Death by paperwork / red tape

Death by paperwork: valid8me is an easier way

It’s 2020, so why is opening a bank account still such a slow process? Why is applying for a credit card so cumbersome? And why is applying for government supports so bureaucratic? Every time you start a process like this, you are required to hand over certain data. In some cases it will be bank statements, in others it will be a government ID or proof of address. Finding the right identification and documents to share can be a hassle.

The manual process of uploading these documents, and then waiting for the financial institution to approve them and process your request can take days – if not weeks. It is important to note that these processes serve a dual purpose: the institutions you deal with have an obligation to ensure that your data is stored safely, and must also ensure that you are who you claim to be and that you are a legitimate customer. This is called compliance and is important in preventing financial crime.

But what if you could share your information securely with companies as quickly and conveniently as you connect with them on LinkedIn? Compliance is important, but it doesn’t have to take this long.

Here’s how it works: You store your identification and personal documents safely with valid8me. This is known as your digital identity. Valid8me uses a centralised approach that means data would be held in an individual digital vault.It’s built with the aid of blockchain technology and it’s completely secure. Instead of manually uploading your documents every time you need them, you simply allow a company or institution access to the ones you’ve got stored.

You can store identity cards like a driving license, a recent bill for proof of address, and other commonly sought pieces of information. You can then offer a particular institution the permissions they need in real-time, and revoke them as necessary. This can reduce the time it takes a company to onboard you as a customer from days down to minutes.

You can create different permissions for different companies or products, distinguishing access levels according to what an institution needs. You can share the minimum amount of data to meet regulatory requirements, while having all the data at your fingertips. For example, you can provide basic details like address, date of birth, and contact details when you’re applying for travel insurance for a weekend away, while you give the bank your applying for a mortgage with access to a much more comprehensive level of detail.

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