The "Handbook FinTech Regulations 2020" helps companies in the entire FinTech ecosystem with regulatory issues.
MUNICH, March 3, 2020 /PRNewswire/ -- IDnow has published its first handbook for FinTechs: The "Handbook FinTech Regulations 2020 - How to balance customer experience with increasing AML requirements." As an expert in regulatory matters and a leading supplier of Identity-Verification-as-a-Service solutions, IDnow works for more than 250 customers, including numerous FinTechs such as N26, Solaris Bank, Fidor, Wefox and Bitpanda.
The regulatory requirements for FinTechs in the field of KYC (Know Your Customer) differ greatly. In addition to geographic differences, there are also numerous industry-specific idiosyncrasies within legal provisions. To give companies in all subsectors and countries an overview, IDnow has published the "Handbook FinTech Regulations 2020."
"FinTechs find themselves in a unique situation in terms of regulations," said Alexis Segovia, Head of FinTech Relations at IDnow. "There are different business models across different sectors, but in most cases the same rules apply as for traditional financial institutions. Dedicated legislation for FinTechs does not yet exist. This sometimes makes it complicated."
IDnow works with customers in all areas of the FinTech industry and is familiar with the complexities these companies face: "The handbook aims to give companies from the entire FinTech ecosystem an overview of which regulations apply to them and which possibilities of a digital KYC solution can be used in their home and target markets. We at IDnow want to support these companies with our wealth of experience, because we know how complex regulatory requirements are in this specific market," elaborated Alexis Segovia.
Since 2014, IDnow has been operating in the European market and is an expert in KYC solutions. With their Identity-Verification-as-a-Service platform, IDnow offers companies from different industries secure and simple solutions for identity verification.
Download "Handbook FinTech Regulations 2020" here:
https://www.idnow.io/use-cases/what-regulatory-challenges-the-fintech-industry-has-to-face/
About IDnow
With their Identity-Verification-as-a-Service (IVaaS) platform, IDnow is committed to making the networked world a safer place. The forgery-proof identity verification offered by IDnow is used in all industries in which companies process customer interactions online that require a maximum level of security. IDnow technology uses artificial intelligence to ensure that an identification document has all security features in order to reliably detect forged documents. It can potentially verify the identities of more than 7 billion customers from 193 different countries in real-time.
IDnow covers a wide range of applications in regulated industries in Europe and for entirely new digital business models around the world as well. Through the platform, the identity flow can be adapted on a case-by-case basis to suit regional, legislative and economic requirements.
IDnow is supported by the venture capital investors BayBG, Seventure Partner, G+D Ventures, Corsair Capital and Jet A as well as a consortium of renowned business angels. With more than 250 customers, their clientele includes leading international companies in various industries such as Bank of Scotland, BNP Paribas, Commerzbank, eventim, Raisin (Weltsparen), Sixt, solarisBank, Telefonica Deutschland, UBS, Western Union and wirecard in addition to FinTechs such as Fidor, N26, smava and wefox.
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Press contact:
Christina Schwinning
press@idnow.io
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