iDenfy Introduces a New Partnership with the European Capital of Democracy (EcoD)
- Digital Identity
- 23.09.2022 10:05 am
The global identity verification and fraud prevention service provider, iDenfy, announced a new partnership with EcoD NPO, a non-profit organisation founded by the Innovation in Politics Institute, aiming to improve democratic politics. iDenfy’s verification solution will be the finalizing step to guarantee safety for onboarding new applicants.
According to iDenfy, remote identity verification is becoming a vital part of the onboarding process for many industries as the cost of fraud is alarmingly increasing. A recent study from Statista showed that non-compliance with the General Data Protection Regulation (GDPR) resulted in more than one thousand fines starting its implementation in 2018. Of these results, the largest penalty belongs to Amazon, which is 746 million euros.
While the GDPR enforces companies to be transparent about their data, Know Your Customer (KYC) procedures help complete a robust risk management strategy. As claimed by iDenfy, the rise of cyberattacks and the interest to protect sensitive information more effectively led many organizations to search for automated, AI-powered identity verification services.
The Innovation in Politics Institute found iDenfy when searching for a reliable way to verify the identities of the candidates interested in joining the European Capital of Democracy’s Citizens’ Jury. The Vienna-based non-profit organization promotes democratic governance and strives to strengthen social cohesion by expanding awareness and enhancing democratic practice forms in Europe. Asked about the new collaboration with iDenfy, the non-partisan organization explained the benefits that led to forming this partnership:
“iDenfy completes an important step of our recruiting process. It’s easy and fully GDPR compliant. We were convinced by the design of the ID verification process and the many references from different fields of business.” — stated Pierre Abou-Aad, System Administrator and IT Desk Manager at the Innovation in Politics Institute.
Currently, the European Capital of Democracy uses iDenfy’s identity verification as the final step of its application process. It allows applicants to safely become members of the European Capital of Democracy’s Citizens’ Jury, a network of 10,000 citizens. The newly implemented solution extracts the details from the government-issued document in seconds, automatically recognizing the documents’ type and country.
iDenfy claims that the primary goal is to help its new partner grow by making the ID verification procedure as quick as possible without compromising security. After 5 million different face tests, iDenfy’s algorithm has a 98.4% success rate. The KYC experts guarantee accuracy by running a double check, meaning that iDenfy’s in-house expert team reviews each applicant manually. After 5 million different face tests, iDenfy’s algorithm has a 98.4% success rate.
“As a newly founded non-profit organization, European Capital of Democracy needed an affordable and secure solution. We’re grateful for iDenfy, a responsible company that helped us reach this goal. We now run a smooth ID verification procedure with a minimum personnel capacity to steer the process.” — added Stefan Sindelar, the CEO of ECoD NPO.
“The common factor that our partners notice, which also explains our full-stack ID verification service’s success, is flexibility and compatibility with different industries. We’re grateful to build a long-term relationship with such a responsible organization like the Innovation in Politics Institute.” — commented Domantas Ciulde, the CEO of iDenfy.