LONDON (Bywire News) - In blockchain news, this week, FV Bank has announced a strategic investment in DIRO, developers of the award-winning Original Documents Online technology. The platform could represent a major breakthrough in online verification by providing financial institutions, payment providers, crypto enterprises and other organisations with the ability to quickly and accurately verify any person or document directly from the trusted online source.
FV Bank plans to integrate DIRO’s platform into its account opening protocols to automate its Know Your Customer (KYC) and Know Your Business (KYB) processes. It offers instant external bank account verification, identity verification, proof of address and proof of funds which can be obtained directly from the web source. With this in place, FV Bank will be able to offer its international clients an onboarding process that is faster, simpler and more secure.
“We’re delighted to invest in DIRO — a technology company at the forefront of the identity verification sector,” said Miles Paschini, co-founder and CEO of FV Bank.
“DIRO’s instant bank account verification services will help us to further improve our clients’ user experience while also strengthening our KYC and AML processes.”
One of the biggest issues with online banking is the verification of documents. Just about anything can be photoshopped and faked. DIRO’s technology uses the blockchain to verify documents such as proof of address, proof of insurance, student records or certificates.
To use it, you can open up their secure browser and log into a trusted website such as your bank. You then go to the information which needs to be proven and take a DIRO screenshot. This captures the webpage and the trust certificate and creates a unique trusted PDF with forensic data, login timestamps and a digital fingerprint that makes it tamper-proof. The document will then be stored on the blockchain making it provable, reportable and auditable. They’ve created immutable evidence of trust which can’t be faked.
To verify a document, you can drag and drop it into their verification engine. This verifies it against the blockchain to check the digital fingerprint is intact and real.
The new function will bring convenience, trust and compliance to FV Bank’s operations as it continues to redefine the global banking system. Defining itself as ‘The Global Digital Bank’, FV is one of the few in the world which combines traditional fiat currency with digital assets.
They will be supporting fin-tech companies including OTC desks, liquidity providers, exchanges and their clients by providing all sorts of financial products, from regular banking and payments to traditional asset and visa card insurance. It brings the traditional world of fiat and digital assets together and could, for example, mean you can have a visa card which is secured by your bitcoin savings.
The introduction of this software will bring two pioneers in this space together. It will give FV Bank the ability to quickly onboard clients in a way that is fast, secure and convenient. Meanwhile, for DIRO, this is another development that helps them bring their technology to the world.
Commenting on the deal, Per Jirstrand, co-founder and Chief Revenue & Product Officer at DIRO said: “Working with true pioneers like FV Bank helps us to further build the momentum around DIRO’s instant bank account verification platform serving financial institutions around the world.”
(Written by Tom Cropper, edited by Klaudia Fior)