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Verimi, Yes merge to create digital identity ecosystem in Germany

Tuesday 29 November 2022 14:57 CET | News

Germany-based ID wallet provider Verimi and identification service Yes have announced merging. 

 

With this merger, the companies aim to establish an ecosystem for digital identities in Germany. According to a Verimi representative, an established ID wallet is urgently needed in order to make business processes more efficient. A Yes representative continues by stating that the merger will create a new business model that unites the interests of banks and businesses for the benefit of their customers. The digitisation partner of the cooperative FinanzGruppe, as well as the DZ Bank, will be shareholders of the joint company.


Bundling of the companies’ offers

In the future, the services of Yes and Verimi will be bundled on one platform in order to offer all services from a single source. The joint solution uses the infrastructure and processes that have already been used in live operations at Yes and Verimi, the same applies to the existing approvals and certifications. The solution is already approved by the Federal Ministry of the Interior (BMI) for access to public administration user accounts and is compliant for identification in accordance with the provisions of the Money Laundering Act. The ID wallet architecture is based on the principles of Self-Sovereign-Identities (SSI). Additionally, individual encryption and the "privacy-by-design" aim to prevent any misuse.


Germany-based ID wallet provider Verimi and identification service Yes have announced merging.

Access throughout Germany

With the combined reach of all shareholders, almost every German citizen will be able to use the joint offer in personal applications in everyday life. The partners’ three major partners from the banking industry alone, including Sparkassen, VR banks, and Deutsche Bank, cover over 50% of the German market with a total of more than 50 million private customers. The now merged infrastructure of Verimi and Yes has already processed well over 10 million transactions in 2022.

Identity information storage and security

Users store their ID documents, driver's licenses, and other evidence easily and securely in their ID wallets so that they have their data digitally at hand at all times. With their ID wallet, they can then conveniently identify themselves to acceptance partners from many industries. The partners from the credit industry will enable their customers to identify themselves directly within their online banking. Established initial identification procedures, such as the eID procedure of the German identity card, the bank ID, the video ID, the photo ID, and on-site ID procedures are also integrated into the joint solution. The joint Verimi ID wallet offer is available in the web and as an app.


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Keywords: partnership, merger, identity verification, digital identity, online security, banking
Categories: Banking & Fintech
Companies: Verimi, Yes Bank
Countries: Germany
This article is part of category

Banking & Fintech

Verimi

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Yes Bank

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