Read More about fast-id page

Shufti globally launches webinr-icon - a new kind of identity solution!

Shufti globally launches - a new kind of identity solution!

Read more

eIDAS and eIDs – The Shift in Identity Verification in the EU & Beyond

eidas

In the digital world, ensuring the security of international transactions is the ultimate goal of all companies. The European Union’s eIDAS or Electronic Identification and Trust Services legislation monitors identity verification, authentication and electronic transactions in the region. This legislation allows secure cross-border transactions and removes all digital barriers. Moreover, creating a predictable regulatory environment for a secure and swift electronic transaction system is a lot easier with eIDAS. 

Let’s take a look at how identity verification has shifted in the EU. 

eidas

Impact of the eIDAS Regulations  

The regulations from the eIDAS:

  • Ensure that everyone can use their electronic IDs to access public services available in any EU region
  • Create an international market for trust services like e-signatures, e-seals, time stamps, etc. by ensuring that they will work across borders along with the same legal status as the paper-based ones 

EIDAS Regulations for the United Kingdom

The electronic identification and trust services for e-transactions in the internal market are regulated by the eIDAS regulation 910/2014. However, the UK adopted eIDAS regulation and altered the regulations post-Brexit. Additionally, the Electronic Identification and Trust Services for Electronic Transactions Regulation 2016 was also changed. Now, these guidelines are referred to as the UK eIDAS laws. 

Companies offering trust services in the EU have to comply with eIDAS laws of the European Union. This also includes operations under the supervision of a regulatory body from a different EU state. 

Amalgamation of eIDAS and AMLD – Digital Single Market

The EU created a ‘Digital Single Market’ by incorporating Anti-Money Laundering (AMLD) with the eIDAS regulations. The digital single market brings uniformity in customer onboarding. Organisations across the European Union can remotely verify customers making customer onboarding frictionless. 

The eIDAS regulation article 920/2014 provides AMLD with the control to verify and onboard clients in a safe, simple and remote way by removing all barriers in the customer acquisition process. 

Suggested: | 6AMLD of EU – A detailed insight 

The Legislative Framework for ID Verification by eIDAS

As per the eIDAS regulations, standards for digital identification are:

  • Create a credible ecosystem with maximum technical sureties to secure individuals and companies
  • Article 24 of the legislation avoids the personalisation act before getting a certificate in the Registration Entity and allows identity verification through video calls (generally called the video KYC process)
  • Consequently, it allows new licenses in eIDAS laws that lead to new digital identity verification mechanisms without harming the security of the processes 
  • The eIDAS laws introduced digital identity verification methods for the first time in history. This reduces the physical interaction between companies and customers
  • The financial and telecommunication sectors are now capable of acquiring customers digitally anytime. The framework established by the eIDAS is entirely new for organisations and end-users
  • Apart from all these, eIDAS and AMLD5 together have reduced costs and saved time along with a great user experience during the customer onboarding process 

Interoperability of eIDs as per eIDAS

Given the differences in eIDs across countries, the main goal of the eIDAS is to remove all sorts of barriers for identification. For instance, an individual with an Italian eID residing in Estonia should not be bound to use the Estonian eID. To ensure interoperability of the eIDs, the eIDAS is working on an IT infrastructure called eIDAS nodes

Shufti’s IDV Suite – Answer to the Shifting ID Verification Trends 

Electronic or eIDs have changed the identity verification game. Now, customers believe in the digital process rather than physically visiting the company. However, the change in identity verification is not a problem anymore. Shufti offers multiple alternatives for one problem. Although all our ID verification services are remote, there are two options that can help every firm irrespective of their industry. Let’s take a look at both of these:

1. NFC-based ID Verification

The chip in eIDs allows businesses to verify the identities of end-users in the blink of an eye. NFC-based identity verification validates identities through a tap on an NFC-enabled device. 

Here’s how the process goes: 

2. Video Interview KYC

Video KYC is another remote identity verification solution that we offer. During the video KYC process, the end-user gets in touch with the KYC expert on a live video call for authentication. The process has seven simple steps:

  • End-user registers on the company’s platform for KYC
  • KYC expert and the end-user get in touch on a live video call
  • The expert interviews customers for liveness detection 
  • End-user shows the government-issued ID documents during the call
  • The document is verified for forgery and tampering
  • The face of the end-user is matched against the image on the ID document 
  • Verification results are delivered and stored in the back-office 

Note that the process is lengthy but takes only a minute or two to complete. 

