
Twitter: @jsetsaas

Nordic FinTech giants SDC and Signicat drive dramatic rise in digital-only mortgage applications

83% of SDC’s Danish banking clients’ customers now apply using electronic signatures

Oslo, Norway 12 October 2017 Signicat, the first and largest identity assurance provider in the world, and SDC, a full-service IT service partner for the financial sector in the Nordic countries, today announced that 83% of SDC’s Danish banking clients’ customers’ mortgage applications are processed wholly digitally. The fully digital process for application, approval and signing has reduced the time to complete the mortgage process from weeks to days — and sometimes, in markets where consumers have an electronic identity (eID), mere hours. SDC provides financial technology, including system operation and data processing services, to more than 120 banks in Denmark, Norway, Sweden and Faroe Islands.

Signicat’s digital signing solution – Sign – has removed the need for customers to visit their branch to complete a mortgage application. All this is now completed digitally — creating a process that is both fast and convenient dramatically enhancing the customer experience.

The news follows the announcement in June last year that SDC would be using Sign for transnational digital signing across financial service applications. The solution allows SDC customers to offer digital signing containing information on who signed the document, when it was signed, and the signatures validity. Customers in markets with an eID scheme, such as NemID in Denmark, can simply use their eID to sign and receive approval in just hours.

“Financial institutions have invested millions in digital transformation. Digitizing every interaction with customers, from the first mile to the last, is essential to truly capitalise on this investment,” said Gunnar Nordseth, CEO at Signicat. “Our pioneering work with SDC has dramatically accelerated the mortgage application process, resulting in positive customer feedback and, critically, fewer abandoned applications. At a time when revenue generation is more important than ever, banks must provide the fully-digital services customers demand.”

“Applying for a mortgage can be one of the most challenging and stressful processes people face. We wanted to make it as frictionless as possible,” said Nikolai Andersen, Head of R&D Digitization at SDC. “The collaboration with Signicat has created a truly digital-only process and the numbers speak for themselves. Adoption and critically conversion of applications using eSignatures is skyrocketing, especially in markets with eID schemes that accelerate the process. We look forward to exploring other ways our bank customers can benefit from eID schemes in relevant markets.”

SDC’s digital signing solution uses local eID schemes to verify identity. The eID schemes used are Bank ID in Norway and Sweden, and NemID in Denmark, mapping SDC’s footprint.

-ENDS-

About Signicat

Based in Trondheim, Norway, and founded in 2007, Signicat is the first and largest Identity Assurance Provider in the world, providing regulated markets with the technology to create mutual trust between organizations and their potential customers.

With Signicat, service providers can build and leverage existing customer credentials to connect users, devices and even ‘things’ across channels, services and markets transforming identity into an asset rather than an obstacle. By ditching manual, paper based processes and replacing them with digital identity assurance, customer on-boarding is accelerated and access to services is made simple and secure. Service providers can rapidly grow market share, easily acquire new customers, and ensure compliance with financial, privacy and data protection regulations including AML and KYC.

Signicat has the technology to connect the market, the expertise to scale the systems, and the experience to build the trust.

Media contact: signicat@ccgrouppr.com / +44 203 824 9200

About SDC

SDC is an IT-centre providing an all-round service for financial institutions in Scandinavia. Our clientele is made up of over 124 Danish, Norwegian, Swedish and Faroese financial institutions, which are also the owners of SDC.

SDC is based on the philosophy of common solutions for common needs – and the cost saving benefits which go with it. SDC’s services are supplied at cost price to the owning institutions.

SDC’s core business is the development, maintenance, operation and joint purchase of IT solutions for the financial sector. SDC’s services are provided by SDC itself or SDC’s partners in cooperation and sub-suppliers.

For more information, visit: http://www.sdc.dk/
Media contact: Michael Spence ms@sdc.dk / +45 2488 9124

 

Do I need multiple digital identities?

Do I need multiple digital identities?

From my point of view, it is good to have one, and only one, digital identity. And you protect the login information very well. Frequent logins ensures that you are familiar with how to log in, which user name and password, and how to use the second factor. Always authenticating in the same way  reduces friction, as you know exactly what to do. At the same time, this increases security, as you will know exactly how it works, and you will recognize deviations, which may be security attacks and fraud attempts.

Note that I am talking about your digital identity, and how to authenticate, i.e. prove that this digital identity is yours. I would of course like to be able to have different personas using this identity, so I can present a different part of myself to different organizations. This for example depends on whether I use my ID as an employee, as a member of voluntary work or as a private person. But this is not the topic for this blog post.

A word on frictionless. To be completely without friction, you would not have to do anything. The system would automatically recognize you. There are some interesting projects around behavioral biometrics, which are quite promising in this area. More about this in a later post.

Remember John from my previous post? Imagine if he had a separate digital identity for government. Government login is done very rarely, maybe as rarely as once per year, when you do your taxes. It is very probable that John would not remember the procedure for using this ID, nor his password, and maybe not even find his second factor token. This increases friction. As John (like most of us) does his taxes in the last minute, he would not be able to file his taxes on time, or he would occupy the support hotline leaving a bad and expensive experience.

