Euronovate presented TAP-ID, a unique digital identification, based on Blockchain
Víntegris will have a leading role in the development of Tap-ID, digital identity solution presented by Euronovate, as Digital LAB of the project and il will improve its international growth thanks to partners (Innosuisse).
Euronovate, a Swiss company – one of the global leader in digital transaction management, digital identification and matrix of the Spanish company Víntegris – has presented Tap-ID in Spain, a totally digital customer identifier for the financial world (KYC).
Created in 2018, Tap-ID (Trusted Adaptive Portable ID) is a digital identity platform for individuals and organizations that allows to collect, verify and access to user identities in an easy and secure way.
TAP-ID relies on the Innovation Department of the Swiss Government
TAP-ID is a private initiative that also counts on a public involvement, thanks to the investment of the Innovation Department of the Swiss Government (Innosuisse), in 2018.
But, why Tap-ID? To give maximum security in the identity management and the access (IAM) for individuals and companies, in a progressive scenario of digitalization of money and decreasing of cash use, in a new global market.
According to Alberto Guidotti, CEO of Euronovate, “it’s necessary to count on a completely digital and independent user identifier in the financial world (KYC) that gets over physical presences and that meets the current regional and state regulations. It has to provide users – both companies and individuals – with key elements such as speed, globality, decentralization, costs reduction, security or fraud prevention, among many”.
Tap-ID is completely reliable, thanks to Blockchain, and allows companies and individuals to make all the financial transactions in a non-fragmented and secure way. In details, when an identity is registered on Tap-ID, it is tracked on Blockchain, and it’s possible to connect a wallet (a program that collects cryptocurrencies).
Tap-ID, a lifelong identification, relies on a technology that allows to self-certify oneself with a unique, online, easy and intuitive onboarding, that lasts just few minutes. This is an identification that adapts to people life changes and makes sure that the same person decides how, when and who has access to the identity.
Furthermore, with a simple step, it is possible to share data with all new services or organizations desired, such as banks, insurances, Telcos or public administrations, through an API PSD2 (Payment Services Directive), the European Directive that regulates the payment services.
As integrated KYC, Tap-ID is the only one in the market that allows six different ways of identification, from the biometric recognition, online voice and image, proof of residence, signature certification and AML5 check. Moreover, it allows to verify the identity documents of 180 countries, being the only solution that permits to validate the static signature online, such as on the signature on passport.
Moreover, Tap-ID is a completely mobile solution. In fact, it can be consulted on every device (PC, mobile phone and tablet). It also relies on an intuitive and easy interface. The dashboard informs and warns the user about the documentation expiration date, connects with the different wallets, gives the access to a list of certified providers and it supplies complete information about the realized processes. Finally, Tap-ID fully meets the GDPR and AML5 Directives.
A guarantee for companies
Along with the advantages for the individual, Tap-ID gives a guarantee of security to the financial institutions in a context of money laundering, as key element to face legal or reputational crisis. Tap-ID provides with qualified “white lists” and detects possible PEPs (Politically Exposed Person) liable to launder money for third parties. The KYC form, addressed to financial customers, is essential to verify the user identity and to collect information about user intentions.
Tap-ID also relies on a directory of dismissed or ceased people from different companies and supplies an Enhanced Due Diligence system (EDD) through which it is possible to identify the risks with new customers, partners and providers that work in third countries or in activities with legal and industrial risks. It also counts on insolvents list, to verify if an individual or a company is or have been in bankruptcy.
Euronovate’ solution also provides with data related to companies or individuals which have been fined or accused by national or international financial authorities. Finally, it supplies an individuals and companies list which have been mentioned in official documents by international police bodies, such as FBI or Interpol.
Víntegris as Digital – LAB of TAP-ID project
In June, Euronovate acquired 100% of Víntegris’ shares, a Spanish technological company founded in 2004. It is specialized in production, consulting and integration of information security solutions and it is a qualified provider of trusted electronical services under the Regulation (UE) Nº 910/2014 about electronic identification and trusted services (eIDAS).
The aim of the acquisition is taking advantage of and boosting Víntegris high technological skills and establish synergy in the international commercialization of different group solutions and both elements are included in Tap-ID project.
Alberto Guidotti points out that “Víntegris R&D department, as one of the Group Digital-LAB, will actively participate in the next versions of Tap-ID. Moreover, the international presence of Víntegris, especially thanks to partners in Latin America, will permit us to reach many markets, in an easier way”.
Next steps: more certifications and more partners
Alberto Guidotti pointed out that “we are talking with regulators and certifications bodies of IDs in countries such as Switzerland, Italy, Spain, Greece, Turkey and Romania to achieve, in a period of 24/36 months, a 50% of the global population and companies which are liable to activate a digital ID”. That’s why they are absorbed in an international roadshow that will allow to reach Asia and USA markets. Alberto Guidotti also claimed that “another aim is expanding our project with new partners; we are looking for business, compliance, public administration partners, crypto-security and blockchain experts. Our goal is to turn Tap-ID in a worldwide ID”.