How they describe themselves: The inability to prove identity online to Anti-Money Laundering (AML) and Know Your Customer (KYC) regulation is a massive barrier to trade. Seventy to ninety percent of financial transactions are terminated when the customer is required to provide physical proof of identity. Processing fees for opening a current account are £50-£80.
miiCard, My Internet Identity, allows a consumer to prove their identity to AML/KYC standard purely online, allowing a vendor to identify an individual with a level of assurance that supports the real-time online sale of regulated financial products or replaces the need for a ‘wet signature’ reducing operational costs and increasing conversions.
miiCard creates trust, protects consumers, and fights against fraud, and will help us to realise the full potential of the digital economy by allowing us to do higher value business purely online.
How they describe their product/innovation: miiCard uses information only a user would know, accesses details to their online bank account, and creates a secure, encrypted link to this account which has already approved a primary identity check to meet AML/KYC regulations. miiCard utilizes Yodlee’s global account aggregation to provide validation weightings and traceability of source required by finance industry guidelines. Each point of validation is rechecked daily for accuracy and suitability. Vendors establish appropriate level of assurance requirements for their product/service. miiCard then allows those vendors to identify an individual with enough assurance to support the transaction, like the sale of a regulated financial product.
Key Board Members: Stephen Brannan, David Ball, Graham Paterson
Key Advisory Board Members: Jeremy Fraser, Ian Pearson
Key Partnerships: Yodlee Inc
Bus. Dev. & Sales: James Varga, CEO, email@example.com, +44 (0) 7957 143 996
Press: Sarah Lee, Hot Tin Roof, +44 (0) 131 225 3875/+44 (0) 776 654 2110
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