The Spanish electronic signature and identity verification specialist Electronic IDentification has released a new digital onboarding solution. HelloID is designed primarily for use in the financial sector, and for use in various government applications.
According to Electronic IDentification, HelloID will drastically reduce the amount of time it takes to bring a new app to market. Customers will be able to add secure onboarding features to their apps in a matter of hours, instead of the months it would take to build the technology from scratch.
HelloID itself provides a complete end-to-end identity experience, covering everything from onboarding through to authentication and electronic document signing. The platform takes advantage of Electronic IDentification’s selfie video tech, which confirms that the user is present and leverages facial recognition to match that user to the image on a photo ID. The solution is compliant with the latest eIDAS and Anti-Money Laundering regulations in Europe, with the developer suggesting that HelloID will reduce acquisition costs and boost conversion rates for companies that integrate it into customer-facing apps.
Potential use cases for HelloID include account openings and contract signings. Electronic IDentification noted that the demand for digital onboarding technology has increased in the wake of COVID-19, and claimed that its own identification process can be completed in less than a minute when deployed in real-world settings.
“We are seeing more and more companies needing digital solutions that allow them to expand both nationally and across Europe,” said Elecronic IDentification Founder and CEO Iván Nabalón. “HelloID can be consumed much faster and allows any company, whether it is a multinational or a start-up, to quickly integrate any onboarding process.”
Electronic IDentification believes that its solution can help support the burgeoning digital environment in Europe. In that regard, the European Commission has indicated that it plans to use digital wallets to provide people with secure digital IDs that can serve as a root of trust between organizations and individual civilians throughout the European Union.