IDnow to enhance biometric video platform with Trust Management AG acquisition
IDnow has acquired Trust Management AG, which provides biometrics for KYC checks among its international digital and offline identification services.
With the acquisition, IDnow consolidates its presence in Germany, particularly in the telecommunications and insurance industry, as well as expands the number of identity verification methods available on the IDnow biometric app.
“We are excited to welcome identity Trust Management AG’s talented team to the IDnow family and look forward to combining the strengths of both companies to create a unified, market-leading brand,” said IDnow CEO Andreas Bodczek, commenting on the acquisition.
The new version of the IDnow video platform will now offer users a wider variety of both automated and human-assisted identity verification methods, including biometrics, from online to point-of-sale.
“This combination unites the power of IDnow’s innovative technology with identity Trust Management AG’s diverse set of capabilities to create a differentiated identity verification platform,” said Trust Management AG CEO Uwe Stelzig.
Featuring both video-based biometric identity verification and electronic signatures, IDnow is available in more than 30 languages and can scan documents from 195 countries for maximum coverage.
The platform is available either via IDnow mobile app, SDK, Web browser, or PoS device.
“Together [with Trust Management AG], we will be well-positioned to achieve our joint vision of providing clients with a unique, one-stop solution for identity verification,” Stelzig added.
IDnow’s expansion in Germany fits the government’s digitization efforts in the country, with the company now offering businesses an eID product capable of identifying customers based on their German electronic ID.
The Trust Management AG acquisition follows IDnow’s partnership with M-Tribes last month, and announcement of €15 million (US$18.1 million) in funding from The European Investment Bank (EIB) in December last year.