VaultID is the financial inclusion enabler.
Through the adoption of its myVault app VaultID is building a non-traditional biometric driven KYC / AML service to the Customer Verification industry for over 2 Billion unbanked or underbanked People and adding them to the existing banked population.
No Consumer digital footprint
Half the world’s population (2 billion people) has NO digital footprint. They are excluded by the traditional banking system from accessing financial services. They are forced to rely on expensive risky alternative means to manage their money in the cash economy. They consequently leave little or no digital footprint from which to verify themselves when required to do so as part your Know Your Customer / Anti Money Laundering legal compliance requirements. Consider the impact in the knowledge that 6 out of 10 top growing economies have more than a 30% unbanked population.
The Existing Consumer digital footprint is fading
Consumers have lost trust in Verification Platforms that involve Third Party Data Suppliers. Their Consumers personal data is often outdated, limited and disclosed without their consent to inappropriate third-party data users like Cambridge Analytica. Consumers are now restricting the dissemination of their personal data opting out of the use of their data. Their digital footprint is fading.
In country and cross boarder legislative compliance has increased greatly over the last 5 years. An excellent example of this is the EU General Data Protection Regulation (GDPR). The introduction of GDPR is the most important change in data privacy regulation in 20 years. Third parts verification services are now finding it hard to obtain Consumer data to maintain their service accuracy and coverage. Again, the Consumer digital footprint is fading.
Create A digital Footprint
The VaultID myVault application creates a digital footprint for the unbanked and underbanked.
The myVault application provides a way to perform financial transactions backed by in country financial services partners. By using such services as micro loans, lending, online purchases and money transfers the unbanked builds a financial digital footprint. Added to this their personal biometric verification and a true appropriate KYC / AML profile is built.
Consumer Ownership and Trust
Consumers trust the myVault account. They and they only control the contents of their myVault and it is they who authorise access to it for verification purposes.
VaultID brings a new level of current accurate verification services to the Company wanting to onboard new or existing customers. By using VaultID the corporate entity is to better able validate consumers and complete legislative compliance to an unprecedented level of accuracy.