Signicat to offer B2B identity verification for online merchants

Signicat has taken another step toward its goal of becoming a major digital ID provider in the European B2B space. The identity verification firm has partnered with the B2B-focused fintech company Two to integrate digital identity verification directly into transactions between business buyers and sellers.

The collaboration between the two Norway-based companies will link Two’s B2B payment and risk management platform with Signicat’s identity infrastructure.

During business transactions, purchasers typically must demonstrate their authorization to act on their company’s behalf – a process that often involves days of back-and-forth communication and document submissions. The integrated solution aims to cut that process to seconds by integrating individual identity verification using national eID systems or biometric-enabled eID document checks. The process also includes instant validation against corporate registries.

The new collaboration is leveraging Signicat’s experience in serving banks. The company provides its identity verification technology to BankID, one of the most widely adopted digital ID schemes worldwide.

“We built an infrastructure that lets Two verify authority the same way Nordic banks verify identity at scale and meet its AMLR obligations while confidently expanding,” says Sven Richard Samdal, Signicat’s head of growth. “This is the infrastructure that enables secure, cross-border commerce at scale.”

The two Norwegian companies plan to offer the product to the European and UK markets.

Signicat has been focusing on building the European B2B identity ecosystem. The company has recently signed a deal with business identity and intelligence platform Markaaz, giving it access to more than 542 million global business records.

Its platform enables businesses to access more than 35 different European eIDs for identity proofing, authentication and digital signatures in one place.

Article Topics

biometrics  |  digital identity  |  digital payments  |  ecommerce  |  fintech  |  ID verification  |  identity proofing  |  identity verification  |  Signicat