MYCDD, a Jersey-based online identity verification service, has upgraded its due diligence system thanks to a commercial partnership with IDnow.
The IDnow platform will enable MYCDD to offer a simple, quick way to prove identity by using a mobile method to validate passports. The service checks ID documents and verifies them by way of biometrics such as facial recognition to ensure people and documents match. The resulting process, the company says, is fully secure.
MYCDD was founded earlier this year as a digital data repository designed to provide investors quick and secure access to critical information like passports, drivers licenses and home addresses. Such information is constantly being demanded of wealthy individuals when they transact, invest or even consult with lawyers. The subscription service allows key documents to be automatically updated for renewals and changes.
“This technology simplifies the complicated process of passport verification in the most secure way,” Stephane Gimenez, CEO of MYCDD, who established the digital repository in April, told Private Funds CFO. “It matches our need to make our processes intuitive and seamless.” Companies look for new digital due diligence services to save time and money and ease the way information is gathered, managed and securely shared, he added.
MyCDD simplifies the due diligence process by digitally gathering, storing and updating documents easily and securely.
IDnow, based in Germany, runs an identity verification platform in Europe. It features a broad portfolio of services, from human-based, to online, to point-of-sale, all designed to enhance security.
From offices in Germany, France and the UK, IDnow serves 670 international clients covering a wide range of industries. The list includes Western Union, UBS, Solarisbank and Holvi.
Its role has expanded from offering individual identification procedures to running a digital platform confirming identities related to several million transactions per year. IDnow has made strides to expand its European identity platform. Earlier this year, the firm bought identity Trust Management AG – an international provider of on- and offline verification. The firm also bought ARIADNEXT, a French leader in verification.