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Apr 12, 2021

Digital Identity Standards: Verification and systems

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Digital IDentity is critical in relation to the current needs of businesses and organizations of any area. Although this term would start to be used due to the first steps taken by GovTech, the private sector is the one that has earned its lead and uses and develops advanced and updated Digital IDentity verification solutions.

All processes respond to a series of standards and protocols that define how they should be and function. Digital IDentity, given its nature and characteristics, must comply with very specific technical and regulatory standards so that it can be adequately developed.

What is Digital IDentity?

Digital IDentity is the identity verification method used by companies and organizations from all areas to confirm and register the identity of their clients and/or users officially.

After carrying out the Digital IDentification process through a digital identity verification system, a valid and trusted Digital IDentity is created. This unique and non-transferable Digital ID associated with a user or client is registered in the database of the company or organization and allows them to carry out procedures, arrangements and issues in a safe and secure way.

Thus, a company or organization can incorporate users and register them as customers. This process is commonly known as eKYC (Electronic Know Your Customer)Customer and Digital Onboarding. Thanks to this process, companies and users can now operate on the internet under a framework of trust and officiality.

Schedule an appointment here and access 508 million consumers thanks to the European standardization of customer onboarding.

Digital IDentification differs from the traditional identification process in its automated and computer-assisted aspect, creating a digitized identity. The way in which the identity verification process is carried out is crucial to determine the level of security and guarantees in which the Digital IDentity is created.

Digital IDentity and Verification Systems 

Digital Identification must be carried out under an identity verification system that complies with a series of guarantees and very specific requirements established in the rules and laws that regulate these processes.

Digital IDentity through Video IDentification is the only process that allows registering the identity of a user with the greatest security and complying with the requirements of the most demanding regulations in this field. Other solutions such as the ones based on Selfie images are useless to operate in many circumstances.

Alongside Video IDentification, other systems help organisations to have a complete and transversal Electronic IDentification experience so that an organisation can operate online and its users can carry out any type of arrangement or issue:

  • Qualified Electronic Signature (QES): The qualified electronic signature is the main component for any type of online contracting. Together with the Digital IDentity process, this method allows customers to purchase and contract certain products and services that require their authorization.
  • Authentication: It is important that the solution, after having created the Digital IDentity, also has an authentication system that allows users to access their products and/or services once contracted and their user panel in an efficient, secure and agile way.

Regulatory standards for Digital IDentification

In relation to the most relevant regulations and laws that affect Digital IDentity processes, the following stand out:

  • eIDAS: This European standard, which rules Digital IDentity, includes a set of requirements and specifications for digital transactions and the provision of trusted services. It is the basic framework for companies and users to operate through the internet.
  • AML: Regulations for the prevention of money laundering establish how a company can acquire clients without exposing itself to a series of risks associated with money laundering. These standards are mandatory for companies in any sector but especially those associated with finance: banking, insurance, trading platforms and so on.

Download here for free our whitepaper on AML5 and eIDAS, the standard regulations for the implementation of Digital IDentity.

Digital IDentity use cases and examples

There are dozens of use cases in which Digital IDentity has been present. Not only digitizing and improving traditional processes that were already being carried out but also creating new possibilities previously unimaginable for both users and companies.

We can see examples from the registration of customers in a totally online way for sensitive sectors such as finance (opening a bank account online) to the signing of contracts of any kind (insurance, telecommunications, subscriptions…).

Processes that previously required weeks or hours to complete, now turn into seconds-processes thanks to Digital IDentity. New operations and activities arise that could not be carried out before and that expand the possibilities of businesses to offer products and services at the same time that they improve the overall experience that the client receives from the company or organization.

Check here our use cases section and discover the applications of Digital IDentity and how each process works.

How to choose the right partner for Digital IDentification

When a company or organization wants to operate on the Internet, it must consider how its Digital IDentity partner should be. There are a number of key aspects that the solution must provide and that must be taken into account:

  • Software reliability. Solution’s effectiveness and efficiency.
  • The solution can be easily integrated into the systems of the company or organization. Via API, for example.
  • A multi-channel solution that can adapt to all media and device types (Web, app, tablet, PC …).
  • To be compliant with the most demanding regulations regarding Digital IDentity.
  • It can work in any state/country in which the company wishes to implement its online presence.
  • The solution provides a cost reduction of user incorporation/onboarding.
  • The system provides the user who performs the Digital IDentity process an agile, simple and pleasant experience.

If a partner can provide this series of benefits and their solution holds these characteristics, we will confirm that we are dealing with a quality Digital IDentity partner.

Request a demonstration of our Digital IDentity solutions here.

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