In a Nutshell… 

Electronic or biometric identities are now a more convenient option for identification. The eIDAS issued guidelines on remote identity verification and seamless cross-border transactions in the European Union. The interoperability of eIDs across member states is still under consideration. However, eIDAS is working on an IT infrastructure to remove hurdles for cross-border use of eIDs. The laws also state multiple methods for remote identity verification and fortunately, all of Shufti’s identity verification solutions validate IDs remotely. The two most appropriate services for the EU member state and the UK are Video Interview KYC and NFC Verification. 

For more information, get in touch with our experts. 

Related Posts

Blog

Japan’s Act on Personal Information Protection – What Businesses Must Do

New and emerging ways to bypass verification checks have allowed fraudulent entities to breach th...

Japan’s Act on Personal Information Protection – What Businesses Must Do Explore More

Blog

Top 5 Ways Minors Use to Dodge Age Verification Checks

Protecting minors from the perils of the digital world is nearly impossible for businesses withou...

Top 5 Ways Minors Use to Dodge Age Verification Checks Explore More

Blog

The Significance of Age Verification in the Digital Space

With the innovation of technology, digital services among younger audiences are becoming increasi...

The Significance of Age Verification in the Digital Space Explore More

Blog

Unfolding Telecom Frauds through Effective KYC Compliance

The growing adoption of smartphones has naturally spurred sharing of personal data. From providin...

Unfolding Telecom Frauds through Effective KYC Compliance Explore More

Blog

How to Protect Yourself From Cyber Crime in the Holiday Season?

Most people around the world do the majority of their shopping during the holiday season. Accordi...

How to Protect Yourself From Cyber Crime in the Holiday Season? Explore More

Blog

Biometric Authentication is Smart but AI Makes it Smarter – Here is How

 In the ongoing digital age security is a top priority concern of any organization. Data is a maj...

Biometric Authentication is Smart but AI Makes it Smarter – Here is How Explore More

Blog

Merchant Onboarding – Evaluating the Best Practices to Onboard Risk-free Partners

Partnering with the right people who can actually help your business grow is quite a tedious task...

Merchant Onboarding – Evaluating the Best Practices to Onboard Risk-free Partners Explore More

Blog

Biometrics technology a key to key-free world

In 2016, the biometric market in the United States reached $3.52 billion U.S Dollars and is expec...

Biometrics technology a key to key-free world Explore More

Blog

The FATF Travel Rule: What Business Owners Must Know

The rapidly evolving landscape of technology and cryptocurrency has made the regulation of digita...

The FATF Travel Rule: What Business Owners Must Know Explore More

Blog

KYC and AML Compliance – Addressing the Challenge of Money Laundering in Online Trading Platforms

An online trading platform is a program where shareholders and traders deal through financial int...

KYC and AML Compliance – Addressing the Challenge of Money Laundering in Online Trading Platforms Explore More

Blog

Healthcare Industry and Prevailing Crimes – What Shufti Can Offer

Over the recent years, the medicare industry has completely transformed, and emerging innovations...

Healthcare Industry and Prevailing Crimes – What Shufti Can Offer Explore More

Blog

AI-based IDV Can Effectively Curb Unemployment Insurance Fraud

Throughout the United States, an emerging scam has taken the nation by storm. Unemployment Insura...

AI-based IDV Can Effectively Curb Unemployment Insurance Fraud Explore More

Blog, Online Marketplace

Industrial significance of KYC / AML Compliance in 2019

As the type and amount of fraudulent activities have increased over the years, governments and re...

Industrial significance of KYC / AML Compliance in 2019 Explore More

Blog, Online Marketplace

How Identity Verification Solutions Can Make Summer Travel a Breeze and Generate Revenue?

The travel industry is a unique business category servicing clients from various destinations and...

How Identity Verification Solutions Can Make Summer Travel a Breeze and Generate Revenue? Explore More

Blog

FATF’s High-Risk Jurisdictions [2022 Update] – How Business Can Comply

Paris-based global watchdog FATF (Financial Action Task Force) maintains lists of countries that ...

FATF’s High-Risk Jurisdictions [2022 Update] – How Business Can Comply Explore More

Blog

Top 7 Gambling Trends to Look Out for in 2023

Going from a few billion dollars to over $81 bn in a matter of a decade is astronomical for any i...

Top 7 Gambling Trends to Look Out for in 2023 Explore More

Blog

Hazards of Ransomware are real for Cryptocurrency Miners

Cryptocurrency may well be the future of economic landscape and it has the potential of taking th...

