The new solution allows banks, financial institutions, third-party fintech providers, and customers to create and share verifiable account identities with other banks, financial institutions, service providers, and retailers without direct integrations or third-party data management. The result is a seamless partner or customer experience that solves data privacy and security concerns while providing better service.
Company officials said that Indicio Proven Finance makes account access seamless and secure because verifiable credentials remove the need for usernames, passwords, or other personal data to verify that the account owner is the account owner.
Seamless account login is also faster and easier for the account holder - they don't have to remember passwords or keep changing them and there are no multiple authentication steps. Proven Finance also comes with verifier software so that bank partners, third party service providers, and retailers can also use the same verification process to simplify purchases and verify payments.
In addition to a verifiable account credential, Indicio Proven Finance also comes with a KYC credential. This meets the needs of more complex data sharing and means that costly and time-consuming vetting can be reused by a credential issuer or shared, by consent, with partners or third parties, speeding up customer access to services and eliminating errors and costs.
While the technology delivers many benefits that legacy systems simply can't, the key value proposition is replacing APIs where they should never have been used in the first place - for any purpose where personally identifying information and other high value data is shared, as per the press release. This makes Indicio Proven Finance not only a suitable product for financial services, it's both a technical and data governance catalyst for the expansion of payment capabilities and secure channels to related financial service categories such as insurance, and lending.
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