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Report

Teaser, summary, work performed and final results

Periodic Reporting for period 1 - LOQR (Digital Identity Management Platform: Verifying, Authenticating and Managing the end-to-end Digital Identity Lifecycle)

Teaser

Summary

In todayâ€™s business world, information security is often a prime factor of success which makes the need to safeguard financial information and other sensitive data more critical than ever. System interoperability along with providing necessary access to information and resources across different lines of business, require advanced solution to deal with issues like fake online profiles on social media platforms, identity fraud or credentials take over. These new sophisticated crimes are responsible not only for billions of euros of damages every year but also causing companies their esteem and user confidence.
With compliance requirements continuously increasing, companies need to ensure an effective identity and access management to ensure their overall security. The business IT environment market is in a rapidly growing due to trends such as bring-your-own-device, cloud computing, mobile apps and an increasingly mobile workforce. There are more devices and services to be managed than ever before, with diverse requirements for associated access privileges. And within organizations, with so much more to keep track of as employees migrate through different roles in an organization, it becomes more difficult to manage identity and access.
Simultaneously, on the client side, ease of interaction is a key factor to assure customer engagement and retention. Providing a seamless user experience while on-boarding, giving access and performing business as usual transactions, with the highest level of trust on customer authentication and highest reliability for the organization, can be an important differentiator and will mean more satisfied returning clients.
Our innovation LOQR Digital Identity, Authentication and Access Management Platform provides a single integrated and centralized solution to manage the end-to-end digital identity lifecycle covering Identity Validation, Adaptive Authentication and Unified Access Management. Secure, convenient and with a multimodal function, LOQR is compliant with all regulations while its simple integration is designed to allow organisations to scale to unlimited devices and users. We like to think of our solution as full future-proof, offering a state-of-the art solution which is designed to seamlessly integrate with new authentication technologies as soon as they pass our reliability requirements.

Work performed

Since the beginning of our company, we have focused on studying and understanding the market we want to get in as well as the competitors we are about to face. We have concluded that the total market of identity and access management is high. It is a multibillion-euro opportunity.
This six-month Phase I project, allowed us to work rigorously in confirming the viability of the technological infrastructure and commercial plan for LOQR. In close collaboration with established partners and stakeholders, we tested new features and functionalities for our platform but also reviewed the future features to be added. In order to fully review the current possibilities, we drafted a concise internationalization strategy plan, including marketing, financial and sales forecasting. To do so we studied the overall market conditions for the European countries in which we already have or plan to expand our business. After understanding the current conditions and the competition environment, we have focused on how to maximize our efficiency as a company. We developed our business model, sales channels, cost & pricing strategy, customer and stakeholder relationships.
Finally, taking into consideration the potential legal or financial risks, we worked on drafting a complete Phase II work plan which should allow us to further expand our business and exceed state-of-the-art authentication solutions.

Final results

LOQR Unified Identity Management Platform is as a single integrated and centralized solution for identity verification and user identity engagement risk. With a clear focus on continuously innovating, we leverage state-of-the-art practices while we provide companies with unprecedented access to strong adaptive authentication for both the users and the identity providers. Thus, LOQR allows organizations to profit from an end-to-end virtual identity lifecycle for the user identity verification (KYC and VideoID), their further authentication (static or adaptive) and finally provide users with a unique identity for all the services inside her or his organization. Our long-term strategic goal at LOQR is to become the leading European authentication and identity management platform. We envision that our solution will allow the digitized future to suffer less of security breaches and ensure the security of personal data for both citizens and companies.