Verida and FinClusive Bring Private Verified Identity to Web3 and DeFi
Billions of people worldwide are excluded from access to financial services. The traditional banking system is fragmented, selectively handpicking only the most lucrative to service. New technologies, such as FinClusive, hope to change this.
FinClusive’s mission is to bring secure, compliance-centered financial access to businesses and people across the globe — to empower unbanked, underserved individuals, and ‘perceived compliance risk’ entities.
Verida is excited to announce a partnership with FinClusive to provide a reusable decentralized identity verification solution. FinClusive currently supports identity verification coverage for 150 countries. The Verida Vault will be integrated with FinClusive to enable Web3 and DeFi project compliance with Know Your Customer (KYC) and Know Your Business (KYB) regulations.
Users can securely store their KYC Verifiable Credential (VC) in their Vault, once completing the verification process. Applications and services can request access to this KYC verifiable credential, validating users without requiring them to repeat the KYC, creating a seamless user experience.
Shared ethos of financial inclusion
Verida cofounder, Chris Were, met FinClusive’s CEO, Amit Sharma, at the Algorand Decipher Conference. Sharma previously worked with the US Treasury Department.
Sharma comments:
“This partnership with Verida is especially exciting for us not only because we are providing our comprehensive compliance stack to Verida and their customers, but also because it advances a modernized approach to securely issue and share compliance credentials across the decentralized finance network.
This brings needed efficiencies and transparency while preserving essential privacy controls in tandem. Our shared goals of financial inclusivity, empowerment and security are at the heart of our partnership.”
Credentialing compliance in the crypto space is increasingly required, due to the ever-changing regulatory environment such as the emerging Financial Action Taskforce (FATF) rules.
FinClusive’s integrated platform is the future of regulatory compliance. Self-sovereign identity (SSI) credentials allow the user to maintain ownership of their data to ensure compliance, rather than putting their trust in a centralized database. Verida’s technology makes this possible. The Verida-FinClusive partnership will demonstrate to regulators that innovations like these can propel the digital financial world into the future.
Verida is bringing KYC and KYB, through Verifiable Credentials, to any decentralized app that’s on the network — making it simple for developers to access this type of capability and users to complete the compliance process.
Chris comments:
“I’m thrilled we can offer FinClusive’s compliance services to all applications developed in the Verida ecosystem. Our shared vision of financial inclusion, privacy and regulatory compliance will support the rapidly growing need for the decentralized finance sector to offer regulatory compliant services.
Verida’s decentralized private storage infrastructure is suited to store private KYC credentials, and the Verida personal data bridge enables users to connect those credentials on-chain in a privacy preserving manner.”
About FinClusive
FinClusive ensures every individual or organization has access to secure and compliant financial services. FinClusive is the only provider that is built on proven systems to create secure, user-friendly financial engagement, and is delivering the core elements of a scalable and compliance-centric digital financial services platform.
About Verida
Verida is a full stack development framework and decentralized personal data network for Web3. The Verida SDK provides capabilities to build Web3 applications to match the features of Web2.
Verida’s network of personal data is owned and controlled by users, incentivizing them to unlock their data stored on centralized platforms. Builders access this data for exciting new use cases such as trusted storage, identity, decentralized messaging, and single sign-on enabling interoperable ownership of personal data. User’s private data can be input into smart contracts, enabling connectivity to multiple blockchains.
The Verida Vault is a mobile application that acts as both a “Data Wallet” and a “Crypto Wallet” for end-users. It provides private key management and a user-friendly interface for interacting with the Verida network and supported blockchains. This is the entry point for end-users to manage their identity, sign in to apps, manage their personal data, send/receive messages and manage blockchain transactions/tokens.
Learn more about how Verida fosters the development of powerful, secure, and user-centric Web3 dApps at https://www.verida.io
