The merger into a joint company will create a new business model that unites the interests of banks and business for the benefit of their customers.
The agreed today leading companies from the credit and insurance industry as well as from the mobility and telecommunications industry. With this merger, the forces for the further development of an ecosystem of digital identities in Germany are to be bundled. 25 companies are involved in the joint company, and other partners support the initiative, which is intended to accelerate digitization in Germany.
„An ID wallet that is widely anchored in the economy is urgently needed in order to make business processes more efficient and to be able to bring the user experience for German citizens to a new level. We have already done pioneering work with Verimi and Yes and are now using these findings on our common path,” says Stefan Imme, Chairman of the Supervisory Board of Verimi and Chief Digital Officer of Volkswagen Financial Services.
„The merger into a joint company will create a new business model that unites the interests of banks and business for the benefit of their customers,” says Jörg Staff, member of the Yes.com Board of Directors and Atruvia board member. The digitization partner of the cooperative financial network is one of the shareholders of the joint company together with DZ BANK.
„In the future, the services of Yes and Verimi will be bundled on one platform in order to further accelerate growth and offer all services from a single source. The joint solution uses the infrastructure and processes that have already proven themselves in live operation at Yes and Verimi in recent years, the same applies to the existing approvals and certifications.” according to the press release.
The solution is already approved by the Federal Ministry of the Interior (BMI) for access to public administration user accounts and is compliant for identification in accordance with the provisions of the Money Laundering Act. The ID wallet architecture is based on the principles of Self-Sovereign-Identities (SSI). The individual encryption and the „privacy-by-design” aim to prevent any misuse.
„With the combined reach of all shareholders, almost every German citizen will be able to use the joint offer in personal applications in everyday life. The three major partners from the banking industry alone, including savings banks, VR banks and Deutsche Bank, cover more than 50% of the German market with a total of >50 million private customers. The now merged infrastructure of Verimi and Yes already processed well over 10 million transactions in 2022.” – the company says.
Users store their ID documents, driver’s licenses and other evidence easily and securely in their ID wallet, their personal digital wallet, so that they have their data digitally at hand at all times with just a few clicks. With their ID wallet, they can then conveniently identify themselves to acceptance partners from many industries. The partners from the credit industry will enable their customers to identify themselves directly from online banking. Established initial identification procedures, such as the eID procedure of the German identity card, the bank ID, the video ID, the photo ID and an on-site ID procedure are also integrated into the joint solution. to identify oneself directly with the partners in the application and to store the verified ID data in the personal ID wallet.
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The identity service yes® is a simple, fast and media-break-free identification solution. With yes®, a confirmation of identity for customers of a bank is as easy as a transfer: users commission the data transfer from the bank’s systems to the requesting partner. Yes® is offered to all online banking users of the more than 1,000 affiliated partner institutes of the Volksbanken Raiffeisenbanken and the savings banks. Yes® was developed taking into account the PSD2 and eIDAS regulations and offers the highest standards in terms of security and data protection. The shareholders include the founder Daniel Goldscheider, Atruvia and Crif.
Verimi is a leading provider of ID wallet solutions and operates a modular wallet platform with the relevant components of identification, login, payment and signature. For the identification of customers, Verimi offers a know-your-customer (KYC) platform with photo, bank, eID, register, video and on-site identification methods. More than 50 attributes can be verified in the personal wallet, including identity cards, passports, driver’s licenses and Covid certificates. The Verimi platform and the two-factor authentication were successfully evaluated by the Federal Office for Information Security (BSI) at the trust level and approved by the Federal Ministry of the Interior (BMI) for user accounts in public administration. As a BaFin-regulated payment institution, Verimi is obliged under the Money Laundering Act (AMLA). Verimi uses particularly high security and data protection standards with data processing in Europe. The architecture of the platform is built along the principles of self-sovereign identities (SSI).
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