Hazards of Ransomware are real for Cryptocurrency Miners Explore More

Blog

HKMA’s Risk Assessment Guidelines for AML/CFT Compliance in the Banking Sector

In the past few years, global regulatory authorities have been laying new grounds for Anti-Money ...

HKMA’s Risk Assessment Guidelines for AML/CFT Compliance in the Banking Sector Explore More

Blog

On-Premises Identity Verification – A Solution to Prevent Data Breaches

From virtual modes of communication to digitised solutions for operating efficiently, the perks o...

On-Premises Identity Verification – A Solution to Prevent Data Breaches Explore More

Blog

A Year In Review of the FinTech Industry [2021 Update]

The FinTech industry is soaring with a record of $91.5 billion in global funding so far this year...

A Year In Review of the FinTech Industry [2021 Update] Explore More

Blog

Marketing Firms embracing KYC Services for Better service Delivery

Browsing through your Facebook newsfeed and you come across one of ‘Those’ friends – “Hey P...

Marketing Firms embracing KYC Services for Better service Delivery Explore More

Blog

Top 5 Ways to Improve Transaction Monitoring in Fintech

Fintech is a fast-growing sector that combines finance and technology to assist businesses and cu...

Top 5 Ways to Improve Transaction Monitoring in Fintech Explore More

Blog

Video KYC Verification – Reimaging Customer Onboarding in 2023

As technology is advancing so do fraudsters, ringing security alarms for financial businesses and...

Video KYC Verification – Reimaging Customer Onboarding in 2023 Explore More

Blog

Securing Identities in the Age of AI with Facial Recognition Technology

Although the digital revolution has brought us unprecedented levels of connectivity and comfort, ...

Securing Identities in the Age of AI with Facial Recognition Technology Explore More

Blog

May 2023 Recap: Major Security Breaches and Penalties

May 2023 witnessed several security breaches wreaking havoc on the digital landscape. High-profil...

May 2023 Recap: Major Security Breaches and Penalties Explore More

Blog

GDPR Compliance vs BlockChain Debate – Things you must know

GDPR Compliance is here to stay and it is going to be binding on every business and online enterp...

GDPR Compliance vs BlockChain Debate – Things you must know Explore More

Blog

10 High-Risk Jurisdictions for Money Laundering According to FATF

Innovations like stablecoins and non-fungible tokens (NFTs) created quite the hype in the past ye...

10 High-Risk Jurisdictions for Money Laundering According to FATF Explore More

Blog

ETSI Identity Proofing Standard – How to Meet the New Regulations

Rapid digitization trends have led banks and financial institutions into competition for providin...

ETSI Identity Proofing Standard – How to Meet the New Regulations Explore More

Blog

Identity Verification Isn’t Just for Compliance Anymore

Identity verification solutions are well-known in regulatory compliance environments, particularl...

Identity Verification Isn’t Just for Compliance Anymore Explore More

Blog

COVID Verification of Tourists: Is the Hospitality Sector Doing Much?

COVID-19 has been a big hassle for everyone except for those who adopted the new normal quickly. ...

COVID Verification of Tourists: Is the Hospitality Sector Doing Much? Explore More

Blog

Regulatory Compliance | The Importance of Age Verification on Betting Sites

Online betting sites and gambling platforms frequently face significant challenges in adhering to...

Regulatory Compliance | The Importance of Age Verification on Betting Sites Explore More

Blog, Online Marketplace

Nordic Banks brace for Digital KYC with centralized Database

Five major Nordic banks have formed a partnership to establish a company that will compile a cent...

Nordic Banks brace for Digital KYC with centralized Database Explore More

Blog

Top 10 Forged ID Documents on the Dark Web in 2023

As criminal activity increases every year, the massive amounts of data being uploaded to the inte...

Top 10 Forged ID Documents on the Dark Web in 2023 Explore More

Blog

Japanese FSA to Beef Up AML Systems from Fiscal 2021

Growth in South Asia has far exceeded that in any other country over the past few years and digit...

Japanese FSA to Beef Up AML Systems from Fiscal 2021 Explore More

Blog

An Insight into the US Regulations for the Art Art & Antiquities Sector

Billions of dollars worth of art and antiquities are traded throughout the world without checks t...

An Insight into the US Regulations for the Art  Art & Antiquities Sector Explore More

Blog

Intelligent Character Recognition (ICR) Software – One step ahead of OCR

What is ICR? Intelligent Character Recognition (ICR) is an extended technology of Optical...

Intelligent Character Recognition (ICR) Software – One step ahead of OCR Explore More

Blog

The Looming Threat of Deepfake Apps for the Financial Industry

Deepfakes gained prominence back in 2017 when an anonymous Reddit user manipulated Google’s open-...