Insurance is another case where login is not done very often, maybe two or three times a year, in some cases when you have had an accident, and need to get in touch regarding this. Having to authenticate in a way you are not familiar with will only increase the user tension.

As pointed out, there are huge advantages of using the same identity for bank identification, which you use weekly or even more often, also for less-used services like government, insurance and health. So how come that in Norway, you can use the same digital identity for multiple different services? Why are other countries struggling  with digital identity? Why won’t users start using it? Why are different schemes used for different purposes, as this is not helpful for the consumers and does not increase security?

One reason is that the Norwegian government and banks managed to work together on this. From the very start, the use of BankID was thought to be used by both the banks, but also for third parties, needing digital identity or signature. And this resulted in a critical mass of users, using BankID for banks, government and others.

On a side note, the only thing which is shared between BankID in Norway and BankID in Sweden is the name. They are completely separate.

Then of course there is the social security number; SSN, which is a number uniquely identifying an individual, and treated differently in different countries. In Norway, the banks are using the SSN as the login ID, and as far as I know, they have been doing this since Internet banking started. As in many countries, the banks MUST have the SSN for tax reasons. The government must know exactly who you are. For the health services, it is very important that our John is not confused with another John, and on and on. So it makes a lot of sense to use this as login identifier. Any Norwegian will be able to recite his or her 11-digit SSN without missing a beat. It does help that the first 6 digits is the date of birth on the format DDMMYY.

As an alternate example, let me use the Netherlands, not because they are doing badly with digital identity, but because there are two schemes emerging: iDIN and DigiD. The latter contains the BSN (the Dutch SSN), and is restricted in usage to government and health insurance only.

Which I personally find strange, as all banks are required by law (for tax reasons) to obtain the BSN of each customer, so the Dutch banks do have this number. This means that if a Dutch bank wants to onboard a new customer, iDIN can be used. However as iDIN does NOT supply the BSN, the customer must also upload a personal identity paper (for example a scan of the passport), to provide his BSN. In the rare situations where I need to use DigiD to log in; will I remember the procedure and the credentials? In any case, friction is increased, and I would claim that security is reduced.

The eIDAS (EU regulation 2014/910) regulation is put in place to let people use their digital identity across countries. There are some claims here that eIDAS will only be used to issue new “local” credentials, which then will be used for logging into one (or more) services in the foreign country. However, then we are back to my initial problem, with having multiple credentials.

From my perspective, always using the same way of logging in, also every time you log in over eIDAS to a foreign service will reduce friction and increase security.

Blogpost by John Erik Setsaas, Identity Architect, Signicat
Twitter: @jsetsaas 

Finnish Trust Network

Signicat registered as “ID-broker” by Finnish Communications Authority

Signicat has been approved to Finnish Trust Network, supervised by Finnish Communications Authority. This means that Signicats customers can utilize our merchant agreements with the TUPAS-banks. Signicat has offered the technical integration to all TUPAS banks for almost 10 years now, but the customers have been obligated to make separate contracts with each TUPAS banks. Now with one single contract, Signicat adds significant value to its customers; expected savings in transactional costs are 60-70%.

Signicat is now in progress to make all the agreements with TUPAS banks and will contact each customer individually to agree the migration details. For customers starting in Finland, we are already making agreements which makes it easy to test the solutions and then make the switch over to production when Signicat has all the TUPAS-agreements in place.

Please find our contact details here.

More information about FTN can be found on our developer pages.

Signicat is 10 years this year

Signicat was started in 2007, which means we are 10 years old this year.

During the 10 years Signicat has existed, there has been a rapid development in the use of electronic identity. A combination of forces have driven this development. On the one hand, the desire for digitization of services that previously required physical attendance and manual steps. On the other hand, stricter requirements for security and privacy. As the leading provider of identity services to regulated industries in the Nordics, Signicat has played an important part in this development.

When we started in 2007, the eID market in the Nordic region was just about to take off. All four Nordic countries had their solutions for electronic identity, and after a long introductory phase, the markets were reaching a critical mass both with regard to issued IDs and service providers where the eIDs could be used. In Norway, BankID was the leading solution for electronic identity and the first banks began issuing eID to their customers already in 2003. But it was only when service providers with support for eID began to appear that the usage of eID started to grow rapidly.

Signicat was an early facilitator of the use of eID for banking and financial services. Fully digitized consumer loan processing with eID and eSignature was developed for the online store Komplett.no already in 2005, while Signicat was still a department in the consulting company we were spun out of. Since then, we have helped many other banks and finance institutions with replacing tedious manual procedures with electronic identity and electronic signature.

After more than 10 years of rollout of electronic identity in the Nordic region, there is little evidence that the growth is slowing. New and easy-to-use solutions like BankID on mobile continue to drive growth. In Sweden alone there were more than 2.5 billion logins with BankID in 2016. The potential for digitization is far from exhausted.

But what about Europe outside the Nordic region?

