Online identity company miiCard has been handpicked to demonstrate its revolutionary digital passport at FinovateEurope 2011, the high profile banking technology conference, on Tuesday 1 February 2011 in London.
FinovateEurope is designed to showcase the most innovative new financial technology products and ideas from established industry leaders as well as cutting-edge startups like miiCard.
miiCard is a unique digital passport for the consumer that proves “I am who I say I am” in real time, for the first time to Anti-Money Laundering, Know Your Customer Regulations and the Proceeds of Crime Act standards.
Owned and managed by the individual, miiCard allows the consumer to track, monitor and so take control of their online identity for the first time. miiCard is free to the consumer and charged to the vendor on a transactional basis.
Every day between 70% and 90% of online financial transactions are abandoned when the customer is asked to complete the transaction offline by taking their driving license, passport or utility bill into their local bank branch as James Varga, miiCard’s founder explains:
“The final barrier to selling financial products online is identity – being able to prove ‘I am who I say I am’ in real time online. Until we crack that nut, the financial services industry will continue to lose out on online business. Our challenge today is to create trust between banks and the consumer without the need for physical offline identity validation.
“I believe miiCard is the answer to the issue of trust, allowing the consumer to buy financial products online for the first time and I am delighted to be bringing that solution to FinovateEurope”.
The selection process to be accepted to FinovateEurope is exceptionally competitive and miiCard will appear alongside some of Europe’s most exciting emerging technologies. FinovateEurope 2011 provides a powerful platform for financial technology companies to reach new customers and VCs as well as to form strategic partnerships.
miiCard, a patent pending global solution, soft launched to the financial services industry at Sibos in November 2010, and was voted Innotribe’s most promising startup. miiCard’s aim is to eradicate the final barrier to global trade, the need for offline proof of identity, before a financial product can be purchased.
miiCard meets the challenge created by the concept of online trust for the first time, allowing customers to buy financial products completely online. This will improve conversion rates, cut operational costs and fight internet fraud.
Eric Mattson, CEO, The Finovate Conference Series comments: “We are delighted to have miiCard doing a demo at FinovateEurope 2011. The issue of validating a customer’s identity online is a key challenge for retail banks and miiCard offers an innovation with the potential to solve that huge problem.
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