WE STARTED OUT TO SOLVE ONE OF THE GREATEST CHALLENGES OF OUR TIME – TRUST ONLINE.
Since 2011 The ID Co. has been on a mission to make the digital world a more convenient place by putting consumers back in control of their personal data. Now, we find ourselves at the cutting edge of a market where identity is top of almost every agenda, from financial services and
Our revolutionary products are helping usher in a new era of frictionless business online, where outdated identity verification processes are a thing of past.
Here’s an overview of our journey so far.
The idea for miiCard (My Internet Identity) a trusted digital identity is born2009
EMPOWERING CONSUMERS WITH A TRUSTED ONLINE IDENTITY.
The concept of a trusted digital identity is the brainchild of Canadian entrepreneur and founder of the ID Co. James Varga, who wanted to solve the disconnect between a person’s real and online identities.
It’s no secret that the very same personal data we use to verify our identity online is routinely exploited in cases of online fraud. James realised that, not only was traditional identity validation time-consuming and inconvenient, it was also serving to increase the risk of our personal data being compromised.
A new form of online identity was needed, so James turned to the greatest source of trust consumers have online – their bank accounts. As regulated entities, banks are required to go to great lengths to verify their customers, making our financial profiles an excellent way to connect our physical and digital selves.
James secured a patent on the use of multiple secure online accounts to validate identity and, in 2009, miiCard (My Internet Identity), an online identity system as credible as a physical driving licence or passport, was born.
BREAKING DOWN TRADING BARRIERS.
It soon became clear that businesses were also wrestling with the problem of validating customer identity online, using manual systems to do business in a digital world, which in turn led to increased operational costs and falling conversion rates.
We launched our B2B service – DirectID – in early 2015, to provide bank, bureau and document verification services that can be completely embedded in a business process.
When given the choice of staying online or going through a traditional paper-based process to validate identity, 70% of consumers opt to stay online. At the same time, businesses accepting identities validated through online banking credentials report an average 80% reduction in fraud within the first month.
When trade barriers come down, business flows.
DirectID is now actively deployed by global and local banks, wealth management platforms and leading online lenders.
Founding Members of Innovate Finance2014
DirectID our business service is launched2015
FDATA launched to open up access to bank data2015
We rebrand to The ID Co.2016
Payment Services Directive (PSD2) forces change2017
Open Banking in the UK Launches2018
WE ARE NOT ALONE.
The universal need for trust online is becoming ever more vital, which is why we’re seeing relevant initiatives springing up across the globe – the ID Assurance project in the UK, Trust in Digital Life in the EU and the National Strategy for Trusted Identity in Cyberspace in the US.
With expertise gained pioneering digital online identity services, the ID Co. has been at the forefront of this industry-wide paradigm shift, taking a leading role in the Open Banking Working Group and partnering with HM Treasury to establish the open API standard in banking.
We’re incredibly proud to have had a hand in this crucial step towards a simpler, more convenient online environment for everyone.
WHERE WE’RE HEADED.
The next chapter for ID Co. is still ahead of us – using identity data to tear down the out-dated barriers that cause friction between businesses and consumers online.
We want the internet to be a more convenient place, where ordering products and services online is simple and safe. Where consumers are in control of their personal data, and where identity verification is secure and straightforward.
With more and more of our lives conducted online in this digital age, identity verification has never been more important than it is today.