“Why is it that in one the world’s most digitalized countries where practically all payments happen with a card, pocket money is still so non-digital,” mother of two, Louise Ferslev asked herself in 2015.
As a result, the idea of a digital pocket money app, later named MyMoniii, was born. The simple-to-use app educates children about managing their money, and allows them to reveive money by either having a fixed allowance or earning extra on completing tasks in the households. In MyMonii app you can also save up for a goal and understand how to save for something over time. Despite being aimed at the younger generation, MyMonii needs to comply with many of the similar requirements as banks, and identity verification of the users is one of those.
MyMonii needed a solution for verifiying the identities of their customers digitally, conducting appropriate Know Your Customer (KYC) checks on the parents in the MyMonii app when upgrading the app from the free version to MyMonii Premium, includes a digital MasterCard card for payments. They needed to do that because the children were under 18 and not able to sign up for a creditcard themselves. When you order MyMonii Premium for your child, you also order a MyMonii Mastercard and it is therefore of course a requirement to be KYC compliant towards the parent, and on the child subsequently.
Of course, it was quite obvious to use NemID to verify who the parent is and at the same time also verify that the parent is over 18 years old. “We talked to other Fintech Startups here in Denmark and asked them how they have solved it. We heard from several people that they were annoyed that they had build their own solution from scratch, because it was a challenge when expanding to other countries. They wished they had chosen Signicat from the start so they didn’t have to maintain several systems”, explains Louise Ferslev, Founder and CEO, Mymonii.
Choosing Signicat as the provider for digital identity verification was an easy choice according to Louise Ferslev, founder and CEO. Mymonii needed to be KYC compliant in order to issue MyMonii Mastercards to children/teenagers and the identity verification using NemID was obvious. Mymonii has now signed an agreement with Signicat for MitID, that is replacing NemID as the national eID in Denmark during 2021/2022, and is looking forward to having that process in good hands during the transition period.
MitID will replace NemID
MitID is Denmark’s new electronic ID providing a state-of-the-art authentication mechanism for all Danish citizens, businesses, and public sector employees.
MitID will replace NemID for all online banking, communication with public authorities, and private service providers supporting authentications, and secure payments etc.
MitID is a modern authentication method, ensuring a smooth, user-friendly experience of validating identity while preserving a level of assurance adapted to the transaction.
With four validation methods (MitID app, MitID code display, MitID audio code reader and MitID chip), end-users can easily access a service provider’s system and give their informed consent related to sharing of personal data with business partners, accepting marketing and communication etc.
When Mymonii signed for NemID with Signicat, it was not a necessity to use a broker, but that changes with the transition to MitID. Now every service provider needs to choose a MitID broker to be able to offer MitID on their landingpages. Therefore it was a clear advantage for Mymonii to use Signcat as an identity broker and strategic partner in this transition. “In addition, there is virtually no maintenance on our site. We experience no problems with Signicat's solution and no downtime. It works really stable and well. We also always get good service and help when we need it. When MyMonii has to expand the solution to other countries, it is also an advantage that we have set it all up through Signicat”, Louise Ferslev concludes.