What are ETSI Standards?
ETSI standards ensure robust authentication, secure data storage, and adherence to encryption protocols. Certified providers are assessed on business maturity, demonstrating dedicated security teams and processes for change and risk management.
In the past decade, we’ve shifted from in-person verification to 100% remote identity proofing, where users verify documents and biometric data via smart devices. Europe is at the forefront of this transformation.
The European Telecommunications Standards Institute (ETSI) creates globally applicable standards for ICT-enabled systems, applications, and services. In 2021, ETSI released key standards for identity verification:
– ETSI TS 119 461: Standards for the management and operation of identity proofing services.
– ETSI EN 319 401: Standards for electronic signatures and infrastructures supporting the eIDAS regulation.
Conforming to ETSI standards requires extensive audits covering product performance, security, interoperability, and provider maturity. The standards specify best practices for attribute collection, validation, and binding, and address risks such as falsified evidence and identity theft.
Benefits of ETSI Standards in Identity Proofing
Align with EU Regulations
Adhering to ETSI standards ensures compliance with EU regulations, which is essential for businesses operating within the European Union. This alignment helps companies avoid legal pitfalls and build a solid regulatory foundation.
Build Trust with Partner Companies
ETSI certification signals to partner companies that your organization is committed to maintaining high security and compliance standards. This trust can lead to more business opportunities and stronger partnerships.
Enhance Customer Experience with Faster, Error-Free Approvals
ETSI standards streamline the identity-proofing process, reducing the time required for customer onboarding and minimizing errors. This leads to a better customer experience and higher satisfaction rates.
Enable Interoperability and Cross-Border Transactions
ETSI standards facilitate interoperability between different systems and services, making it easier to conduct cross-border transactions. This is particularly important for businesses operating in multiple countries or dealing with international clients.
How KYC3 Handles Identity Proofing and Verification
KYC3 employs a digital counterparty identity portal that allows counterparties to upload documents via a secure portal. This process includes an automated “ToDo” list, speeding up onboarding and ensuring completeness. The benefits of using KYC3’s system include enhanced efficiency, improved security, and increased business opportunities.
Features of Your Company’s White-Labeled Onboarding Portal
– Seamless Integration with Your Company Website: The portal matches the look and feel of your company’s website, providing a seamless user experience for your counterparties.
– Consent Recording: Captures your counterparty’s consent to terms and conditions effortlessly.
– Disclosure Management with Audit Logs: Ensures counterparties download required disclosure documents with proof via audit logs.
– Video Identification: Records live video of your counterparty to verify their identity.
– ID Document Capture with Automated Assessments: Takes live images of identity documents, assesses quality, extracts data, and verifies document checksums.
– Intelligent Document Processing: Utilizes computer vision and AI to read documents and convert them into structured data for easy use in other systems.
– Configurable Forms: Collects all required information as structured form data or uploaded documents.
– Face and Voice Recognition: Matches identity documents with live video and verifies the authenticity and liveness of the video.
– Phone Number Verification and Risk Assessment: Provides real-time risk intelligence on the counterparty’s mobile phone number.
– Geolocation and IP Risk Assessment: Offers detailed information about the counterparty’s location and internet connection type.
– Dynamic Onboarding for KYB: Simplifies the collection of complex document packages with an easy-to-use onboarding wizard.
– SMS and Email Messaging Capabilities: Quickly invites and notifies counterparties of required actions.
ETSI standards play a crucial role in identity proofing and verification, providing a robust framework that enhances security, compliance, and user experience. By integrating these standards, KYC3 ensures that your business remains compliant, builds trust with partners, and delivers a seamless onboarding process.
Take the first step towards transforming your company’s compliance landscape and unlocking unprecedented growth. Contact KYC3 today to explore how our innovative solution can benefit your organisation. Act now—your company’s future success awaits.
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