Numbrs develops its own video identification process
Centralway Numbrs follows the “full stack” principle. By the term “full stack” we mean complete independence from third parties in every area of the company.
We take this approach especially seriously in our technology department, by developing the entire IT platform independently and without the help of external suppliers. In doing so, we are above all motivated by the incentive to always offer our users the best possible user experience.
That is why our team has been working on developing our own video-identification process for several weeks and months. In the future, users that are interested in a financial product from our Numbrs Store can request to be identified using a video identification process in a convenient, safe and legally compliant way, which takes only a few minutes. This saves our users the cumbersome trip to the post office and the unnecessary exchange of letters.
The only thing our users need is Internet access, a smartphone, and a valid ID document. Our video identification process complies with the complex requirements and obligations of the Money Laundering Act, Data Protection Directive and of the relevant regulatory authority, such as the BaFin.
The development of the video identification process is an intense project which requires a lot of working weeks and an enormous working commitment from our team. The technical development in particular is highly complex, expensive and time-intensive. Only the best developers can implement the requirements for this feature.
In addition to the complex technical development, there needs to be comprehensive documentation of security standards, processes and a lengthy, bureaucratic audit process. All in all, this is an effort that is usually only undertaken by specialized companies that base their entire business models on it. For Centralway Numbrs, it is primarily an extension of the app’s functionality. Many of our best employees are working with great commitment and passion on this project day in, day out. Something we are very proud of.
A week ago we started the licensing process for this feature, under the direction of the CERT Datenschutz Institute. Throughout the next few weeks our technology team will be working on fully implementing this feature. We are planning on delivering the video-identification process to all our users in September.
About Centralway Numbrs
Centralway Numbrs is a customer driven technology company that allows users to better choose and manage their finances and financial services. Through its award-winning app, Centralway Numbrs allows users to manage bank accounts, payments & transfers, as well as providing spending analysis, budgeting tips and tailored notifications.
Centralway Numbrs is headquartered in Zurich and employs over 100 people. 1.5m bank accounts in Germany are currently managed through the app and it is the #1 finance app on iOS and Android. The majority shareholder in Centralway Numbrs is Saidler & Co., the family office of Martin Saidler.