Seamless remittance transfers powered by “myVault” biometric and attestation verification.
VaultID, a Melbourne based eKYC (electronic Know Your Client) FinTech specialising in onboarding APAC Consumers, has launched its myVault Consumer Personal Verification wallet for Timor-Leste, supporting the Island Dreams MoneyGram Remittance Transfer Business.
Adrian Somanader (CEO Island Dream Money): “Remittances are Timor- Leste’s largest source of foreign revenue after oil and aid with more than USD $40 million remitted to Timor-Leste in 2017, made up of over 85,000 individual payments. This is a growing market from which 33% of the population are excluded, due to the inability of consumers to verify themselves. Integrating myVault into our business extends our coverage and capacity in real time to the whole of the Timer-Leste population.”
Jason Edwards (CEO VaultID): “We have extended traditional KYC past existing eKYC offerings to include Self-Sovereign Identity, the idea that you the consumer have sole ownership and management of your digital identity and that you complete control over how your data is stored, shared and used for verification through myVault. To this we have added attestation verification by government approved local administrative staff. With accurate Consumer details, official attestation, Biometric matching and traditional document, myVault is a new paradigm of APAC Consumer onboarding for Financial Service Providers.”
VaultID Group offers the myVault digital Personal Verification (ID) Wallet app, platform and API, which can easily be integrated into consumer onboarding programmes for financial institutions and others who need strong identity verification at the consumer level.
Island Dream MoneyGram provides remittance services and access to its Global network of 350,000 agent locations worldwide.