GRIDS will provide financial institutions as users of online customer onboarding services, to Local Unit Operators issuing Legal Entity Identifiers and to other users of KYC checks in different sectors, with a) a standardized, faster and less expensive identity verification and validation process that can be purchased “as-a-service” and b) the possibility to create complementary services on top of it, such as the digital signature for the account contract, LEI verification etc. (also initiated through an eIDAS authentication process).
On the top, all services wil be compliant with strict regulatory requirements specially related to the prevention of financial crimes or to strong authentication of parties requirements.
KYC Checks for other Business Sectors Provision of comprehensive KYC data as well as Sanctions, PEPs and Adverse Media screenings for Advokat, an Austrian-based company, which offers legaltech services via their legaltech platform.
Integration of eIDAS based eID services to the existing LEI check mechanisms which enables signing authority data verification for WM Datenservice, a local unit operator issuing LEIs in more than 10 EU countries, ultimately leading to significant time savings.
Provision of eIDAS-based eID information about directors and officers acting as a legal entity together with KYC data (including real time business verification, check of company vitals as well as retrieval of authoritative and audit-proof company filings).
This service will be tested with Raiffeisen Bank International, a bank with a broad subsidiary network in the Central-Eastern European region (10+ countries) with the aim of simplifying their onboarding processes of business accounts while minimizing risk of fraud and time spent for identification processes.