VerifiedID
The online platform for Identity Verification that gives back personal data ownership to the citizens
Total Cost €
0EC-Contrib. €
0Partnership
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0VerifiedID project word cloud
Explore the words cloud of the VerifiedID project. It provides you a very rough idea of what is the project "VerifiedID" about.
Project "VerifiedID" data sheet
The following table provides information about the project.
| Coordinator |
NEWBANKING APS
Organization address contact info |
| Coordinator Country | Denmark [DK] |
| Project website | https://newbanking.com/ |
| Total cost | 71˙429 € |
| EC max contribution | 50˙000 € (70%) |
| Programme |
1. H2020-EU.3. (PRIORITY 'Societal challenges) 2. H2020-EU.2.3. (INDUSTRIAL LEADERSHIP - Innovation In SMEs) 3. H2020-EU.2.1. (INDUSTRIAL LEADERSHIP - Leadership in enabling and industrial technologies) |
| Code Call | H2020-SMEInst-2018-2020-1 |
| Funding Scheme | SME-1 |
| Starting year | 2018 |
| Duration (year-month-day) | from 2018-11-01 to 2019-03-31 |
Partnership
Take a look of project's partnership.
| # | ||||
|---|---|---|---|---|
| 1 | NEWBANKING APS | DK (KOBENHAVN) | coordinator | 50˙000.00 |
Map
Project objective
Currently, the management of consumers’ personal data is a complex process particularly for the financial sector, which must ensure to hold accurate, verified and updated data to comply with the Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. This complexity is present all throughout the relationship with consumers, starting with heavy, costly and time-consuming onboarding processes. Moreover, the EU General Data Protection Regulation (GDPR) imposes new rules on businesses that store customers’ data, stipulating that they must have unambiguous customers’ consent before sharing or processing their data, which protects EU citizens data privacy and reshapes the way that organizations approach data security and privacy. Non-compliant organisations can expect fines of up to €20 million or 4% of annual global turnover. Thus, there is an urgent need for solutions that simply customer onboarding workflow and make easy to obtain consumers’ consent for data processing.
NewBanking Identity centralises the EU GDPR, KYC and AML compliance, fitting the needs of banks and other regulated services as investment funds, insurers and real estate. Our identity verification platform allows consumers to complete onboarding processes for signing up to banks with only a few clicks (less than 1 minute) while also providing control and transparency over how their personal data is used, allowing to grant access to the data and revoke it when data access is no longer required (e.g. once the contract expires). The successful implementation of the innovation project is expected to boost the company’s growth, placing NewBanking in a strong position to generate over 33 million EUR in accumulated turnover and close to 17 million EUR in gross profit, 3 years post-project.
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The information about "VERIFIEDID" are provided by the European Opendata Portal: CORDIS opendata.