NewBanking is a Danish Fintech start-up created in 2015. The company develops software solutions for the financial sector with the goal of easing and automating compliance with the EU’s General Data Protection Regulation (GDPR) and with Know-Your-Customer and Anti-Money Laundering regulations. As a response to increased demands for innovative solutions delivering better security, better management, and lower compliance costs, NewBanking have developed a blockchain based identity verification service that rationalizes and standardizes onboarding processes, personal data management, and customers relationship management for financial service providers.
Before applying for grant funding in 2017, NewBanking had an early platform prototype developed. This prototype was able to perform identity verification processes based on passports and could share the verified data with financial institutions, but still lacked important features, including ability to analyze the digital footprint of end-users, automated reporting and auditing, certification, and a robust underlying IT security infrastructure.
Innovayt helped NewBanking secure a 3 million DKK grant from the InnoBooster program in order to overcome these barriers, effectively allowing NewBanking to achieve its goals and develop a market-ready solution.