Each time an individual walks right into a monetary companies establishment to open a checking account, apply for a mortgage, or receive a bank card, that establishment must first confirm that particular person’s id. That’s normally taken care of by the particular person filling out a kind offering private info, and the the establishment matches up the knowledge in opposition to a collection of databases. This course of is repeated for each transaction, even whether it is inside the identical establishment.
The present system can inform that an actual particular person is attempting to open an account, however it doesn’t truly confirm if the one who is submitting the knowledge is de facto the particular person whose info was offered.
There are the issues Footprint, which introduced a $6 million seed funding on Wednesday, needs to resolve. Footprint intends to vary how id verification is carried out by giving enterprises the instruments to confirm, authenticate, authorize, and safe id.
The corporate depends on cryptography to tokenize id and makes use of cutting-edge biometric scans, liveness checks, and peer-to-peer verification to validate persons are who they are saying they’re. The method is much like Apple Pay in that the private info – akin to Social Safety quantity, date of start, e-mail deal with, and cellphone quantity — is encrypted and saved in a safe enclave on the consumer’s cellular system. The enclave is backed by hardware-level cryptographic attestation, the corporate says. Every consumer has a personal key pair for entry, and Footprint makes use of FaceID, TouchID, and different applied sciences to confirm the authenticity of the particular person.
The instruments would deal with challenges associated to Know-Your-Buyer, id verification, and securely storing private identifiable info whereas holding folks answerable for their id, the corporate says. The group will not even have to gather or retailer PII. Footprint can pave the best way for “a greater OAUth for Fintech,” the corporate says.
The product is at the moment in early entry launch. The software is anticipated to be typically out there within the fall.
“Footprint up-levels the buyer expertise by changing into their passport to the web,” the corporate mentioned within the launch.
