The German industry is joining forces when it comes to the digital identity market: The previously competing German identification services Verimi and Yes are merging. The two start-ups made the announcement in Berlin. With its ID Wallet, Verimi offers a cross-industry identity solution that customers can use to digitally identify themselves, log in, and pay or sign, among other things. Yes takes a similar approach with a focus on financial services.
Verimi is supported by companies such as Allianz Insurance Group, Axel Springer, Bundesdruckerei, Daimler, Deutsche Bank, Deutsche Telekom, Volkswagen, Mercedes-Benz, and Lufthansa. Yes is a project of Germany’s regional savings and cooperative banks. The now merged Verimi and Yes infrastructure processed well over 10 million transactions in 2022, according to the companies.
Verimi and Yes said 25 companies are involved in the joint company. With the combined reach of all shareholders, nearly every consumer in Germany will be able to personally use the joint offering in their everyday life in the future, the companies said. The three major partners from the banking industry alone, including savings banks, cooperative banks, and Deutsche Bank, cover more than 50 percent of the German market with over 50 million private customers.
The services from Verimi and Yes come into play when identification is required for certain transactions. These include insurance contracts, financing agreements, leasing contracts, or the signing of a mobile phone contract. However, a number of online retailers also require proof of identity when selling a high-value item, such as an expensive smartphone, in order to prevent fraudulent orders. Most recently, health insurer Barmer Krankenkasse commissioned Verimi and T-Systems to develop a solution to enable Barmer's 8.7 million policyholders to transfer their insurance card to their smartphone.
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