VeriME: Fast, Seamless, and Secure Digital Identity Verification
A decade after its inception, blockchain technology is revolutionizing the world of transactions and has become the ‘Holy Grail’ of Know Your Customer (KYC) and authentication processes in the service industry. Today, companies strive to leverage blockchain technology to improve service quality and integrate public information. However, the dearth of data sovereignty, compatibility with legacy systems, and the complexity of the blockchain technology pose a significant challenge, impeding seamless adoption of the technology within regulatory boundaries.
Against this backdrop, VeriME is committed to the pursuit of how blockchain along with Machine learning and Artificial Intelligence can disrupt the conventional user verification and payment authentication in the financial ecosystem. Fixated on implementing a unified decentralized Verification-as-a-Service (VaaS) platform, VeriME aims to transform the blockchain space by digitizing KYC and authentication processes for the common man with minimal time and cost requirements. The unique application, VeriME, and its products, D-KYC, D-Secure, and D-Auth, enable businesses to efficiently adopt blockchain technology well within regulatory compliance. The company’s collaboration with RegTech and GovTech bodies has deemed its high-throughput blockchain-based KYC solutions and authentication services successful in resolving numerous regulatory concerns. “Our application brings robust KYC and authentication services with anytime-anywhere access and regulatory compliance for optimal customer experience,” states Sanjeev Kumar, Co-founder, VeriME.
The full-scale payment authentication service and chargeback protection features provided by D-Secure assists stakeholders with payment transaction sovereignty and enables them to stay a step ahead of fraudsters. VeriME’s D-KYC digitizes the KYC processes by remotely leveraging biometric technologies to automatically identify a customer’s physical form and validates it with the authentication documents and form submissions. D-KYC coupled with D-Auth—a by-product of D-Secure leveraging advanced biometrics and machine learning—eliminates the need for a face-to-face meeting as D-Auth guarantees multi-level authentication solutions, maximizing customer convenience and minimizing cost for service providers.
Once the customer information is validated, VeriME establishes a smart contract to ensure every stakeholder in the ecosystem stays up-to-date with the validated information. Additionally, the company also offers holistic solutions for Anti-Money Laundering (AML), Politically Exposed Person (PEP), and sanction checks based on the business requirements of the stakeholders. “VeriME’s products and solutions can seamlessly fit into any business or enterprise for user verification. Whether it is customer on-boarding or customer payment processing, we ensure enhanced user experiences and better conversion rates along with partner compliance with local data sovereignty and PDPA laws,” adds Binh, Co-founder of VeriME.
Unlike traditional players in this field who store all their data at a centralized location and rely on expensive data security systems, VeriME’s completely decentralized blockchain-based VaaS ecosystem allows storing customer data on their devices, ensuring data security while customers fulfill KYC and payment authentication requirements. VeriME’s solutions are designed to ensure compliance with local data sovereignty and PDPA laws.
Recently, Maritime Bank and Military Bank were beset with an expensive and time-consuming credit card applications approval process. The involvement in filling up application forms and physical submission of identification documents left the bank employees with tons of paperwork. After implementing VeriME’s D-KYC solution into their systems, the banks were able to perform automated credit card issuance with a seamless anywhere-anytime customer on-boarding within a few minutes.
VeriME has partnered with several Asian brands such as Ngan Luong, Vietnam’s largest payment provider, and MOIN, South Korea’s blockchain-based cross-border remittance service provider, to bolster its reputation in the service marketplace. VeriME aims to eliminate security threats from Man-in-the-Middle (MitM) and Man-in-the-Browser (MitB) attacks and third-party authentication systems with VME token gamification. Furthermore, the Vietnam’s Ministry of Science and Technology is coordinating with the Ministry of Information and Communications, Ministry of Finance, The State Bank of Vietnam, Vietnam Social Insurance, and IT experts to give VeriME’s VaaS products a green light for identity verification and customer on-boarding purposes across various government sectors by 2020.