Three million bank customers in Denmark, Norway, Sweden and the Faroe Islands will now have the opportunity to use their eID credentials for cross-border digital signing across Scandinavia, thanks to a deal between SDC and Signicat.
Signicat, the first and largest identity assurance provider in the world, will deliver transnational digital signing as a white label solution to SDC’s bank clients. SDC supplies financial technology and data-processing services to more than 120 banks in Denmark, Norway, Sweden and the Faroe Islands.
Signicat will enable customers of banks served by SDC to simply and securely sign documents - such as mortgage and credit card applications - using public eID solutions such as BankID, NemID and Mobile ID from their respective countries.
The flexible digital signing solution, usable across national borders, will improve customer service and save time and money for banks and their customers. The new platform will enable banks to quickly add new ID solutions as these become available.
“Businesses and consumers require digital financial self-service which can be accessed online and on the go. In particular, our bank clients now demand digital signing services which remove the hassle of manual, paper-based processes," said Nikolai K. Andersen, Head of R & D Digitisation of SDC. "Banks need digital signing services that can be implemented quickly, can handle the complexity of transnational processes from both a technological and a regulatory perspective, and can be scaled to millions of users."
By enabling the transnational use of national eID solutions, SDC is anticipating future EU regulation, which will mandate the transnational acceptance of national eID solutions.
”Even though the new regulation initially only applies to access to public services, the advantages are at least as big when it comes to financial services, and it is important for us to stay in front and ensure that our bank customers reap the benefits of these new services a quickly as possible," concluded Andersen.
Since 1963, SDC has been among the leading suppliers of development, delivery and maintenance of online financial systems for Scandinavian banks. SDC has chosen to work with a handful of leading technology vendors that complement the rest of the product portfolio and create significant value for its bank clients.
Signicat won the contract thanks to its flexibility, scalability and experience. It is the leading provider of secure identity solutions with long experience in the Nordic market and access globally to 17 eID suppliers with 81.2 million customers ID credentials.
"Banks are under increasing pressure to deliver digital services in competition with new entrants who are not bound by antiquated systems. The starting point for any customer journey is ID verification. It is vital that a digital relationship is built from a basis that is not dependent on manual, paper-based processes," says Gunnar Nordseth, CEO of Signicat, "Our cooperation will build on SDC's leadership and boost market expansion by ensuring that the banks they work with can offer their customers a simple and safe experience - free from cumbersome forms and ID controls when they need to sign."