Signicat, the Trusted Digital Identity Company™ and Online Payment Platform, have announced a partnership which verifies the digital identities of sellers on online marketplaces. Using Signicat’s Digital Identity Platform, the Dutch and Belgium electronic identity schemes (iDIN and Itsme) are used to onboard and verify sellers on marketplaces and platforms in Belgium and the Netherlands, offering consumers digital trust and secure online payments.
„Integrating Signicat’s Digital Identity Platform into Online Payment Platform’s onboarding process means that marketplace merchants are required to log in via a range of managed electronic identity schemes (eID) and registers. In turn, marketplaces and their customers can trust in the identity of sellers, locking out bad actors and reducing the likelihood of fraud.”, according to the press release.
“We’ve seen a massive growth of marketplaces over the past decade, with no sign of slowing down,” said Maurice Jongmans, CEO, Online Payment Platform. “Their convenience and accessibility have changed the way consumers shop and present advantages for sellers and shoppers alike. Just like malls and markets, online marketplaces offer a large selection of vendors in a single location, but it’s important for the integrity of the marketplace that buyers are dealing with sellers they can trust. Working with Signicat means we can help those marketplaces keep out those who want to do harm and protect both the marketplaces and their customers.”
“Doing business online requires an inherent need for trust, at a time when fraud is increasingly sophisticated” states Asger Hattel, CEO of Signicat. “In Europe alone, the annual value of fraudulent transactions was EU 1.8 billion, making it imperative for marketplaces—and any platform managing online payments at scale—to have the verification tools to ensure the legitimacy of sellers. This way marketplaces can mitigate fraudulent transactions and avoid any reputational and commercial consequences”.
„Signicat’s Digital Identity Platform offers the most extensive suite of identity verification and authentication solutions globally, with cross-border capabilities to connect to over 25 eID schemes such as iDIN and Itsme. With Signicat, Online Payments Platform is able to provide an unrivalled degree of trust for marketplaces and platforms.”, the company added.
Online Payment Platform is a payment service provider for marketplaces and platforms. Online Payment Platform simplifies online transactions between shoppers and sellers, enables flexible handling of payments and supports compliance with financial regulations. With escrow functionalities, Online Payment Platform provides a buyer with additional safety and control, supporting marketplaces in dispute handling between seller and buyer. Over 150 platforms and marketplaces currently use Online Payments Platform as their payment provider, processing billions of euros every year.
Online Payment Platform enables payment processes on platforms; not only from business to business (B2B), but also business to consumer (B2C) and from consumer to consumer (C2C).
„Though Libra has met with fierce resistance from central banks and supervisory authorities and might never see the light of day, in many other cases tech firms (both start-ups and established big players) have successfully captured bits and pieces of universal banks’ traditional value chain. This trend may only intensify in the coming years. In this environment, European banks remain squeezed.”