FV Bank this week announced its strategic investment 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 trusted online source on a fully global basis.
The bank is integrating DIRO’s solution into its account opening protocols to facilitate compliant automation of its KYC and KYB processes. 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.
“We’re delighted to invest in DIRO — a technology company at the forefront of the identity verification sector,” FV Bank co-founder ad CEO Miles Paschini said. “DIRO’s instant bank account verification services will help us to further improve our clients’ user experience while also strengthening our KYC and AML processes.”
“Working with true pioneers like FV Bank helps us to further build the momentum around DIRO’s instant bank account verification platform serving financial institutions around the world,” said Per Jirstrand, co-founder and chief revenue and product officer at DIRO.
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 technology — which doesn’t rely on API integrations with third-party data sources — complies with strict data privacy laws, and is applicable to numerous sectors and verticals from financial services and taxation and insurance, to licensing and healthcare, among many others, the company said.
The patented technology reduces 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. 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.