Taking the Hassle Out of Identity Verification

Our identity is surely rooted in a myriad of different traits, but at the same time, none define human beings better than that tendency to get better on a consistent basis. We say this because the stated tendency has already got the world to hit upon some huge milestones, with technology appearing as a major member of the stated group. The reason why technology enjoys such an esteemed stature among people is, by and large, predicated upon its skill-set, which ushered us towards a reality that nobody could have ever imagined otherwise. Nevertheless, if we look up close for a second, it will become clear how the whole runner was also very much inspired from the way we applied those skills across a real world environment. The latter component was, in fact, what gave the creation a spectrum-wide presence, and consequentially, kickstarted a tech revolution. Of course, this revolution then went on to scale up the human experience through some outright unique avenues, but even after achieving such a monumental feat, technology will somehow continue to produce the right goods. The same has grown increasingly evident over the recent past, and assuming one new fintech-themed development shakes out just like we envision, it will only make that trend bigger and better moving forward.

Bonifii, the financial service industry’s first transaction network for verifiable credential, has successfully completed a pilot of its BonifiID identity credential verification tool with Lone Star Credit Union. Talk about the tool in question, the BonifiID credential is a decentralized digital identity, which is designed to make it possible for individuals to authenticate themselves through an end-to-end onboarding experience that encourages greater privacy and security. By doing so, the solution shores up a better defense around all the critical information one has to provide during the process of opening an account with any traditional bank or credit union. Not just security, BonifiID is also decked up with an ability to make relevant account opening steps as seamless as possible, therefore saving the customer from having to go through those extremely slow and inefficient obligations such as filling in forms that are in place to validate their identity.

Another detail worth a mention is how Bonifii and Lone Star Credit Union conducted the pilot using GlobaliD’s digital wallet. In case you aren’t aware, GlobaliD is a decentralized digital identity company that enables users around the world to manage their identity through its trust platform and digital wallet. Sharing objectives of simplifying digital onboarding for new customers, reducing fraud in the current administrative processes, and bolstering financial inclusion, both GlobaliD and Bonifii rely upon a community-focused platform called Janusea, which replaces manual verification and data entry processes through a repeatable and sustainable model that, in turn, certifies GlobaliD and Bonifii to work with bank and credit union cores.

“Our partnership with Bonifii is part of the GlobaliD mission to increase inclusion, innovation, and interoperability across the financial services industry,” said Vadim Slavin, Head of Product at GlobaliD.  “By simplifying the identity process and allowing the individual the control over a verifiable proof of their identity, more people can access traditional financial services than ever before.”

Fair enough, Bonifii is the financial industry’s first verifiable exchange network meant to enable trusted digital transactions using open standards and best-in-class security technologies. With a secure, private, trusted, and transparent resolution of the entities’ identity, the company also makes a point instill seamless user experience in every financial transaction.

As for GlobaliD, it is best known for delivering   open, portable, and interoperable solutions that put individuals back in control of their digital lives rather than giving the stated power to governments or corporations. The company’s excellence in what it does can be easily understood once you consider its digital identity framework has been recognized by the World Economic Forum and the Brookings Institute.

“As the next generation of banking customers matures, the requirement of producing the right pieces of paper or plastic cards to open a bank account is fading away,” said John Ainsworth, Chief Executive Officer of Bonifii. “GlobaliD provides best-in- class identity creation that is compliant, safe, fraud-resistant, and easy to use.”