What makes VeriME stand out among other KYC providers?
A question that we get asked quite frequently is how is VeriME different from other players who are providing similar services. Well, there isn’t just one, but numerous differentiators which makes VeriME unique.
- Solution:
To begin with, VeriME is a completely decentralized blockchain based VaaS (Verification-as-a-Service) ecosystem, and not just a KYC (Know Your Customer) service provider. Traditional players in this field are often limited by the scope of work they do, and they are limited by the fact that all their data is stored at a centralized location. Hence, they have to rely on expensive data security systems to ensure the safety of the private data they collect. This valuable data is prone to theft/breach, and often becomes the target of identity theft by hackers.
2. Existing Product!
VeriME is not a VaaS product on White Paper! It has been in the KYC and Authentication space with a product already in the market, downloadable as apps on popular mobile operating systems, Android and iOS. This product is being used by 30,000+ users, piloted by four key Partners in Vietnam, while other BlockChain based players in KYC space are yet to release their software APIs for the community to evaluate.
An additional advantage of using VeriME is the elimination of security threats that arise from Man-in-the-Middle (MitM) and Man-in-the-Browser (MitB) attacks. The customer is most vulnerable to such attacks when the browser gets redirected from the shopping cart to the payment gateways and back. Since VeriME partners with major shopping portals and Online Payment Gateways, there is no need for a customer who already has a VeriME account to get redirected to another Third Party Authentication system! This eliminates 3rd Party dependency, eliminates risk of capturing, storing or transferring sensitive data as part of Sales cycle and moreover, reduces costs for Merchants and our Partners.
3. Partners
To this effect, VeriME has partnered with Ngan Luong, the largest payment provider of Vietnam, WeShop, Asia’s premier cross-border retail import-buying facilitation brand, and Moin, South Korea’s blockchain based cross-border remittance service provider, which speaks volumes about their resolve and reputation garnered in the market. Our partners also include ebay.vn, the Vietnamese arm of the global giant eBay, TrakInvest, MC Payments and, CFC.
So far VeriME has partnered with 25+ partners in the Asia Pacific region alone and plans to increase the partner count to over 50 by the time of launch (August, 2018)
4. Data Privacy and Compliance
Since VeriME does not store the data of its users as it remains only on their devices, data security becomes a non-issue when users use VeriME for fulfilling KYC and Payment Authentication requirements. Also, by not storing sensitive information such as PCI DSS [Payment Card Industry Data Security Standards] and PII [Personally Identifiable Information] data during KYC and Payment Authentication processes, VeriME automatically confirms compliance with local data sovereignty and PDPA laws which require that data regarding citizens are not carried to offshore locations.
VeriME provides a radical simplification to this problem by providing a single, device-bound authentication process that cuts down the authentication procedure to make the customer experience more seamless than ever.
5. Payment Protection with our Authentication Solution
For all Partners of VeriME, a 100% chargeback protection is offered to protect legitimate businesses from all kinds of chargeback, from clerical errors to downright fraud. It is a critical component of any business as the chargeback procedures have become so simplified that it has become too easy for some unscrupulous customers to initiate friendly fraud despite receiving the promised product on time.
6. VME Token Gamification
Coming to the VME token that will be used to facilitate transactions for all VeriME Partners and Customers, it is a highly scalable token that takes usability to another level. The fees generated from the use of the VME token will be distributed between all the members of the ecosystem. This level of inclusiveness, unheard of in the crypto-space includes gamification, Customer and Partner Rewards. The VME token is a utility token with valid use cases and is not a security. It is designed in such a way that its value appreciates as more users join in and transact in VeriME ecosystem. This is born out of the inherent scalability and adaptability of the VeriME platform owing to its use of the Blockchain.
7. VerIME Transaction Growth & VME Token Usage
Even by conservative estimates, an average individual needs to perform KYC at least 3–4 times a year. Couple that with the need for authentication while buying goods online at the rate of about once to twice per week, and growing, the potential for growth of the VeriME platform is immense. The future holds an exponential growth in the number of partners to over 300,000 with the joining of more marketplaces, merchants, Telco, Payment providers and, Bill Payment providers from all over the world. As the old Chinese proverb goes, the best time to buy was yesterday. The next best time is today.
Please feel free to get in touch with us on Telegram and BitcoinTalk.
VeriME has been reviewed by the noted cryptocoin reviewer, Altcoinbuzz on his YouTube channel, where he regularly compares upcoming tokensales.
