Lithuanian deverium has secured €2 million in EU funding to develop an identity verification product. The aim is to establish a leading distributed, reusable digital identity platform that targets complex international identity verification challenges. The firms which invested are undisclosed.
The new product and collaborators Corner Case Technologies, providers of cloud-ready web and mobile applications development, aim to address the fact that there is no universally accepted interoperable digital ID solution that works across different countries and is recognized by different governments and organizations.
In the European context, ineffective identification practices cost financial institutions over €5.7 billion annually, with 68 percent of European consumers abandoning the onboarding process for financial services . Businesses worldwide face high costs associated with onboarding individuals onto their platforms, due to complex KYC/IDV solutions and processes that need to be repeated each time a user accesses services or purchases products through a digital channel. As a result, many users abandon the process, leading to lost revenue for businesses. It is estimated that enhancing KYC processes with automated solutions can reduce onboarding costs by 70 percent and turnaround time by as much as 90 percent.
According to Erika Maslauskaite, CEO of deverium, the new product concept was developed after recognizing these global and European challenges in identity verification processes. “Leveraging our expertise in digital identity, gained through previous collaborations with leading IDV companies, we are committed to creating a comprehensive solution for cross-border IDV challenges. This EU funding provides us with the opportunity to develop a minimum viable product and then scale it globally.”
Frameworks like the European Union's eIDAS regulation, which deverium’s solution will be based on, aim to remove existing barriers to using trust and electronic identification (eID) services, meaning users will be able to fully control personal data across various digital channels.
“We are employing advanced cryptographic methods and distributed architecture to build a secure and interoperable global digital identity platform,” says Edvardas Maslauskas, the Head of Technology at the company. “By leveraging frameworks like the EU's eIDAS standards and scaling them up for global applications, this new solution ensures compliance while facilitating seamless cross-border verification. The platform is built to give users enhanced control over their data privacy, using innovative techniques to protect personal information. This approach aims to simplify the onboarding process and reduce identity verification costs for businesses.”
Photo by George Prentzas on Unsplash
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