While it often takes months for blockchain startups to announce any sort of development after their Token Generation Event, Singapore-based FinTech startup, VeriME, has just announced a milestone partnership with one of the largest banks in Vietnam, Maritime Bank, making this the third financial institution to leverage the company’s groundbreaking Blockchain Verification-as-a-Service.
The partnership follows VeriME’s successful conclusion of its TGE in March and will be leveraging the platform’s enterprising Know-Your-Customer (D-KYC) & Payment Authentication Services (D-SECURE) to enhance the bank’s digital services and checkout experience for customers being served through their Credit Cards, Retail Banking, and Loan services.
Maritime Bank’s Deputy General Director, Ms. Dang Tuyet Dung, said:
“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.”
According to a recent research by Thomas Reuters, financial institutions continue to face challengers with KYC verification due to the complexities associated with manually verifying customers’ information. Manual verification of customer’s KYC information is a tedious and costly procedure with analysts putting the annual cost of compliance at an average of $60 million USD.
Sanjeev Kumar, co-founder of VeriME, had this to say about the rising cost of KYC and increasing need for it:
“The rising KYC challenges and its costs, which companies as well as customers were facing made us think of a better solution. A solution which will not only automate the whole process but will also make the complete KYC and due diligence process faster, seamless and efficient, and that’s when the idea of VeriME was conceptualised.”
Launched in early 2017, VeriME was created to help businesses seamlessly verify and secure the identities of their customers within seconds in order to minimize customer drop-off rates.
VeriME solution allows for not only authentication of users, but also for facilitation of full chargeback and dispute protection for business partners and Merchants. Through its mission to digitize KYC and Authentication processes, the company is ushering new levels of transparency through Blockchain technology, enabling businesses and customers to connect with each other from anywhere in the world through any mobile device, while minimizing time and cost, and maximizing customer experience.
VeriME has established global partnerships with over 30 businesses comprising of more than 300,000 online merchants and their consumers. The platform’s vision is to become the leading provider of a unified, decentralized VaaS platform, connecting customers identity to businesses through their personal mobile devices. It’s continuous drive towards the delivering this vision has led to its recent partnership with Vietnam’s Military Bank and CFC. These partnerships has now bought VeriME’s solution to more than 5 million addressable customer opportunities.