“Evrotrust is an end-to-end identity and trust solution with AML compliance guaranteed by EU regulation applicable to all citizens across the globe. We minimize customer identification risk by taking on legal liability for it. After a single remote registration, we give users unlimited frictionless identifications with every organization that integrates our platform.”

In the dynamic world of business digitalization, organizations are constantly grappling with the intricate labyrinth of Know Your Customer (KYC) processes. The challenges are as diverse as they are complex, often leaving companies navigating a sea of regulatory requirements, security concerns, and customer expectations. Often the fault lies with the existing KYC solutions for identity services which fall short in these main categories.

- High onboarding Friction: From the delays of more than a week for IRS online account creation close to Tax Day to KYC/KYB & AML processes taking days for account creation, existing identity verification solutions cannot address the speed and scale of change, we are living through.

- Inadequate risk management: Fraud and loss rates have skyrocketed in the past couple of years - a clear indication that existing solutions cannot keep up with the demands. If the metaverse, the pinnacle of the decentralized world, is to become the next computing platform replacing smartphones and laptops, our second (digital) lives must become hackproof.

- Inflexible Identity: The pinnacle of identity management today is single sign-on (SSO), the darling example being Okta. The problem with SSO, and many other solutions in the space, is that it repeats the same identity fact to multiple parties.

At Evrotrust, the company created a new trust architecture that brings all the aspects of the ideal solution under one roof. Their platform combines remote electronic identification using ID documents and biometric selfie with video liveness, with remote signing with qualified e-signatures based on reusable qualified digital certificates. It also offers KYB (know your business) service by verifying the identity of a legal representative for an organization with full AML compliance. Evrotrust put great emphasis on the KYC needs of clients in the core market – the European Union and provide a trust service defined by EU regulation called eIDAS (electronic IDentification, Authentication, and trust Services).

By using Evrotrust for processes like digital onboarding, organizations remain compliant with EU AML directives. “We also recognize that the current approach to “government quality” digital identity – ID cards with chips – repackages the same problems in a different wrap. The future of Identity will be wholly digital. That’s why our product is a platform for trust services presented to the user via a mobile app. It is a new kind of digital-based ID tucked in a digital wallet that enables users to participate in the digital economy. With global smartphone penetration reaching 78% in 2020, we believe this is a superior approach to ID cards with chips that requires additional hardware (smartcard reader),” explains Konstantin Bezuhanov, CEO, Evotrust.

Digital trust requires a radical change. The Evrotrust platform is a single source of trusted user identity that creates network effects for businesses and is completely reusable across any enterprise in the ecosystem. This cross-use/multi-use between enterprises (Relying Parties) allows us to capture value where no one else sees it. Evrotrust is a notified scheme for user identification in the EU and their identity attestations have the same weight as if an EU government issued them.

An interesting story that highlights the company’s value proposition is when one of Europe’s largest bank groups selected Evrotrust for KYC-compliant remote digital onboarding using their mobile banking application. Following an ambitious digital transformation strategy, UniCredit Bulbank wanted to create a digital process that allows new and existing customers to access digital banking services without having to visit a branch. The process had to answer growing customer demands for fast and simple UX, while at the same time, providing complete regulatory compliance and security. The UniCredit Bulbank team chose Evrotrust as their identity verification and e-signing vendor. With a secure and compliant solution by Evrotrust, Bulbank continues to build customer confidence and maintain a reputation of trustworthiness.

The next cycle of world economy development is characterized by three key major trends: Digitalization, Financialization, and Artificial Intelligence. The point of overlap across these three trends is the intricate dependence on identity and trust services for account creation, verification, and ongoing risk management and compliance. With the introduction of the eID schemes in the EU, Evrotrust sees a significant opportunity for the Digital Identity and Trust services market. It has been a great validation that the European Commission unanimously voted Evrotrust as a notified eID scheme. It is the only private company that has developed a notified scheme available to citizens across Europe and beyond.

Currently, the Evrotrust footprint is over 1 million unique individual users across 55 countries from the world and over 150 enterprises from 11 countries across two continents. The strategic target for Evrotrust is geographical expansion and expanding our alliances with other major players like DocuSign, Salesforce, and Adobe, who are also on the mission to boost digital transformation worldwide.

The company also foresee Artificial Intelligence as a significant catalyst for adopting Digital Identification solutions soon. As the accessibility and complexity of AI increase, the possibility of imitating authentic human interaction with malicious intent grows exponentially. That creates a strong demand pull and regulatory push for adopting a government-accepted fool-proof identity verification system that would shield businesses and users against malicious attempts. On the course of this development is already the adoption of the European Commission’s push for Digital Identity Wallets as a safe, accepted method for inclusion, payments and identification in the digital and physical world. With the acceptance of eIDAS 2.0, EU-elected eID schemes, like Evrotrust, will become obligatory for the public services and services of general interest (financial, health, education, utility, etc.) in the whole of the EU and many other countries.