How they describe themselves: InnoValor is a privately-owned company that provides research-based advice and software in the area of digital identity. ReadID is the flagship software product. ReadID customers include a number of large European banks, supporting them on their Know Your Customer processes, and governmental bodies including police and the UK Home Office.
How they describe their product/innovation: ReadID is the first and leading NFC-based mobile identity verification solution. ReadID leverages the embedded RFID chips in ePassports and similar identity documents by using NFC technology and a smartphone. It verifies the authenticity of identity documents by checking the digital signatures on the content of the chip and by checking whether the chip has been cloned or not. ReadID reads personal data like name and nationality directly from the chip, therefore OCR mistakes do not occur in this process. Included in the chip content is a high-resolution face image, which can be used for face recognition. The result is an unparalleled Know Your Customer solution in terms of security, speed and convenience.
Product distribution strategy: Direct to Business (B2B), through financial institutions, through other fintech companies and platforms, licensed