Stein-Olav Davidsen, CEO
The digitalisation and the productive use of new technologies today rests on how well companies keep up and innovate in the new frontier for competitiveness: winning digital trust. The rapid adoption of digital trust services by forward-thinking businesses is a clear illustration of the increasing importance of trust. However, the first step to effective adoption of these services is an integration that needs to take place on several levels. Secondly, it requires expert guidance to secure business processes and turn costs and risks into business opportunities with digital trust platforms.
Enter Idfy. Founded in 2012, the SaaS company provides an easy-to-use trust service platform for integrating digital trust services online and mobile apps. With secure identification at the heart of its business, Idfy offers trust services through a single point of integration with its flexible, well-documented, and easy to integrate application program interfaces (APIs) for seamless access to trust service platforms. Idfy enables secure authorisation through a simple and standard method from web, mobile and desktop applications using OAuth 2.0 Authentication and REST API. “Companies find it challenging to adopt trust services for securing and simplifying their business processes encompassing electronic ID infrastructure with different authorisation, integration, and proprietary protocols,” begins Stein-Olav Davidsen, CEO of Idfy. “Idfy harmonises these different ID infrastructures by empowering customers with an easy-to-use software platform for integrating trust services. Our highly flexible APIs offer excellent documentation and reduce time-to-market.”
Idfy promises to simplify business processes with an array of trust services like secure digital identification, document signatures, and seals. With a set of highly optimised tools and trust services, Idfy creates digitised documents and enables the clients to gain insights, control, security, and revenue.
The company focuses on automation and self-service of the business processes, unlike legacy trust service providers that follow manual practices. Having started out as a cloud service, Idfy has no ties with legacy infrastructure; this allows its team to build solutions based on technologies that remain relevant in the industry while helping clients migrate to the latest infrastructure.
Secure identification is at the heart of what we do and products that Idfy offer
Serving a diverse clientele, the company finds a unique spot in the industry with a highly customisable approach to integration, which helps them successfully meet the clients’ unique requirements like security encryption or custom feature around delivery. Idfy leverages the industry’s leading hardware security modules (HSMs) in a redundant setup to protect transactions, identities, and applications. These HSMs assist them to secure cryptographic keys and provision encryption, decryption, authentication, and digital signing services for a wide range of applications.
Idfy boasts of a client base that includes industry giants like Skanska and Equinor, and at the same time, holds a strong foothold in startup companies. The company has carved out a niche in the domain of business automation and digitisation while securing countless business processes across industries. In an instance, Idfy collaborated with the financial services company, American Express, to automate the identification process of applicants required during the card application process. The conventional method of performing this risk assessment involves verifying physical ID document such as a passport. However, Idfy helped the client to optimise its applicant onboarding process with a custom solution—a tailored digital signature service as per clients’ needs. Additionally, the company offered an API that enabled the client to integrate an embedded digital signing experience with a digitised card application form. As a result, Idfy helped the client with reduced application frauds, better customer experience and a high degree of automation in the onboarding process of the applicants that led to reduced processing cost for the applications.
Idfy will continue improving the consumer experience and automating business processes along with add building blocks to its trust services. “An important element in our strategy is to expand geographically in the European market,” confirms Davidsen.