Verifi - Risk Management and Identity Verification Platform
Easy Enable Know-Your-Customer, Enhanced Due Diligence, and Customer Due Diligence
Easy–to–deploy and multi-faceted solution that mitigates risk and adds efficiency and effectiveness to any governance and compliance program.
In today’s nontransparent world some businesses use complex legal structures and hard-to-determine jurisdictions to hide their actual beneficial ownership and conduct illicit activities. Increased global regulatory scrutiny on customer due diligence and third-party risk management require firms to create a complete profile of those who they conduct business with. However, due to an increasingly borderless world, customer, vendor, and third parties can be difficult to identify. It is also expensive to verify and authenticate the identity, ownership structure, and jurisdiction during onboarding, review, and financial transaction monitoring.
Client, Customer, and Third Party Management
The SaaS platform and verification service creates a secure and transparent ecosystem for financial institutions to manage client, vendor, and third parties throughout the entire relationship including: establishing official company representatives, onboarding, archiving documents and emails, and providing traceable collaboration. Intuitive dashboards give vendor or risk managers total control over transactions and visibility into individuals and archived documents providing them insight into the “corporate memory”.
Legally Documented and Archived Chain-of-Transactions
- Our network of registered certifiers quickly authenticates the entities and individuals that a financial institution wants to do business with and their information is entered into the system.
- High Probative Value Digital Transaction Management (DTM) eSignature platform can beeasily customized for internal governance.
- Secure email platform provides transparent transaction and archiving.
- Document and Minute Book tracking and archiving.
- Data can be stored in our cloud-based vaults or on a firm’s existing system.
Beneficial Ownership Verification Service
Our global network of registered certifiers quickly authenticate individuals and their role in the company or ownership status to determine Beneficial Ownership. This enables companies to easily manage and build an external and internal Chain-of-Trust.
This verification service along with the Verifi secure and transparent digital transaction management platform enables a company administrator to create procedures for the following:
- Enhanced Due Diligence (EDD)
- Customer Due Diligence (CDD)
- Anti-Fraud (AF)
- Anti-Terrorism (AT)
- Know-Your-Customer (KYC)
- Anti-Money Laundering (AML)
Know Your Customer
Within Verifi you can verify the identity of any potential clients and assess potential risks for the relationship by simply requesting the identity of a client (3 different levels are offered) with keystroke. An outside lawyer within our network will determine the individual’s identity, role in a company and Beneficial Ownership. This report is covered by their insurance and the individual is assigned certain degrees of Trust (indicated by color) within your system. This is also part of the AML regulations required for financial institutions
The Chain-of-Trust ensures that legal governance guidelines are followed by a verified company representative. A company administrator can assign rules of actions each employee can perform for internal governance. All documents included in a transaction have their metadata stored within the Blockchain to ensure it’s long term integrity.
Digital Transaction Management eSignature Platform
Our high probative value eSignature platform generates “legally authentic” signed documents. It can facilitate individual or group signings, can facilitate complex documents, and one account can be used by many users. It offers one of the highest probative value and follows the “best evidence” in a court of law.
Enhanced Due Diligence (EDD)
For high-risk counterparties enhanced due diligence can be leveraged to augment the CDD process, and to mitigate reputational risk. Verifi uses a global network of certified attorneys and notaries to quickly authenticate and confirm an individual, their role in a company and the firm they work, all at an affordable price.
GDPR (General Data Protection Regulation)
The Verifi ecosystem enables financial institutions to comply with strong privacy regulations such as GDPR. Since the client can manage their own personal and confidential information through the certifier network (protected by attorney-client privilege and insured) it keeps the financial institution protected against breach of privacy laws.
Innovative Technology and Integration
- Complies with ISO 13028 (dematerialization process) and ISO 16684 metadata requirements.
- Digital signature certificates follow PAdES rules and all PDF are ISO 32000 and ISO 19005 compliant.
- We use Microsoft Azure as our cloud storage which meets a broad set of international and industry-specific compliance standards, such as General Data Protection Regulation (GDPR), ISO 27001, HIPAA, FedRAMP, SOC 1 and SOC 2, as well as country-specific standards, including Australia IRAP, UK G-Cloud, and Singapore MTCS. Rigorous third-party audits, such as those done by the British Standards Institute, verify Azure’s adherence to the strict security controls these standards mandate.
- Available as a Software Development Kit (API).
- Email plugins available and Mobile friendly.
- Built in a .NET and Java Environment