Unlock secure and user-friendly onboarding with ZealiD Penny Drop


When it comes to high-risk agreements, regulatory compliance and data security are at the forefront of future proof practices. Backed by eIDAS and readily available in all EU member states, Qualified Electronic Signatures (QES) are a prime example of how regulatory integrity benefits everyone involved. Even so, in some cases (or rather in some countries, such as Germany) service providers are required to take an additional security step by initiating a penny drop. To match that, from now on penny drop verification is available as part of ZealiD service offering.


In essence, penny drop verification is a rather simple process: service provider requests a small amount of money (a penny or a cent, for example) from every new client via bank transfer. Once the required amount appears on the service provider’s bank account, it confirms (or denies) that: 

  • The bank account exists and is active (i.t. not frozen or closed);
  • It’s owned by the person who made an agreement with the service provider.

Formerly a manual procedure that required active client input, nowadays penny drop is widely adopted as an automated onboarding step. It’s a cost-effective solution that allows service providers to meet regulatory requirements in a user-friendly way.

Adding penny drop verification to ZealiD service offering is another step forward in our mission to offer fully compliant, remote and future proof trust services throughout the EU. This update is especially relevant to our clients who operate in Germany, where penny drop is required as an extra security step for QES verification. TLS encrypted penny drop that we offer is supported by a reliable local provider and matches GwG (legal requirements for AML compliance in Germany), smoothly completing our existing trust services toolkit that already includes identity verification and qualified signing.


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