EU-Backed Digital ID Platform Launches to Cut €5.7B Verification Costs

International software development company deverium has unveiled alongID, a digital identity orchestration engine designed to revolutionize cross-border identity verification. The platform, supported by €2M in EU funding, combines a digital wallet with advanced verification capabilities to simplify user onboarding while maintaining robust security measures.

The launch comes at a critical time when digital identity verification requirements are becoming increasingly stringent worldwide, as evidenced by recent regulatory developments in various countries. AlongID aims to address the mounting costs of KYC compliance, which currently burden European financial institutions with over €5.7 billion in annual expenses.

Deverium has partnered with industry leaders GBG and Regula as its initial verified identity providers. Regula, which recently demonstrated its expertise through a collaboration with Swiss authorities on airport identity verification, brings extensive experience in document verification and authentication to the partnership.

“We are reimagining digital identity—because it’s no longer enough to rely solely on biometrics, KYC, or AML checks,” said Edvardas Maslauskas, CTO of deverium. “For effective cross-border verification, an authentic mix of diverse attributes is essential.”

The platform’s architecture incorporates blockchain technology and zero-knowledge proofs, allowing users to verify specific identity attributes without exposing complete documents. This approach aligns with GDPR, eIDAS 2.0, and ISO compliance requirements while giving users unprecedented control over their digital identity information.

Ihar Kliashchou, CTO of Regula, emphasized the significance of the partnership: “At Regula, we’ve built one of the most comprehensive identity document template databases in the industry – a vital resource that makes identity verification faster, more accurate, and more secure.”

The platform’s launch coincides with growing market demand for sophisticated identity verification solutions, as highlighted by GBG’s strategic expansion in the identity verification market. Deverium, with offices in Lithuania, the UK, and Sweden, serves enterprises across the US, UK, EU, and Scandinavia.

“Since our initial announcement about receiving EU funding, we are seeing significant enthusiasm from prospective investors and partners,” said Erika Maslauskaite, CEO of deverium. The company is showcasing alongID at the Mobile World Congress in Barcelona, where it expects to attract additional partners and investors.

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February 27, 2025 – by the ID Tech Editorial Team