Web Shield Ltd. launches online “legitimation in three minutes”
Now it is possible to conduct legal transactions using a computer or mobile device with an online legitimation process that takes a maximum of three minutes. It is no longer necessary to go to a bank or post office to have identity documents confirmed.
Web Shield Ltd. will start its new ‘Know Your Customer Shield’ (KYC Shield) service for exclusively online legitimation on 1 September 2014. Companies and institutions such as banks, telephone providers, online video stores or online casinos can now provide their services to new customers immediately. The confirmation of physical identity documents by an official person is no longer needed. This effectively means that the last hurdle on the way to being able to execute legal transactions entirely online has now been overcome.
The system is compliant with money laundering legislation. It has been presented to the German Federal Financial Supervisory Authority for appraisal and received recognition as a legitimate alternative to conventional offline legitimation procedures.
KYC Shield is an outsourcing platform that is integrated into the provider website using iFrame technology. Depending on the legal requirements of the country concerned, the identity of new customers is confirmed in accordance with a predetermined sequence of checks, such as:
- a short video streaming conference with a Web Shield employee
- biometric and data check on the basis of a customer photo and identity card photo
- an authentication process for the ID card hologram
- TAN verification and audiometric registration of a verification text
- 4-eyes AML customer data check, including comparison with over 70 sanction lists, PEP lists (screening of politically exposed persons) and corruption lists involving another Web Shield employee
- final legitimation confirmation including concluding report after about 4 to 5 minutes
Web Shield‘s Chief Technology Officer, Markus Bauer, explains: “Many of our business customers have long since been looking for a quick alternative to conventional legitimation procedures. So I am extremely gratified that BaFin has now officially recognized our service. We will be launching KYC Shield together with the first banking customers as early as 1 September.”
Web Shield is a specialist in the provision of software solutions for protecting against online crime in the areas of credit card banking and legal transactions. The company originated in Germany and has its headquarters in the United Kingdom, and a subsidiary office in Frankfurt. At present there are 15 employees, and the company is starting up a major subsidiary operation in the Leipzig region. It commenced operations in 2012 with the “Shield & Monitor” services. These products provide the most comprehensive early warning system for online traders against credit card misuse that is currently available.
For further information, please contact:
Web Shield Limited,
207 Regent Street,
W1B 3HH, London
Phone +44 207 6085675,
Fax +49 (0) 3212 1322383,
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