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FV Bank invests in DIRO

Wednesday 19 January 2022 10:33 CET | News

FV Bank has invested in DIRO, developers of the Original Documents Online technology. 

DIRO’s platform provides financial institutions, payment providers, crypto companies, and other enterprises with the ability to verify any person or document directly from the original online source on a fully global basis.

FV Bank is integrating DIRO’s solution into its account opening protocols to facilitate compliant automation of its Know Your Customer (KYC) and Know Your Business (KYB) processes. With 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.

FV Bank’s investment follows DIRO’s recent patent grant by the US patent office for its Decentralized Document And Entity Verification Engine.

DIRO’s inbuilt user consent and authentication protocols exclude screen scraping or downloading of documents which can then be vulnerable to alteration. Instead, 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 GDPR and the California Privacy Act.


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Keywords: banks, investment, financial institutions, KYC
Categories: Fraud & Financial Crime
Companies:
Countries: United States
This article is part of category

Fraud & Financial Crime