We are very pleased to say that we have signed a deal with W2 to provide KYC (Know Your Customer) services for the purposes of identity verification.
One of the big challenges for organisations handling data rights is ensuring they are releasing information to the right individual and whilst we takes steps to verify data points (such as email, mobile, postal address etc) this is no guarantee of a verified identity and there is always a risk that someone has had their email compromised or someone is intercepting their mail.
Our experience over the past year has been that organisations fully appreciate the importance of identity verification but the solutions are often onerous for consumers and by requesting identity documents or utility bills it can actually increase the amount of data an organisation holds.
There is also the time it takes for an organisation to verify identity. We’ve spoken to multiple companies that have said this can be hours worth of work.
With all of that in mind we are busy working on an integration with W2 to augment our existing data verification with easy to access (consumer grade) identity verification. Users of Tapmydata will take a photo of their government issued ID within the app along with a photo of themselves and it will all be checked for validity and likeness in seconds.
With each request, organisations will receive an attestation from Tapmydata that the identity of the requesting party is valid and correct along with an immutable record written to the Stellar blockchain.
For users of Tapmydata, once they have provided a full identity verification their TAP coin wallet will be unlocked allowing them to swap TAP coins for other tokens on the Stellar decentralized exchange.
Tapmydata CTO Tom Holder had the following to say:
Identify verification will form a significant part of our platform and having the right partner to provide these solutions is vital. As an early stage investor in W2 I have had privileged insight in to their market-leading technology and their recent ISO27001 certification is further evidence of their commitment to the highest levels of security and information management. I am confident this partnership will add real value to the users of our app and the organisations that are looking to hold an efficient and positive data dialogue.
In response, W2 CEO Warren Russell said:
We are delighted to be working with Tom and the team once again. Tapmydata is an innovative way of addressing some of the challenges of GDPR and we are confident that with our identification solutions and Tapmydata’s blockchain and wallet proposition consumers can be confident that their data is being processed correctly and securely. I look forward to seeing the TAP coin grow in adoption.
Our full implementation is due to be launched in early Q1 2020. If you or your organisation would like to know more please contact us.