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VeriME, a blockchain based digital identity verification platform from Singapore, recently announced a partnership with one of the largest banks in Vietnam, Maritime Bank.
The announcement comes shortly after the announcement of VeriME’s TGE, which should further drive people to the event.
Maritime Bank looks to take advantage of VeriME’s D-KYC and D-Secure services, which are KYC and payment authentication offerings. The bank will use these in order to enhance their digital banking and checkout experience for customers using their credit cards, retail banking and loan services.
VeriME D-KYC dramatically improves upon traditional KYC
With VeriME’s offerings, there is no need to file any forms or documents to sign up for various third-party accounts. All data sent is protected with encryption, with no need for a third party. This can all be done on the go, without requiring face to face interaction. This also leads to a more cost-effective method of handling KYC, a matter that used to take days or weeks can now be completed in seconds.
Maritime also has faith in the product and appreciates VeriME’s compliance with local regulations. A quote from Maritime Bank’s Deputy General Director, Ms. Dang Tuyet Dung says:
“We are excited to partner with VeriME and leverage their blockchain based VaaS platform for performing KYC and Payment Authentication for our customers. We believe in their product, and most importantly their compliance with Data Sovereignty and local PDPA laws. We are looking forward to VeriME revolutionizing the traditional customer onboarding and payment authentication processes.”
The burden of KYC
KYC is a time-consuming task that financial institutions must follow. Not only are the requirements for KYC tedious and complex due to the numerous processes involved, the economic costs are massive as well. A Thomson Reuters survey shows that financial firms spend on average $60 million annually for KYC and compliance related fees.
This announcement makes Maritime Bank the third financial institution to partner with the verification enterprise, as VeriME has existing relationships with Vietnamese banks Military Bank and CFC. In total, they provide VeriME the opportunity to interact with more than 5 million customers through their Verification as a Service (VaaS) business model.
The three banks join the rest of VeriME’s partnerships, which now number over 30. From financial institutions to marketplaces and more, VeriME globally services over 300,000 merchants and their customers.
VeriME’s appeal to business
VeriME’s popularity comes from their focus on digitizing KYC and authentication processes, increasing transparency through integration of blockchain technology, and providing access to their offerings at any time through a mobile device. This is all done faster and cheaper than traditional processes providing a competitive advantage for corporations.
Thanks to the automation of the process, financial institutions can comply with KYC and other financial rulings faster, with less room for human error, and reallocate the saved costs to other areas of business operation.
According to VeriME’s roadmap, August of this year will see the launch of D-KYC and D-Secure 2.0, which should bring improvements upon the first iteration.