ISX Financial Secures Revolutionary Video Identity Verification Patent

ISX Financial Secures Revolutionary Video Identity Verification Patent

ISX Financial EU plc has announced that its subsidiary ISX IP Ltd has been granted a European patent number 3850508. This patent, granted on August 6, 2025 and valid for 20 years from the filing date of September 12, 2019, concerns the innovative method of remotely verifying an individual's identity using video “Know Your Customer” (KYC). The new process uses a data connection combined with live video streaming to verify biometric data, enabling a secure and tamper-proof method of remote identity verification.

The biometric characteristics recorded include, but are not limited to, face, speech, iris, retina, gait, heartbeat, heart rate and fingerprint. This versatile technology allows the configuration of various parameters, including the use of drones for identity verification. According to ISX Financial, the development is aimed at reducing identity fraud and regulatory compliance. The company plans to further develop the technology in partnerships and bring it to market to offer tailored financial services in the European Economic Area and the United Kingdom.

Challenges and today's solutions

The introduction of such technologies for automatic online identity verification in the financial sector and public administration represents a significant improvement in processes and data quality. However, as sabcommunications.net explains, numerous challenges must be overcome by a fragmented regional regulatory structure. Differing legislation between continents and countries provides varying identity verification practices, making harmonization difficult.

While in the USA, for example, a concept for identity confirmation via selfies failed due to high security risks, in Europe a uniform solution is being worked on that should offer the 500 million citizens a uniform standard for digital identity. The introduction of the European digital identity takes place under the framework of the AML and eIDAS regulations and follows the highest security standards, including the qualified electronic signature after real-time video identity verification.

The role of digital identity

With the introduction of identity wallets through eIDAS 2.0 in Germany, the potential to change banking transactions and credit processes is being recognized. Digital identity is a central pillar of digitalization, and the need to apply these technologies across the board is evident. According to der-bank-blog.de, although the use of the German eID has increased, it still falls short of expectations compared to other European countries such as Sweden and Belgium.

The planned launch of the wallet, which is scheduled to take place from 2025, could help revolutionize digital processes between financial institutions and users by combining the KYC process and digital signature in one solution. This would not only improve the user experience but also lead to a lasting change in the entire lending process by enabling rapid identity reusability.