FB pixel

Swiss bank-note printer acquires stake in Procivis to build digital identity “one-stop shop”

Swiss bank-note printer acquires stake in Procivis to build digital identity “one-stop shop”

The venerable company that holds a monopoly on printing money in Switzerland made a strategic investment in Procivis, which specializes in digital ID systems, as part of a plan to create a hub for Swiss digital identity services, swissinfo.ch reports.

The digital ID system could be used for voting and government services, opening a bank account, proving age eligibility for alcohol purchases, or issuing diplomas. Payment systems could also integrate eID.

Orell Füssli CEO Daniel Link says printing secure documents made up CHF101 million (US$104 million) in revenues, out of a CHF237 ($245 million) total in 2019.

“Physical money and documentation will not disappear overnight, but they are also going digital,” Link told swissinfo.ch. “We have a three to five-year strategy to position ourselves for this development.”

Orell Füssli will take two seats on the Procivis board, though the amount invested has not been revealed. The trust the former has from governments in Switzerland, Asia, Africa and South America, combined with the technical expertise of Procivis, positions the companies to build an ecosystem that provides a “one-stop shop” for digital identity services that governments, banks and other businesses can use within the next five years.

Procovis has previously developed an eGovernment strategy for the Swiss canton of Schaffhausen.

The data security infrastructure and traditional neutrality of Switzerland could also help the combined pitch, and Link suggests that it is undesirable for Google or Apple to end up dominating the market.

A referendum on whether the Swiss government should take over the country’s digital ID efforts is planned for autumn of this year.

Goode Intelligence recently revised its forecast for how many digital identity verification checks will be carried out during 2020 up by 15 to 20 percent from the original estimate of 704 million due to widespread home isolation.

Article Topics

 |   |   |   |   |   | 

Latest Biometrics News


Digital identity leaders shepherd wallets into the mainstream

Discussion and debate at the European Identity and Cloud (EIC 2024) conference focused largely on how to achieve trust among…


Suprema, Strata Identity, Gunnebo gain security certifications

Recent certifications for Suprema, Strata Identity, Gunnebo and ISS reflect the broader industry trend towards stringent information security measures, ensuring…


Biometrics entering everyday activities via rising technologies

Biometrics underpin the new technologies that people will soon use on a daily basis for everything from payments to age…


Anticipation for Metalenz and Samsung’s answer to Face ID mounts

After Samsung and Metalenz collaborated to incorporate Samsung’s Isocell Vision 931 image sensor into Metalenz’s Polar ID imaging technology, Mashable…


Germany beefs up border security ahead of UEFA Championship

Germany has been ramping up security measures such as border checks and CCTV surveillance in preparation UEFA European Football Championship…


Inverid and Cybernetica team up to secure digital ID, signatures with biometric MFA

A new partnership has been formed by Inverid and Cybernetica to combine the NFC ID document-scanning capabilities of the former…


Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Most Read This Week

Featured Company

Biometrics Insight, Opinion

Digital ID In-Depth

Biometrics White Papers

Biometrics Events