The GRIDS Consortium has built a market stand-out solution that has the potential to radically improve the ways in which Data Providers can extend their value proposition, Data Subjects can benefit from reduced friction onboarding experiences, and Data Consumers can extend their customer bases crossborder.
• GRIDS is aligned with CEF to bring down the barriers that are holding back the growth of the EU Digital Single Market
• GRIDS is designed to make it easier for businesses to operate across the EU by facilitating the cross-border acceptance of e-identification and remote know-your-customer processes
• GRIDS will help to make eIDAS more relevant for businesses and cross border commerce
• GRIDS is built on leveraging eIDAS eID platforms – however these have some key limitations which creates opportunity for GRIDS to make a real impact
• Low digitization of onboarding process by financial institutions creates huge opportunity for improved processes, and is driving the exponential growth of RegTech solutions
• Despite the large increasing number of solutions providers, the market offering is very fragmented
• GRIDS fills a market gap in that no provider today can leverage eIDAS eID platforms and bundle this with high accuracy KYB data – the core proposition of GRIDS
• The shortcomings of the current eIDAS landscape have driven the EC to overhaul the network and propose eIDAS 2.0, based on the creation of a common Citizens’ Digital Identity wallet – of which GRIDS is well positioned to take advantage
• At the same time the proposed overhaul of AML regulations will create a harmonized regulatory landscape which will also make GRIDS practical and promote uptake and sustainability
• Core GRIDS leverageable outcomes include the creation of a Service Provider Hub, Business Attributes Aggregator, and a Software Development Kit.
• In practical terms this means
o An electronic identification and trust service for electronic actions via the eIDAS network
o European-wide accepted and standardised eID for natural persons and (persons representing) legal entities
o An interface to the Data Provider which can give access not only to one national register, but to many, and share such data and information in real-time and directly from primary sources improving the data quality
o A standard model of enhanced KYC/B – AML services for the European Single Market
This deliverable is pending from EC approval.