🇸🇪 €2 million funding secured for digital identity product targeting cross-border identification challenges
Deverium has secured €2 million in EU funding to develop a distributed digital identity platform. The new product will address the persistent problem of cross-border identification globally.
Deverium, an international software development company, in collaboration with partners Corner Case Technologies, has secured €2 million in EU funding to develop an identity verification product. The aim is to establish a leading distributed, reusable digital identity platform that targets complex international identity verification challenges.
The new product from Deverium and their partners Corner Case Technologies, experts in cloud-ready web and mobile applications development, aims to address the fact that there is no universally accepted interoperable digital ID solution that works across different countries and is recognized by different governments and organizations.
Addressing identity challenges
In the European context, ineffective identification practices cost financial institutions over €5.7 billion annually, with 68% of European consumers abandoning the onboarding process for financial services. Businesses worldwide face high costs associated with onboarding individuals onto their platforms, due to complex KYC/IDV solutions and processes that need to be repeated each time a user accesses services or purchases products through a digital channel. As a result, many users abandon the process, leading to lost revenue for businesses. It is estimated that enhancing KYC processes with automated solutions can reduce onboarding costs by 70% and turnaround time by as much as 90%.
According to Erika Maslauskaite, CEO of deverium, the new product concept was developed after recognizing these global and European challenges in identity verification processes.
“Leveraging our expertise in digital identity, gained through previous collaborations with leading IDV companies, we are committed to creating a comprehensive solution for cross-border IDV challenges. This EU funding provides us with the opportunity to develop a minimum viable product and then scale it globally.”
New identity verification solution enhances privacy
“The platform is built to give users enhanced control over their data privacy, using innovative techniques to protect personal information. This approach aims to simplify the onboarding process and reduce identity verification costs for businesses.”says Edvardas Maslauskas, the Head of Technology at the company.
“We are employing advanced cryptographic methods and distributed architecture to build a secure and interoperable global digital identity platform. By leveraging frameworks like the EU’s eIDAS standards and scaling them up for global applications, this new solution ensures compliance while facilitating seamless cross-border verification. ”
About Deverium
deverium is an international software development company with a strong local presence in Lithuania, the United Kingdom, and Sweden on a mission to leave a lasting impact on the tech industry and transform the way products deliver the best digital user experience. With a focus on developing enduring software partnerships, deverium creates modern mobile software solutions and digital innovations for enterprises in the US, UK, EU and Scandinavian markets.
deverium has strategic partnerships with leading global PLC and Enterprise companies, identity verification providers, and major players in global parcel shipping and e-commerce such as GBG PLC, InPost, Humm Group, and Red Bull.
The Company is a proud member of Fintech Poland Association and ACT Association – a global trade association for medium-sized tech companies, entrepreneurs, innovators, and independent developers.
Originally published on 12 September by Deverium.
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