Deverium has received €2 million in funding from the EU to pursue a digital identity service. Deverium is partnering with Corner Case Technologies on the project to create a reusable digital identity platform that targets international identity verification challenges.
According to the company, the product 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 jurisdictions.
Deverium says poor ID verification costs financial institutions more than €5.7 billion annually. With 68% of European consumers abandoning the onboarding process, Complex KYC/AML ID processes frequently must be repeated multiple times, creating unnecessary operational friction.
Deveriam claims that KYC processes with automated solutions may reduce onboarding costs by 70% and turnaround time by as much as 90%.
Erika Maslauskaite, CEO of Deverium, says the EU funding provides an opportunity fro them to leverage their experience to develop an MVP and potentially scale it globally.
“We are employing advanced cryptographic methods and distributed architecture to build a secure and interoperable global digital identity platform,” says Edvardas Maslauskas, the Head of Technology at the company.
The company did not provide a timeline for completion.
