GRIDS identifies the importance of bundled services for worldwide commerce, business and financial sectors that require you to “Know Your Customer” and therefore identify the latter through an international accepted eIDAS eID system. For this reason, part of the project focuses on the following, existing services, whose addressable market is really large and will have a significant growth, especially due to the Covid pandemic period.
With the ultimate goal of demonstrating the applicability and benefits of the GRIDS architecture for obtaining KYC information in conjunction with cross-border eIDAS eID services in processes of private companies in different countries, the following three use cases and related needs have been examined:
 Onboarding of business accounts by Banks / Financial Institutions (FIs): the banking sector is the most involved in due diligence and KYC processes since it has to comply with AML/KYC regulations and prevent any illicit use of their services from fraudulent actors like financing terrorist and money laundering. In order to be able to do so, banks and FIs need an efficient onboarding process capable of gathering and validating company details and reports, but also to identify and verify associated natural persons, especially directors and officers acting on behalf of the legal entity. All of the above can be achieved through GRIDS to help banks and FIs gain a competitive advantage in the market.
 KYC Data for Legal Entity Identifier Checks: the Legal Entity Identifier (LEI) is uniquely connected to key reference information of legal entities. Before issuing any alphanumeric code, the various Local Unit Operators (LOU) need to perform quick and exhaustive checks and validations not only regarding up-to-date company details, data and documents, but also with respect to the signing authority. Especially, with LEI Level 2, LOU are required to investigate the final and ultimate parent companies of LEI applicants as well.
 KYC Checks for Business Sectors other than Banking and Finance: other business sectors, such as lawyers, notaries, etc., are required by law or might even voluntarily perform an AML and Due Diligence check on their customers. In order to facilitate this process without compromising its credibility, it is important to have access to up to date and primary source data. The access to KYC information via GRIDS, based on eIDAS eID, is expected to significantly reduce the effort required and guarantee the quality of the service.
With the consultation of three external parties, Raiffeisen Bank International WM Datenservice as a LOU and the law firm Advokat, the partners involved in GRIDS project have highlighted several benefits resulting from the integration of eIDAS eID with KYC data providers. More specifically, the most important immediate gains identified from interfacing eIDAS-eID with KYC providers is the realization of a single digital market inside the EU (thus allowing individuals and companies all over the EU to access cross border financial services) and of course the reduction of costs and manual work needed to verify the information of legal and natural persons which is an integral part of such services.
Nevertheless, all such endeavours contain risks. Indeed, scepticism of those involved in the potential market might impact the adaptation of their systems to the new eID structures and international structure.