Bonifii and BankSocial are announcing a partnership to provide Verifiied®, a fully compliant, multilateral identity verification solution for banks and credit unions that will provide consumers with secure banking, beginning in 2024. Bonifii is the financial service industry’s first transaction network for verifiable credentials, and BankSocial is leading the adoption of true open banking through Decentralized Finance (DeFi) and Distributed Ledger Technology (DLT) innovations.
BankSocial’s Verifiied® KYC (Know Your Customer) solution will integrate with Bonifii’s solutions, including MemberPass and BonifiID. This integration enables individuals and small business owners to establish verifiable digital identities backed by a financial institution’s essential financial crimes compliance information. Protected by the latest cryptographic technology, these identities provide due diligence verification for global financial crimes compliance standards and maintain the privacy of sensitive personal or business information.
“The solution encompassing the Verifiied functionality embedded with the MemberPass or BonifiID onboarding process provides banks and credit unions the opportunity to implement next-generation, AI-enabled identity verification for members,” Bonifii President/CEO John Ainsworth said. “The solution also provides meaningful improvements to the new member experience and offers a significant reduction in operational expenses for community financial institutions.”
BankSocial CEO John Wingate added, “With the advancements made in AI and machine learning, combating financial crime with equally
sophisticated tools is vitally important for banks and credit unions. We are thrilled to move the dial by bringing KYC capability and ID portability to the already robust Bonifii community. Verifiied will reduce member friction and create a superior experience with each institution.”
To learn more about this partnership, contact getverifiied@banksocial.io.
