Rabobank in the Netherlands has partnered with Signicat to launch a new digital identity service called Rabo eBusiness that aims to help businesses' on-board customers more easily and digitize their operations, invoicing and supply chains.
The new Digital Identity Service Provider (DISP) in the Netherlands will offer a range of online log-in, identity, electronic e-signature and archiving services.
Signicat is a financial technology (fintech) firm that has craved out a niche for itself in its home market of Norway and is now looking to expand its digital identity protection and processing solutions to new markets. It hopes its collaboration deal with Rabobank will be the first of many.
Gunnar Nordseth, CEO of Signicat, said in a statement, that the firm is: "Currently expanding into other parts of Europe."
The Rabo eBusiness DISP is initially targeted at Dutch insurers, telcos, healthcare providers, energy firms and other financial services providers. But any other business that wants to introduce more automated digital services to its end users in a secure, compliant fashion could deploy it.
The partners claim the platform is easy to integrate into any existing business process using application programming interface (API) technology. New functionality and services can be added easily in the future, they claim, as consumers and businesses' digital footprints continue to grow.
The new launch coincides with the introduction last month of iDIN, a bank ID service for the Netherlands that has been developed by the Dutch Payment Association. This is intended to facilitate a market for DISPs such as the Rabo eBusiness service.
Commenting on the deal in a statement, Alexander Zwart, Rabobank's head of online channels & access, said: "In order to be able to offer technology and a high-quality and safe range of products, we have opted not to develop it ourselves, but instead to collaborate with a well-established strategic player. Signicat has a proven Digital Identity Service platform that is considered leading in the Nordics, a mature digital identity market."
The deal is another example of the collaboration trend between fintechs, in this case an older established player, and banks.
The latter want to take advantage of the typically more advanced capabilities available from dedicated technology firms. In return they get scale and volume from the banks. In this case, Signicat retain their own niche business rather than just selling their one idea or product to a bank as some smaller, newer fintechs are prone to do.