Market Map of Reusable Identity Products, a Big Acquisition and More Reusable ID News
Reusable Identity Products Market Map
Our Reusable Identity Products Market Map showcases 80+ reusable ID products across categories like consumer, web3, bank ID and government eIDs. Read the full blog post for our definition of what a reusable ID product is, and how a reusable ID product differs from a reusable ID scheme.
If you have feedback on the market map or notice that there’s a product missing, you can comment on this post. If you want to learn more about how Trinsic integrates dozens of reusable ID schemes into one seamless platform for verifying users we’d love to talk more.
Reusable Identity News and Announcements
Things are heating up in the reusable ID space! This week's news features a big acquisition, a new product offering from Microsoft, a new round of funding for a European eID scheme and news about Australia's digital ID program. Read on to see a preview of all the news and find links to the full articles.?
"Onfido, an early mover in the world of identity verification using computer vision, machine learning and other AI tools, is getting acquired, TechCrunch has learned and confirmed.?Entrust — the privately-held company that provides a range of certification and verification services around payment cards, passwords, network and website access, device access and more — is buying the London-based startup, sources say for a figure “well above” $400 million."
"Today, I’m thrilled to announce the expansion of?Microsoft Entra Verified ID ?to include Face Check—a privacy-respecting facial matching feature for high-assurance verifications, which is now in preview.
In our everyday lives, we use identity documents like driver’s licenses or passports as convenient and secure ways to prove our identity. Until now, we have not had a good digital equivalent. Microsoft Entra Verified ID provides a secure and easy-to-use experience for digitally verifying many aspects of our identity, such as education, skills, and workplace affiliation."
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"The fund injection follows Evrotrust’s electronic identification scheme (eID) being recognised as a notified scheme and listed in the Official Journal of the European Communities in?August 2023 . As per the information detailed in the press release, the funding solidifies Evrotrust’s position as a participant in the European digital identity market.
Currently, Evrotrust’s services are leveraged by over 1.3 million users across 58 countries, and 150 enterprises from 11 countries. With the newly added funds, the company intends to increase its international expansion and support the development of a new product, a digital identity wallet for citizens globally. The wallet is set to store personal documents, including identity cards, educational diplomas, and driving licences, aiming to ensure enhanced security and privacy for users while assisting the interoperability with various EU and US digital infrastructures."
"Australia’s government has offered a tentative rollout date for its nationwide digital ID, setting it on July 1st, 2024. The exact date, however, will depend on the timing of its legislation which is due to be adopted by the federal parliament.
The Department of Finance told the media outlet that the new system will allow users to choose their preferred digital ID provider for accessing government and private services. Private organizations can apply to be accredited as digital ID services from the Trusted Digital Identity Framework” (TDIF), the federal government’s accreditation framework. Among companies that have already received accreditation are?Australia Post,?MasterCard?and?OCR Labs?(IDVerse) while banks and other institutions have expressed interest."
New podcast episode: Nick Thomas - Finicity’s Journey from Personal Finance App to $985M Acquisition for their Open Banking Platform
Last week we published a podcast episode with Nick Thomas, cofounder of Finicity, which was acquired by Mastercard, where Nick went on to be the EVP of Global Open Finance Innovation. There are so many parallels between the worlds of fintech and IDtech. The episode is well-worth a listen for anyone in the identity space who is thinking about standardization, open networks and disruptive innovation.?
Listen to the full episode on Apple podcasts , Spotify ?or find all ways to listen at trinsic.id/podcast .
Thanks for reading! We'll see you next week.