Signicat has had presence in the Netherlands since the autumn of 2015, and since December 2016 also in London. Currently we work with customers in the Netherlands, UK, Germany, Spain and several other European countries. There is no doubt that the use of eID in these countries is not as far developed as in the Nordic countries. Perhaps the level of maturity is about the same as in the Nordic region 10 years ago. The question is whether it will take another 10 years before Europe is on par with the Nordic countries.

I think the answer to this question is “no”. The reason is that drivers that were strong in 2007 have become even stronger over the past 10 years. Electronic identity is in many cases the last missing piece to get full-digitized processes. We have smart phones that can be used for two-factor authentication replacing inconvenient and expensive technologies that required purpose built hardware. On top of this, European initiatives such as PSD2, OpenBanking and GDPR are pushing for better and more widespread solutions for electronic identity.

Signicat’s value proposition to customers in Europe is the same as in the Nordic countries: A single point of connection for easiest access to a wide range of electronic identity services. This is especially important when technology and infrastructure are in rapid development. Our services for the initial proofing of electronic identity are also important in markets where there is no established third party electronic identity infrastructure, as we have in the Nordic countries. The fact that our online services meet or will meet requirements in regulations and directives such as eIDAS, GDPR and PSD2 are also helping users to get started with electronic identity.

For Signicat, the first 10 years have been an exciting journey where we have contributed to making electronic identity a critical community infrastructure in the Nordic region. In the next few years, we hope to be able to repeat this journey, and bring the experience of the first 10 years to the larger European market, making electronic identity just as widespread here as well.

Get in touch!
If you have comments or questions, feel free to contact me either by e-mail or phone:

E-mail: gunnar.nordseth@signicat.com
Telephone:+47 930 60 408

signicat rabobank

Press Release: Rabobank and Signicat launch Digital Identity Service Provider (DISP)

Rabobank and Signicat are entering the Dutch identity market together by providing digital services to businesses, supporting them in servicing their clients.

This joint Digital Identity Service Provider (DISP) offers a range of online login, identity, signature and archiving solutions under the banner of Rabo eBusiness. It provides optimal convenience for a range of businesses, including insurance, energy and leasing companies as well as other financial services providers. It simplifies and improves the digital transformation they are under pressure to achieve.

Rabo eBusiness helps businesses to shape their online services in an easier, more reliable and efficient way to achieve higher online conversion. Consumers can log onto the merchant’s website using one of the identity services provided by Rabo eBusiness and can then, for example, sign a contract online. The platform is easy to integrate into the existing business processes using API technology.

Rabobank will initially focus on five customer groups: energy, telecom and insurance companies, healthcare institutions and financial services providers. Rabo eBusiness services will make it easy for them to enable functions such as onboarding new customers, signing contracts digitally and offering a dashboard for invoices or expense claims.
The market for DISPs opened on 1st April 2017 within the framework of iDIN.

Alexander Zwart, responsible for Online Channels & Access at Rabobank, explains that Rabobank already has a good starting position, having: ‘Advisory skills, a large market share in the business market, operational services and a mature salesforce. In order to be able to offer technology and a high-quality and safe range of products, we have opted not to develop it ourselves, but instead to collaborate with a well-established strategic player. Signicat has a proven Digital Identity Service platform that is considered leading in the Nordics, a mature digital identity market.’

Signicat in turn wants to expand its presence in the Dutch market. Gunnar Nordseth, Chief Executive Officer of Signicat: ‘We have been operating for some time as an identity service provider in the Nordics and are currently expanding into other parts of Europe. The Netherlands is a strategically important market for us and a European hub that has great potential for digital identity, signature and archiving services. Collaborating with an innovative bank such as Rabobank gives us the opportunity to fulfil our ambition.’

The platform has been designed to grow in tandem with market demands and can consequently be expanded to include additional services. This lays the foundation for achieving Rabobank’s strategic ambition to help its customers with the digitisation of their services.

-ENDS-


About Signicat:
Based in Trondheim, Norway, and founded in 2007, Signicat operates the largest Digital Identity Hub in the world, offering the only complete identity platform in the market and trusted to reduce the burden of compliance in highly regulated markets. With Signicat, service providers can build and leverage existing customer credentials to connect users, devices and even ‘things’ across channels, services and markets transforming identity into an asset rather than a burden. By ditching manual, paper based processes and replacing them with digital identity assurance, customer onboarding is accelerated and access to services is made simple and secure. Signicat’s Identity Hub is a complete solution to that offers compliance and a route to better customer engagement.
www.signicat.com

About Rabobank:
Rabobank is an international financial services provider operating on the basis of cooperative principles. It offers retail banking, wholesale banking, private banking, leasing and real estate services. As a cooperative bank, Rabobank puts customers’ interests first in its services. Rabobank is committed to being a leading customerfocused cooperative bank in the Netherlands and a leading food and agri bank worldwide. Rabobank employs approximately internal and external 50,000 people. Rabobank Group is active in 40 countries.
www.rabobank.com

For more information, please contact:

Rabobank
Margo van Wijgerden, Press Officer
+3130 2160967, margo.van.wijgerden@rabobank.nl

Signicat
Imran Majid, PR Manager
+44 203 824 9205, Imran.Majid@ccgrouppr.com


For more information about DISP, visit:
DISP