Lloyds Banking Group has invested £10 million in UK firm Yoti to support the development of its digital identity portfolio.
Yoti’s digital identity solutions include a free Digital ID app, to enable to prove their identity from their phone, with no need to show ID documents or share an excessive amount of personal data. Digital IDs are a UK government-approved form of identification for right to work, right to rent and criminal records checks. Yoti’s Digital ID is also accepted as proof of age at UK cinemas, and for the sale of lottery tickets, energy drinks and tobacco.
The investment from Lloyds Banking Group will support Yoti’s development of a new reusable digital identity proposition that will complement Yoti’s existing solutions. Set to launch later this year, this will give users a more private, secure and convenient way to prove their identity.
TRON is partnering with the Commonwealth of Dominica to usher in a new era of Web 3.0. TRON will be developing the first Caribbean digital identity initiative, which includes the establishment of the Dominica Metaverse, as well as the operation of the Dominica Digital Identity (DDID) and Dominica Coin (DMC) programmes.
“This digital identification project is a significant milestone for us as it marks the first Web 3 initiative since the passage of our Crypto Ordinance last year,” said Roosevelt Skerrit, Prime Minister of the Commonwealth of Dominica. “We are excited about the prospect of blockchain innovation and look forward to continued collaboration with Tron to advance the digital economy for Dominica.”
National framework provider Pagabo has struck a partnership with digital construction platform Construct.id with the aim of raising standards in public sector construction procurement.
Construct.id is a digital platform that works as a unified data source for worker ID checks. It shows information such as worker identity, qualifications and skills and right-to-work on a single digital platform.
The platform is designed to address issues including modern slavery, data silos, lengthy onboarding, fake credentials and a lack of digital standards. Other partners of Construct.id include Willmott Dixon.
The global identity verification market size is set to grow from $9.5 billion in 2022 to $18.6 billion by 2027, at a compound annual growth rate (CAGR) of 14.4% during the forecast period, according to ResearchAndMarkets.
The report notes that the European DIGITAL SME Alliance campaign encourages the adoption of digital solutions by SMEs. Such initiatives could encourage small businesses to adopt identity verification technologies Thus the SME segment has the highest CAGR in the forecasted period.
By deployment mode, the on-premise segment accounts for the largest market size during the forecast period.
By application, access control and user monitoring are to grow at the highest CAGR during the forecast period
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IDnow has increased the revenue generated from its AI-powered, automated portfolio by 52% in 2022, compared to 2021. Built with in-house technology, the automated solutions, which include biometric selfies and video liveness checks, can verify customers across a range of industries and use cases in minutes.
IDnow more than doubled its sales in automated solutions outside of France and the DACH region (117% growth YOY), where the company has its roots, following the acquisition of the French identity firm, ARIADNEXT, in 2021. The DACH region also showed significant revenue growth in 2022 with a 40% YOY increase. In France, the company’s revenue from sales of its automated, AI-powered solutions rose by 54%.
A significant percentage of the revenue stemmed from one of the hybrid solutions in IDnow’s portfolio: AutoIdent plus QES, an all-in-one solution with qualified electronic signature (QES) paired with remote identity verification, that complies with Anti-Money Laundering (AML)/Combatting the Financing of Terrorism (CFT) requirements of most EU regulators.
Belgium’s largest cable broadband service provider, Telenet, has been granted approval by the country’s telecom regulator to use Onfido’s face biometrics for remote identity verification.
The Belgian Institute for Postal Services and Telecommunications (BIPT) says the framework states that ministerial authorisation is dependent on verification of the proposed tool’s reliability for providing assurance of the subscriber’s identification, and protecting against identity fraud.
Accura Scan will provide identity verification and digital KYC capabilities for customer onboarding by telecoms provider STC Kuwait.
The implementation enables customer identity verification in real time with 3D selfie biometrics and optical character recognition (OCR) for ID document scanning for documents from more than 150 countries.
A U.S. government watchdog claims that the General Services Administration (GSA) misled the agencies they serve by not telling them about instances of noncompliance in the Login.gov program, as per Biometric Update.
The Office of Inspector General investigated the GSA’s Login.gov service after the GSA’s general council reported potential misconduct.
According to the inspector general, officials in the GSA did not inform agencies that Login.gov did not comply with the National Institute of Standards and Technology’s special publication 800-63-3, which is about digital ID guidelines.
To meet identity assurance level 2 requirements, something the GSA said Login.gov met, it would have sported physical or biometric comparison to bind the individual to an ID document during identity verification for the agencies, but it did not.
At one point, the GSA reportedly stopped trying to get its service in compliance and, according to the inspector general, continued to tell agencies it was done. The GSA also billed agencies more than $10 million for a complete service build.
Managers of the GSA reportedly agreed to the resulting report with recommendations.