Digital Identity Verification Market Expected to Reach $ 16.7 Billion by 2026

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Adoption of remote integration will bring global spending on digital identity verification to $ 16.7 billion in 2026, according to Juniper Research, with total number of identity verifications more than doubling from 45 billion in 2021 to 92 billion. The research is published just as Techsign launches a digital identity platform, Yoti enters a regulatory sandbox, and Rapyd launches a venture capital arm.

Digital Identity Verification Market

the white paper “Maximize (sic) Security with Digital Identity Verification” reviews the different methods of identity verification, including biometrics and liveliness detection, and breaks down the market by industry and geographic area. Financial and banking services will account for 62% of spending on digital identity verification by 2026, according to the study.

The white paper also suggests that consumer expectations for transparent experiences make ongoing behavioral analysis necessary.

Some of these would likely also be for healthcare, where b.well Connected Health and Mastercard jointly won Juniper’s Future Digital Health Innovation Award for “Best Digital Health Management Solution”.

Mastercard Identity Verification is used on the b.well platform, as part of a partnership launched earlier this year, to provide real-time biometric identity verification to healthcare organizations through the smartphone of the patient.

In a recent pilot project, the combined solution made check-in 22% faster and reduced customer abandonments by 35%.

Rising tide of financial services lifts digital ID supply

A new investment branch of Rapyd was launched to support startups in digital commerce and payment infrastructures, such as digital identity and risk management companies, from their Seed cycles to Series B.

Rapyd operates a payment network and provides fintech services from the cloud.

The new Rapyd Ventures will also connect payment, identity, open banking and integrated financial services startups to its network of partners to help them grow faster.

Yoti has been accepted into the UK Financial Conduct Authority’s regulatory sandbox to test its digital ID app for financial services applications.

The company will work with Synectics Solutions and integrated financial services provider Prenda Financial Solutions to offer enhanced fraud detection as part of its digital ID application.

“At the heart of Yoti’s reusable digital identity application and credential management platform is the drive to protect businesses from financial crime and fraud, improve customer journeys, and to empower individuals to take control of their data, ”said John Abbott, Chief Commercial Officer of Yoti. “We are delighted to be working with Orenda and Synectics through the FCA sandbox. This secure approach will save time and money and become an innovative model for reusable identity and fraud filtering. “

The results of the test will be reviewed and its success assessed by an assigned sandbox case manager, and FCA will work with participants to guide their action plan in response.

Techsign launched a new digital identity platform prove identity to meet demand for remote onboarding, fraud detection, driver registration and age verification, according to a company announcement.

Prove ID offers web, iOS and Android applications an authentication application with modules for OCR and NFC document scanning, ID card security feature detection, biometric authentication and vividness facial, consent collection and agent calls.

Prove ID has been tested and is actively used by several clients, including a healthcare establishment but also financial services and investment firms.

Governance measures encouraged in Ghana, welcomed in Europe

Director of the Financial Services Division of Ghana’s Ministry of Finance Sampson Akilgoh said the government is committed to improving the flow of remittances in the country, Ghana Business Review written.

According to Akilgoh, Bank of Ghana and Financial Intelligence Center could improve the situation by issuing guidelines on anti-money laundering (AML) and anti-terrorist financing (CFT) standards for remittances international. The biometric Ghana Card could also be used to prevent fraud.

Remittances to Ghana rose 5% to $ 3.6 billion last year, according to World Bank data.

The European Payment Initiative (EPI), on the other hand, is seen by Giesecke + Devrient (G + D) as a long overdue step towards establishing a digital payment system for the continent, out of control. dominant service providers.

“The time has come for greater European sovereignty in payments. The EPI strengthens the relevance and resilience of the European banking sector in retail payments, also internationally. In addition, the EPI will facilitate the development of European digital identity solutions and support the digital euro, ”said Ralf Wintergerst, Chairman of the Management Board and CEO of the Giesecke + Devrient Group. “Experienced service providers are needed to implement the EPI. As a European company with global expertise in payment systems and highly specialized partners such as Netcetera and secunet, G + D is uniquely equipped to expertly support the European Payments Initiative and ensure its success.

Articles topics

biometric alertness detection | biometrics | digital identity | identity verification | Juniper Research | KYC | integration | remote authentication | Techsign | Yoti



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