Verismart, an identity blockchain platform, is automating the inter-institutional ‘Know Your Customer’ and compliance process for banks, telecoms and others. The process of Digital Identification/KYC is a quite complicated one. Among many other things, it involves Biometrics, extensive profiling, social and financial know-how, government regulations. Prior to generating a Digital Identity, Verismart takes all these factors into close consideration.
How is it different from any other digital identity platform?
For over three years, Verismart has dealt with a variety of stakeholders, including government entities, financial institutions, regulators and corporates. Moreover, we have worked with other digital platforms from more than 3 countries worldwide. Owing to this experience, we have learned the major problems faced by the democratization of Digital Identity in India. Especially with Aadhar, India’s API-based authentication platform, the major problem is with regard to the security of the information. It has been rather difficult to ensure that only trusted organisations have access to the personal data stored in the Aadhar’s database in accordance with the standards of the GDPR. Moreover, most private enterprises have not prioritized the consent of the customer before taking their information. In short, there hasn’t been any proper check on the way the individual’s data is being used by the various enterprises.
We, at Verismart, have realized the core of the problem and have found the solution for achieving an end-to-end solution. This includes the KYC on-boarding process, as well as, the backend compliance which is mandated among regulated institutions. We have figured out a model, which gives the individuals better control over their digital data. Plus, it fits into the matrix of the regulatory framework. Our primary focus lies with the highly credible and trustworthy institutions like banks, telecoms and other major utility platforms. This plays a major role in earning the trust of the Government sector.
Moreover, it simultaneously simplifies and adds value to the process for customers using the e-KYC procedure with such institutions. Consequently, we ensure that the customer doesn’t have to go through the entire tedious process of identification again and again. A majority of banks and telecoms have a similar backend compliance procedure and we extend its benefits to our customers.
We, with our blockchain platform, ensure this ability through a three-way handshake mechanism. Herein, the regulated institutions become sponsors of your verified, authenticated and compliant digital identity within the digital landscape. Each of these institutions is subjected to strict vigilance and regulations and has intensively focused on all the security parameters. The best part is, they are not custodian but the enabler of the individual’s digital identity. No identity information on the blockchain can be accessed with the real-time consent of the user.
In fact, although the process is very efficient, it is also quite simple and involves a digitally encrypted post-on-boarding protocol. The institution can enable a claim on the ID which can be read by other third parties. The entire process is based on the interests and choices of the user. Moreover, at each major step, the institutions have to get the consent of the users which enables them full control.
In order to bring these into reality, we are building a syndicate across different geographies. We have partnered with almost 22+ global banks and telecoms leading to steady monthly growth in the numbers. Nowadays, economic digitization is the priority and we are mitigating the problems of on-boarding a digitally non-compliant user.
Recently, we have launched a banking and telecom consortium within India, US and UAE. Through this, we have successfully created a wave with total partner banks, payment wallets and money exchanges. Over 29 organisations have combined to solve issues with cross border compliances, trade Finances, Letter of Credit and so on.
A few recent acknowledgements:
Recently, Verismart has proudly featured among the Top 5 RegTech companies among the 850 participants in the Digital Innovation challenge. Moreover, Verismart is one of the three finalists in the Finx Award for Global Financial start-ups. The organizers of this prestigious award are organisations like Fintech Galaxy and entrepreneur.com. Along with these, Verismart is among the various KYC, KYT processes with which VISA partnered this year at GiTEX. In all, VISA undertook partnerships with 7 different start-ups as a part of this project.