And this happens over an encrypted communication channel that can only come from the account holder. How does this happen? In simplified terms, verification uses the metadata in the credential to find and check the public cryptographic keys related to the account credential which are stored on a distributed ledger network. With a verifiable credential, a customer can create a direct, encrypted communication to their bank and the bank can know that this communication can only come from this customer. Verifiable credentials remove the need for usernames and passwords, or sharing other personal data in order to securely access a bank account. Why verifiable credentials are a powerful way to transform finance Verifier software-so that bank partners, and third parties - including retailers - can seamlessly verify financial data with the consent of the customer, including payments.A verifiable KYC credential - for reusing costly, time-consuming identity assurance.A verifiable bank account credential - for bank account holders to prove that they are the owners of their bank account.It’s an application of our award-winning open-source verifiable credential technology, designed to deliver privacy, to provide consent to data sharing, and to verify identity and data in a seamless, secure way through the use of open-source digital identity technologies.

This is why we launched Indicio Proven Finance. This isn’t just top-down innovation, digital natives who have grown up interacting with the world through their mobile devices expect digital interactions to be seamless.īut to achieve this kind of digital transformation, banks, financial institutions, and third-party providers will need to overcome three powerful, trend-killing, obstacles: Data privacy, data security, and data trust. Banking, financial services, and payments are entering a period of intense digital transformation around new platforms, seamless processes, data democratization, automation, and personalization.Ĭombined, all these trends will deliver dramatically better financial products and services to customers, drive financial inclusion, eliminate inefficiencies, and provide more convenience and better customer experiences.

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