Trinsic has launched what it describes as the world’s first identity acceptance network in partnership with numerous identity providers. By partnering with a number of existing digital ID platforms, the network is designed to enable businesses to verify 60.8 million.
The network leverages reusable identity wallets provided by various top-tier identity verification providers, including state-issued mobile driver’s licenses, eIDAS-compliant eIDs in Europe, and BankIDs. Notable partners in this network include CLEAR, IDVerse, Yoti, Airside, and Entrust Company, among others.
“Despite hundreds of millions of people having a reusable ID, the fragmented nature of the market means that the practical utility for businesses has been severely limited. Until now,” said Trinsic CEO Riley Hughes.
These reusable digital IDs facilitate quick and secure identity verification, enhancing user convenience and reducing the drop-off rate significantly, Trinsic says. Traditional identity verification methods, which often involve using a photo ID, lead to a 40 percent drop-off rate. Trinsic’s approach enables users to prove their identity in less than 10 seconds using digital IDs.
New identities created within the network are end-to-end encrypted and stored as standardized, W3C Verifiable Credentials, the company says.
Some of the company’s partners could prove to be particularly important in certain regional markets. CLEAR, for example, has enjoyed growing prominence in the United States thanks to the use of its biometric identity screening platform at airports and major entertainment venues; it also recently got into the selfie-based identity verification market thanks to partnerships in the healthcare sector.
Yoti, meanwhile, has established a major digital ID platform that has a particularly high profile in the United Kingdom, where an evolving regulatory infrastructure has helped to foster the use of digital credentials. Yoti recently announced a major funding round that CEO Robin Tombs said should “comfortably” see the company through to profitability thanks to growing adoption of its platform.
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(Originally posted on FindBiometrics)
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