Software development company Deverium has received EUR 2 million in EU funding to develop a distributed digital identity platform.
This initiative, in partnership with Corner Case Technologies, aims to address the ongoing issue of cross-border identification. The new platform will seek to overcome the lack of a universally accepted digital identity solution that is interoperable across different countries and recognized by various governments and organisations.
According to Deverium, in Europe, inefficient identification practices lead to annual losses of over EUR 5.7 billion for financial institutions. Additionally, 68% of European consumers abandon the onboarding process for financial services. Businesses globally encounter high costs related to onboarding due to complex Know Your Customer (KYC) and Identity Verification (IDV) processes, which often need to be repeated for each new service interaction. Enhancing KYC processes with automated solutions could potentially reduce onboarding costs by 70% and turnaround times by up to 90%.
Officials from Deverium highlighted that the development of this new product was prompted by the identification challenges observed in both global and European contexts. They also brought up the company’s expertise in digital identity, developed through previous collaborations, as it positions them well to address cross-border IDV challenges.
The company further reveals that data privacy concerns are significant, with more than 90% of European consumers expressing worries about how their personal data is handled. Frameworks such as the EU’s eIDAS aim to eliminate barriers to trust and electronic identification (eID) services, allowing users greater control over their data across digital platforms.
Representatives from Deverium addressed the subject and noted that the platform will prioritise data privacy by leveraging advanced cryptographic methods and a distributed architecture.
Deverium is an international software development firm with operations in Lithuania, the United Kingdom, and Sweden. The company focuses on creating mobile software solutions for enterprises across the US, UK, EU, and Scandinavian markets.
Deverium maintains strategic partnerships with global companies and identity verification providers, including GBG PLC, InPost, Humm Group, and Red Bull. The company is a member of the Fintech Poland Association and ACT Association, a global trade group for tech companies.
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