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Basic information about Data Protection
Responsible Party ICAR VISION SYSTEMS, S.L.
Purpose Commercial research.
Recipients Data may be provided to other companies in the group and to third party companies in the technology sector.
Rights Access, rectification, cancellation, opposition, limitation of processing, data portability, and to not be the object of automated individualized decisions.
Consumers’ habits have changed, forcing many companies to adapt not only their processes, but also their business models, to meet the new realities of the digital environment. New channels, omni channels, more speed, digitization, etc. But have regulations adapted quickly enough to this digital transformation? Or, looking at it from a different angle, do the new technologies comply with current regulations?
In the case of SEPBLAC, as noted in another article, standards have been adapted to cover remote identity verification using videoconferencing, which opens the door to 100% online onboarding processes.
eIDAS takes things one step further. On July 1, 2016, European Union Regulation 910/2014, dated 23 July 2014, entered into force. This regulation deals with electronic identification and trusted systems for internal market electronic transactions (eIDAS).
The purpose of this standard is to establish common regulations, shared by all member States, to allow users, business firms and public institutions to perform secure, seamless transactions on the basis of a predictable and homogenous regulatory environment.
Among other things, it creates a European regulatory framework for electronic transactions among all member states, thus increasing confidence in digital channels as the natural means for interacting with companies and other entities. In other words, it is now easier, faster, and safer to access services and transactions anywhere in Europe with a single click.
For companies, the key is trust. If digital channels are not perceived as secure, for example, or if the regulatory framework that governs them is unclear.
Any person or company who operates at the European level and uses electronic signatures for identity validation must ensure that it complies with eIDAS.
By establishing a shared regulatory framework, eIDAS establishes the basis for a more standardized, transparent, flexible European market that is less encumbered by bureaucratic procedures.
But the most significant benefit is the trust that it conveys to both users and companies by making transactions faster and more secure.
As previously noted, iDAS reflects the aim of the regulations to respond to technological advances and regulate them. The identity verification technologies that have been developed in recent years have not had the benefit of a clear, standardized body of standards in this regard.
Now, with the changes introduced by SEPBLAC and eIDAS, among others, technologies have a standard regulatory framework on which to rely, albeit one that remains vague in some aspects and too open to interpretation.
The question that arises, then, is whether technologies are actually adapting to the new regulations or whether the possibility of interpretation invalidates some of these regulations.
In the case of the technologies that ICAR uses for identity verification solutions, which were developed in all cases in response to the needs of highly regulated sectors such as the financial industry, they not only comply with the regulations, but do so in a proactive manner in order to respond as well to constant changes in the market.
In addition, these technologies are much better than in-person identity verification. To begin with, remote identity verification makes fast, flexible, round-the-clock service available to the consumer, a factor that is especially critical for onboarding processes, which tend to experience a high dropout rate.
But that is not all. Automatic verification offers higher reliability and confidence rates than in-person verification. The new solutions not only verify identity and confirm that the individual is real through the use of functions such as liveness testing and biometric facial recognition; they also check the security measures used in documents to prevent falsification.
In addition, fully automatic remote validation solutions reduce costs in terms of personnel, infrastructure and equipment, and capture data error-free by eliminating manual handling.
To sum up, the new technologies not only respond and adapt to the new regulations; they also offer a clear advantage when compared to in-person, non-automatic forms of identity verification.