The Looming Threat of Deepfake Apps for the Financial Industry Explore More

Blog, Identity & KYC

Cybercrimes Rise 5 times in 4 years and Continue to Soar!

 A rapid stride in the tech world over the years has increased cybercrimes immensely. According t...

Cybercrimes Rise 5 times in 4 years and Continue to Soar! Explore More

Blog

Establishing a KYC/AML Compliance Regime for the FinTech Sector

Today, more than 60% of the financial institutions in the market consider Fintech startups to be ...

Establishing a KYC/AML Compliance Regime for the FinTech Sector Explore More

Blog

Transaction Monitoring in 2023 | A Comprehensive Guide

Scammers are searching for businesses to exploit, and financial firms with loopholes provide them...

Transaction Monitoring in 2023 | A Comprehensive Guide Explore More

Biometric Technology, Blog

Biometric identification Analysis and Facial Recognition Technology

Identity verification services might have been the most innovative and effective way to cut down ...

Biometric identification Analysis and Facial Recognition Technology Explore More

Biometric Technology, Blog

4 Reasons why Facial Recognition is Better at Biometric Verification than Fingerprint Scans

Biometric verification is smartphones was introduced nearly five years ago when iPhone launched i...

4 Reasons why Facial Recognition is Better at Biometric Verification than Fingerprint Scans Explore More

Blog

The Definitive Guide to Anti-Money Laundering & Countering of Terrorist Financing

In this modern globalized era, money launderers, terrorist financiers and other criminal elements...

The Definitive Guide to Anti-Money Laundering & Countering of Terrorist Financing Explore More

Blog

Japanese FSA to Beef Up AML Systems from Fiscal 2021

Growth in South Asia has far exceeded that in any other country over the past few years and digit...

Japanese FSA to Beef Up AML Systems from Fiscal 2021 Explore More

Blog

Top 5 Non-banking Industries in the Crosshairs of Financial Criminals

The first half of 2021 saw significant disruption in the financial world as traditional criminal ...

Top 5 Non-banking Industries in the Crosshairs of Financial Criminals Explore More

Blog

AML Screening for Luxury Items Industry – The Role of Shufti in Ensuring Compliance

Money laundering is a global issue, and with emerging technologies, criminals are also using more...

AML Screening for Luxury Items Industry – The Role of Shufti in Ensuring Compliance Explore More

Blog

Expanding and Securing Financial Services with Shufti’s Video KYC Solution

In recent years, Know Your Customer (KYC) has gone through significant digital transformations. B...

Expanding and Securing Financial Services with Shufti’s Video KYC Solution Explore More

Blog

5 Effective Ways Shufti Combats First-party Fraud

After analysing fraud incidents of the previous year and the current one, we observed an interest...

5 Effective Ways Shufti Combats First-party Fraud Explore More

Blog

COVID-19 & Telehealth Fraud: Why ID Verification Is Necessary

From being a medical coverage option to becoming a medical necessity, the telehealth industry has...

COVID-19 & Telehealth Fraud: Why ID Verification Is Necessary Explore More

Blog

AML Screening – Securing Alternative Payment Market and Overcoming Prevailing Risk of Crimes

Escalating demand for innovative, new, and robust alternative payment options across the world is...

AML Screening – Securing Alternative Payment Market and Overcoming Prevailing Risk of Crimes Explore More

Blog

Understanding UBOs: A Critical Component in Enhancing Security in the Financial Sector

Regulated entities must be aware of who they are interacting with. Validating the real identities...

Understanding UBOs: A Critical Component in Enhancing Security in the Financial Sector Explore More

Blog

Swipe Right on Facial Verification for Secure Online Dating

In today’s COVID-ridden world, in-person dating is deemed very risky due to the spread of the vir...

Swipe Right on Facial Verification for Secure Online Dating Explore More

Blog

The Rising Concern of Financial Crimes in the Metaverse – AML Screening as a Solution

The digital world is evolving at a greater pace than ever before. The Metaverse is considered a d...

The Rising Concern of Financial Crimes in the Metaverse – AML Screening as a Solution Explore More

Blog

AML Compliance in the UK’s Financial Sector – What Shufti Offers

The UK is known in the global financial paradigm for being both a financial hub and the dirty mon...

AML Compliance in the UK’s Financial Sector – What Shufti Offers Explore More

Biometric Technology, Blog, Fraud Prevention, Identity & KYC

Multi-factor Authentication is being defeated’ warns FBI

For years, online businesses and organizations have been adopting various strategies and defense ...

