In this update, we cover how things have been going the past 6 months and the outlook for the coming 6 months, as well as some major milestones we aim to achieve by then.

Let’s get rolling.

The Bad News

  • We anticipate the funds we have remaining to last for another 3–6 months, assuming no revenue from transactions. While this is in line with our original estimates in the whitepaper (despite having fallen victim to the drop in ETH over the past year), we’ve also been adversely affected by the longer business development cycle times that an enterprise payment solution succumbs to. …

We’re excited to announce that we’ve just released a beta of our Verify Protocol! The Verify protocol, described in detail in our whitepaper is now released to the Ethereum Ropsten testnet. This release precedes an Ethereum Mainnet release that is planned for the end of this year.

How it Works

The release is comprised of 4 primary parts:

  • Verify API ⚙️: a NodeJS server that handles user authentication, email receipts and notifications as well as various other transactional duties. It also handles integrations with 3rd party stores like Shopify.
  • Dashboard 📊: a hosted, React-powered service that allows sellers to perform basic order management…

Time for another quarterly update, ladies and gents. We’ve got quite a line up of announcements, so let’s dive right in. This update is broken down into 2 main sections: Verify Payments, and the Verify Protocol.

Wait, what? Verify Protocol? You thought we weren’t working on that for at least another few quarters, didn’t you? Well folks, we’ve spent the past quarter working on both solutions, with development on the protocol starting in earnest since late June. So without further ado, let’s jump into the announcements.

Announcement #1 — It’s now LIVE! 🚀

Our flagship bank-to-bank payment solution has now commenced roll out across the Middle East…


We are excited to announce the appointment of Pavel Gabriel as Chief Technology Officer (“CTO”).

Pavel has over 10 years of experience in payments and was the Technical Lead for the “Start” team at Payfort (acquired by Amazon). He previously worked with Yazin as CTO of White Payments (until it was acquired). A team leader that is not afraid to get his hands dirty, Pavel has done everything from architecting payments systems to building them to configuring the deployment stack. When it comes time to scale, he is adept at building a strong team around a solution and allocating limited resources where they have the greatest impact.

We’re always on the lookout for great developers! If you’d like to join a team on the bleeding edge of financial technology, shoot us a note → jobs@verify.as


In order to understand how Verify Payments technology works; it is important to understand the underlying mechanisms it utilizes. We have explained in our previous posts why credit cards are hated and what makes other payment methods unsuitable. In this post, we dive into bank transfers and their various types.

Banks manage your balances through managing your records either by debiting or crediting. When you engage a bank transfer there are mainly two type of transfers that could happen. The transfer could either be an “intra-bank transfer” or an “inter-bank transfer”.

Intra-bank transfers (Same-bank)

Intra-bank transfers are within the same…


Wire transfers are known for security, safety and reliability. We see wire transfers commonly used in high dollar transactions like buying a property as it is the safest way to move money around. Imagine having to buy a house using a check. You will have to issue the check and the other party clearing it as we mentioned in our previous post (Common methods we use for transacting). Comparing the two wire transfers are faster and more convenient.

When money is sent through a wire transfer there is no lock period on the fund. Once it is received by the…


As detailed on the master plan customer development is an essential part of building a business, it has to be there and constantly revisited. Of the questions we asked and keep asking when meeting and talking to different businesses is “what do you hate about the current payment solution you use?”

Majority of businesses in the UAE and the region accept credit cards as a form of payment; however it is not all good news. The major limitations they face with credit cards can be summarized into:

Cost

The merchant loses money accepting it. There are primarily two types of…


As previously detailed in the Master Plan, Part 1 and the Master Plan Intro, Verify Payments at its core is about banks. We’ve already discussed the reasons why we chose banks, and in this article we will look into how banks compare to other means of moving money.

To look into and study the options of moving money around we need to consider the sender and receiver. The sender in this context is someone who has the money and plans to give it to the receiver. The sender can be the receiver. One other thing to keep in mind is…


As previously detailed in the Master Plan, Part 1 and the Master Plan Intro, Verify Payments at its core is about banks. We’ve already discussed the reasons why we chose banks, and in this article we will look into how banks compare to other means of moving money.

To look into and study the options of moving money around we need to consider the sender and receiver. The sender in this context is someone who has the money and plans to give it to the receiver. The sender can be the receiver. One other thing to keep in mind is…


Ever since Bahrain was named the “Best Financial Center” by global investor magazine in 2010 [1], it has tried to maintain that title and set to find ways to become the regional fintech hub.

“We invite technology companies to set up their offices in Bahrain and use it as a base to serve the entire GCC and Middle East region” [2].
— Walid Hamad, Central Bank of Bahrain

Bahrain has the largest number of licensed financial institutions in the region with 403 institutions and several thousand authorized funds. …

Verify.as

Verify is a Reputation Protocol for the blockchain → https://verify.as/

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