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How they describe themselves: miiCard is a user-centric federated identity service enabling the first purely online validation that “you are who you say you are”. miiCard is a revolutionary ‘digital passport’ that enables users to prove their identity online for the first time to the same level of authority as a driving license or passport would do offline. By creating trust in an environment characterized by anonymity and transient identities, miiCard will open up opportunities for business online and put internet users back in control of their personal information globally.
Every day between 70% and 90% of online financial transactions are abandoned as soon as an offline process is introduced. In addition to the dropout rates, it can cost £50 to £80 in operational costs to simply open a current account when engaging offline. Finally, the UK last year experienced £1.8bn in online financial fraud. miiCard addresses all three of these market pains.
How they describe their product/innovation: By creating trust in an environment characterized by anonymity and transient identities, miiCard is opening up opportunities for business online and putting internet users back in control of their global identity. Each miiCard identity has an associated Level of Assurance (LoA), determined by the amount and quality of information the user provides. Built and managed by the user via the miiCard website, the LoA is the key to gaining maximum usability and benefit from miiCard. This LoA is created by linking the user’s miiCard identity to their online secure accounts and personal information, such as their online financial accounts where the primary identity check has already been completed. A wide range of factors are assessed including the name of the account, number of accounts, type, behavior and even the length of time that the account has been successfully aggregated.
Key Executives: James Varga (COO & Founder), Andy Laing (CFO), Margaret Hinselwood (Product Manager)
Key Board Members: Jeremy Fraser (Legal & Compliance Director, ING Direct UK), Gavin Littlejohn (Director)
Key Partnerships: Yodlee
Customers: Sectors include: Retail banking, Financial Services, Online professional advice (Financial, Legal, Medical), Retail and Social.
Contacts:
Bus. Dev., Sales: James Varga, james.varga@miicard.com
Press: Sarah Lee, sarah@hottinroof.co.uk
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