FV Bank selects DIRO’s solution for KYC 20 January 2022Puerto Rico Reporter: Jenna Lomax
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FV Bank has selected DIRO’s technology solution, Original Documents Online, to facilitate compliant automation of its know your customer (KYC) and know your business (KYB) processes.
DIRO’s platform provides financial institutions, payment providers and crypto companies with the ability to quickly and accurately verify any person or document directly from the original trusted online source.
With instant external bank account verification, identity verification, proof of address and proof of funds obtained directly from the original trusted web source, FV Bank will be able to streamline its onboarding of international clients.
DIRO’s patented technology is designed to reduce risk for companies and institutions resulting from impersonation and altered or fraudulent document submissions through providing blockchain-based provable, auditable, and reportable evidence of KYC and KYB due diligence and compliance.
DIRO’s inbuilt user consent and authentication protocols exclude screen scraping or downloading of documents which can then be vulnerable to alteration.
DIRO captures and stores a one-time unique snapshot and hash, ensuring ethical data handling that is compliant across numerous jurisdictions including stringent data privacy legislation such as the General Data Protection Regulation and the California Privacy Act.
Miles Paschini, co-founder and CEO of FV Bank, says: “We’re delighted to invest in DIRO — a technology company at the forefront of the identity verification sector. DIRO’s instant bank account verification services will help us to further improve our clients’ user experience while also strengthening our KYC and anti-money laundering processes.”
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