Customer Controlled
Compliance Unlocked
Greengate Fintech is pioneering a new category of compliance
focused on customer control
What is Customer Compliance
Customer compliance refers to collecting, verifying and ongoing maintenance of the personal data required by a service provider/reporting entity, to fulfill their regulatory obligations. It requires the collection of data, for among other things; AML-CTF obligations, FATCA/CRS declaration and reporting, and sophisticated investor understanding.
The regulations around needing to collect and verify, have elements of being interrelated in terms of the data collected and therefore can often overlap.
It is a key challenge for service providers and reporting entities alike.
Customer Control
Knowing your customer and collecting the data required to ensure compliance is a growing concern. The problem is the regulation has intensified for a regulated service provider; it creates customer friction. Further, despite technological advances in terms of digital services, regulated entities are forced to adopt a silo approach to collecting clients’ personally identifiable information (PII). Both customers and service providers are exposed to the risk of handling this information. The customer has no control over their information nor understanding of what or where it is held.
Why is Customer Compliance Different
It is about putting the customer back in control. It is about providing them with increased transparency, data (PII) economy, privacy and portability.
It is a centralised wallet that allows the customer, on an ongoing basis, to manage their entity's information and then permission their status to meet required compliance standards of a service provider or reporting entity.
Technology has Matured
The VerifiMe software as a service (VerifiMe portal) is a Greengate Fintech Holdings Pty Ltd ACN 664 286 515 (Greengate) brand that provides a solution to this problem and solutions for customer controlled compliance to exist.
VerifiMe facilitates the process of customers building, verifying, and managing multiple entities in a single online wallet. With VerifiMe customers can share their personal or organisational identity with just two clicks in real-time.
It facilitates and empowers compliance teams and service providers to build out their rules of compliance for asseing customers. It allows proof of the credentials of the customer to meet the compliance rules, without the need to reveal the underlying information.
VerifiMe tokenises this identity enabling digital trust between businesses and individuals at every transaction that requires identity verification or personal data sharing.
VerifiMe gives customers greater control and understanding of their personal data and clients’ surety of risk management and compliance.
Most importantly, the protection of personal data is VerifMe’s priority. Privacy and control of your identity is a fundamental right that must be preserved.
To access VerifiMe and understand more go to www.verifime.com and sign up today and take control of your identity