IDnow Trust Services AB certified as a Qualified Trust Service Provider in the European Union
Munich, November 5, 2024 – IDnow, a leading identity verification platform provider in Europe, announces its partnership with newly founded IDnow Trust Services AB, a certified Qualified Trust Service Provider (QTSP) under EU Regulation 910/2014 (eIDAS).[1] Founded as a joint venture in Stockholm in early 2024 between IDnow and ESYSCO, a system integrator and technology provider, the company offers qualified trust services, such as electronic signatures, time stamps, and seals, that combine security, compliance, and user convenience.
Innovation and leadership in the digital signature market
As a recognized QTSP in the EU by the Swedish supervisory body Post-och telestyrelsen (PTS), IDnow Trust Services AB will issue, validate, and manage electronic certificates and time stamps; capture additional information, such as qualified time; hold identification evidence data, and perform certificate revocation, while complying as a Certificate Authority (CA). The QTSP provides assurance of the existence of specific electronic data at a specific time, such as proof that documents have been submitted for processing.
One of the features that IDnow Trust Services AB will immediately enable for IDnow’s customers is SMS-free signing. This certified capability simplifies the signing process, eliminating the requirement of One-Time Password (OTP) codes and driving higher conversion rates. IDnow Trust Services AB is the first QTSP that will allow this new user authentication process, which is already acknowledged by different CEN and ETSI standards and which will revolutionize the user experience in the digital signature market.
New joint venture secures trust and simplifies compliance
“We are incredibly pleased that our joint venture, IDnow Trust Services AB, is already bearing the fruits of our labor. At IDnow, we have long made it our mission to actively shape and lead the Know Your Customer and digital identity industry; we are now once again showing this leadership role by doubling down on trust services, as they are an essential part of the transformation of the digital identity market heralded by eIDAS 2.0”, says Andreas Bodczek, CEO of IDnow.
He continues: “In the coming years, our customers will benefit from the synergy of identity verification and qualified trust services, ensuring a compliant and efficient experience for all business-critical operations across the EU. This collaboration sets a new standard for trust and operational efficiency, positioning businesses for long-term success in the fast-evolving digital landscape”.
Johannes Leser, CEO of IDnow Trust Services AB, adds: “Trust and liability is the backbone of all business, and it will be the driving force behind the global digital economy. IDnow Trust Services AB is committed to delivering innovative and highly dependable solutions to IDnow, its customers, and partners. With trust as our mutual foundation, we’re poised to revolutionize the European digital signature market, which is expected to be seven times larger by 2030 than it is today.”
[1] The electronic Identification and Signature (eIDAS) regulation defines a QTSP as a natural or a legal person who provides one or more qualified trust services.