Multi-factor Authentication is being defeated’ warns FBI Explore More

Blog

Fighting Prevailing Crimes in Gaming Industry with Shufti’s Anti-Money Laundering Screening Solution

Modern gaming is the most recent evolution of this industry that has become the attraction of glo...

Fighting Prevailing Crimes in Gaming Industry with Shufti’s Anti-Money Laundering Screening Solution Explore More

Blog

HKMA’s Risk Assessment Guidelines for AML/CFT Compliance in the Banking Sector

In the past few years, global regulatory authorities have been laying new grounds for Anti-Money ...

HKMA’s Risk Assessment Guidelines for AML/CFT Compliance in the Banking Sector Explore More

Blog, Online Marketplace

Demand for KYC & ID Verification in Higher Education

I remember a friend of mine, Jack, from high school he was one of the most non-serious people I k...

Demand for KYC & ID Verification in Higher Education Explore More

Blog

Video-KYC – The ‘New Normal’ for Digital Customer Verification

The KYC requirements all over the world are getting stringent. ID document verification is a norm...

Video-KYC – The ‘New Normal’ for Digital Customer Verification Explore More

Blog

Dirty Funds & Tax Evasion – Can the Crypto Sector Be Safeguarded?

2021 has turned out to be another eventful year for the cryptocurrency sector. In just a span of ...

Dirty Funds & Tax Evasion – Can the Crypto Sector Be Safeguarded? Explore More

Blog, Online Marketplace

How Mobile KYC will revolutionize the Digital World?

Mobile KYC is the next frontier in Identity Verification services allowing greater access to busi...

How Mobile KYC will revolutionize the Digital World? Explore More

Blog

Securing Cryptocurrency Sector and Fighting Financial Crimes With Shufti’s AML Solution

A decade ago, digital currencies were an academic concept, largely unknown to the world’s general...

Securing Cryptocurrency Sector and Fighting Financial Crimes With Shufti’s AML Solution Explore More

Blog

Intelligent Security Systems & Digital ID Verification

Most technology solutions present a compromise between convenience and security to their users. I...

Intelligent Security Systems & Digital ID Verification Explore More

Blog

Video KYC Onboarding: Fintechs meeting KYC compliance with video identifications

The Financial industry is introducing a digital revolution globally. The term Fintech corresponds...

Video KYC Onboarding: Fintechs meeting KYC compliance with video identifications Explore More

Blog

A Brief Insight into the AML and CFT Framework of Thailand

Thailand has become quite a popular and well-reputed financial hub, attracting investors worldwid...

A Brief Insight into the AML and CFT Framework of Thailand Explore More

Blog

Basel AML Index 2021 – Evaluating the Risk of Money Laundering Worldwide

 The threat for money laundering and terror financing continue to increase with global a...

Basel AML Index 2021 – Evaluating the Risk of Money Laundering Worldwide Explore More

Blog

Metaverse and Meta Criminals – Is it Possible to Secure Identities with IDV?

Ever since Mark Zuckerberg changed Facebook’s name to Meta, the acronym “metaverse” has taken ove...

Metaverse and Meta Criminals – Is it Possible to Secure Identities with IDV? Explore More

Blog, Financial Crime / AML

South Korea want Crypto Exchanges to adopt Digital KYC and AML Compliance

South Korea is soon going to adopt regulatory measures to bring in crypto exchanges under regulat...

South Korea want Crypto Exchanges to adopt Digital KYC and AML Compliance Explore More

Blog

AML Compliance – Putting an End to Money Laundering in Crypto Firms

In the past few years, cryptocurrencies were widely adopted as an investment method by not only i...

AML Compliance – Putting an End to Money Laundering in Crypto Firms Explore More

Blog

Bitcoin ATMs – how it works and KYC compliance

Bitcoin ATMs are everything an ATM is and isn’t. The world of finance and banking has chang...

Bitcoin ATMs – how it works and KYC compliance Explore More

Blog, Identity & KYC

Employees’ Digital Identity Verification for Remote Hiring

With the age of technological advancement, the world is becoming a heavily connected global villa...

Employees’ Digital Identity Verification for Remote Hiring Explore More

Blog

Anti Money Laundering – What is AML compliance and why is it important?

Anti-money laundering compliance is vital for obliged entities and being conversant with AML comp...

Anti Money Laundering – What is AML compliance and why is it important? Explore More

Take the next steps to better security.

Contact us

Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

Contact us

Request demo

Get free access to our platform and try our products today.

Get started