Says CEO Denis Kolesnikov, “Compliance for Know Your Customer (KYC), Two-Factor Authentication and GDPR rules apply to everyone, but these regulations are especially challenging for the small-to-medium-sized companies. Revamping SelfID as a freemium product is all part of our plan to position verify-u as a company that makes identity compliance fast, easy and a lot cheaper than the competition.”

“Fully automated and reusable ID is the future of the identity industry,” said Kolesnikov. “We’re putting identity verification in the hands of the user, which is not only GDPR compliant, it also makes ID processes fast and easy for retailers and service providers. This is a win-win for everyone.”

The verify-u SelfID product is completely free to use, allowing ecommerce, mobility, sharing economy and other trust-based service businesses to verify user passports in a few seconds, and fulfilling businesses’ KYC and GDPR compliance. These companies can integrate further with verify-u to make use of premium services such as video identification, e-signature and compliant AML checks.

Regarding the business model, Kolesnikov said, “We’re investing heavily in technology and refreshing every aspect of our system. Using a machine-driven check as the first step in the identity process allows us to use robots as the first line of labor and then deploy our expert humans to do what they do best -- the in-depth ID checks that require human ingenuity.”

After taking control of the verify-u organisation in January and working to strengthen internal systems and technology, Kolesnikov says that verify-u team and service are stronger than ever. “Germany is the best place in the EU to operate secure identity service. The standards here are top-of-the-line and trusted worldwide. We plan to expand in Germany and abroad, all in compliance with the Federal Data Protection Act and EU Data Protection Directive.”

The current verify-u product mix includes a module-based online identification suite, including verification services and fraud prevention, youth protection and online age verification, a Video On Demand (VOD) portal as well as the first online eSign service in Germany. These services are available EU-wide as plug-in business solutions.

Founded in 2004 as Cybits AG and based in Mainz-Kastel, verify-u is a leader in identity verification in Germany. With proven experience, 3 million global customers and a suite of identity solutions, verify-u provides end-to-end ID services for the financial industry as well as businesses in retail/eCommerce, travel and mobility.