In a key development for the embedded finance sector, Solaris, a Banking-as-a-Service (BaaS) provider, has rolled out Bankident Plus. This tool merges customer identity verification with bank account activation into one efficient process, ensuring adherence to evolving regulatory standards while expediting user access. Announced recently, the solution addresses the challenges of compliance and speed in customer onboarding, particularly under Germany’s forthcoming Anti-Money Laundering (AML) regulations.
Bankident Plus builds on Solaris‘ existing identification framework by incorporating a Qualified Electronic Signature (QES) alongside a reference payment during the customer’s first account funding.
This hybrid approach eliminates the need for separate verification steps, making it a game-changer for businesses integrating financial services.
Unlike traditional methods that might involve video calls or delayed activations, this system is fully automated, operating around the clock without human oversight, which minimizes wait times and boosts efficiency.
The process begins with a quick preliminary identification, where users submit a selfie and a photo of their ID document. Following this, they apply the QES to authenticate their identity.
The crucial reference transfer—required for AML compliance—is cleverly bundled into the initial Single Euro Payments Area (SEPA) top-up. Once the payment is confirmed, and after passing automated fraud detection and verification checks, the account springs to life instantly.
This means customers can start transacting right away, provided everything clears successfully.
If any issues arise during verification, the account stays dormant, adding an extra layer of security to prevent unauthorized access.
For Solaris’ partners, which include small and medium-sized enterprises (SMEs) as well as global non-financial corporations, the benefits are multifaceted.
It enhances onboarding conversion rates by simplifying the user journey, thereby reducing drop-offs that often plague complex financial setups.
Operationally, it lowers risks associated with manual processes and ensures seamless integration into existing account-opening workflows.
By embedding the reference transfer within the first deposit, partners avoid additional hurdles, aligning with the modular nature of Solaris’ B2B technology platform.
Compliance is at the core of Bankident Plus.
With Germany’s AML Act set to impose stricter rules on identity checks and reference transactions, this tool proactively meets those demands.
It combines regulatory necessities into a single, fluid motion, helping partners stay ahead of legal requirements without compromising on user experience.
Andreas Simonsen, Executive Director Commercial at Solaris SE, emphasized the solution’s impact:
“By linking pre-identification, QES, and a reference transfer that doubles as the initial funding, our partners can fulfill German AML mandates, elevate signup success, and mitigate risks—all while delivering quicker account readiness to end-users.”
Founded in 2016 and holding a comprehensive German banking license, Solaris specializes in customer-focused BaaS solutions.
The company empowers diverse industries to embed financial products like accounts, payments, and lending into their offerings.
Bankident Plus exemplifies Solaris’ commitment to innovation, blending security with convenience in an era where digital finance demands both.
This launch comes at a pivotal time for fintech, as regulatory pressures mount across Europe. By offering a faster, more secure onboarding path, Solaris not only strengthens its market position but also sets a benchmark for compliant efficiency.