Glint, a London-based FinTech startup, has partnered with identity confirmation provider HooYu.
Along with verifying customer identity, the partnership will also maximise the speed and success rate for customers wanting to open a Glint account. HooYu was chosen to ensure compliance with Anti Money Laundering regulations. Glint said HooYu provides a ‘unique blend’ of identity technologies in its identity platform.
Co-founder of Glint, Ben Davies said, “It was important to us to design the account opening process to make it as easy as possible to open, we also needed a solution that would enable us to approve the customers who had pre-registered in a simple way.
“HooYu has helped us get to launch and a create a great digital journey that makes for easy and convenient account opening, whilst also complying with Anti Money Laundering regulations and preventing fraud.”
Glint is a financial instrument and through its online app, users are able to load money into their account and then convert that to gold. They can then use their Glint Mastercard to make everyday purchases instantly using gold as money.
Regulated and fully authorised by the FCA, the Glint account, smartphone app and Mastercard allow anyone to store, exchange, send and spend local and foreign currencies, including physical gold.
HooYu is an ID checking service that uses online and social media identity data, ID documents and facial biometric checks to prove that a person is who they say they are. Once HooYu has checked and confirmed an identity, both parties receive an identity report. Then HooYu deletes the data used to make the identity confirmation and will only store or share information you have chosen to provide to the requester.
Earlier this month, Mastercard started looking at the use of blockchain as a way to protect identity data. Mastercard said a semi-private or private blockchain would be used to receive and store identity data according to an application released by the US Patent and Trademark Office (USPTO) last week.
RegTech startup Velix.ID, which is using blockchain to enable frictionless identity verification, also recently announced plans for a token sale. Velix.ID aims to resolve a host of issues by building a universal, obscure, transparent, decentralised, time-efficient, and cost-efficient ecosystem for identity verification.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
