Ahrvo Comply verifies data from over 40,000 banks, 10,000 utility companies, and 1,000 government databases in real-time.
CASPYER, WYOMING, UNITED STATES, October 18, 2023 /EINPresswire.com/ — Ahrvo Labs, the leader in (portable) identity, document, and transaction management systems announces major upgrades to its flagship product, Ahrvo Comply. Ahrvo Comply is the only compliance solution suite that streamlines the entire onboarding and client lifecycle process, providing 20+ (integrated) solutions for identity, document, and transaction management. The portable identity and document enhancements, enable onboarding and client lifecycle management data collected during the Know Your Customer (KYC), Know Your Business (KYB), and Anti-Money Laundering (AML) processes, to be controlled and reused by onboarded individuals and businesses for future KYC and KYB onboarding online or in-person.
Ahrvo’s game-changing solution gives users back full control of personally identifiable information (PII), including government IDs, biometric images and videos, bank statements, utility bills, and any other forms of PII collected by financial institutions during the KYC, KYB, AML process. In addition, the system mitigates any data security risk that financial institutions and fintechs take when onboarding individuals and businesses – no longer storing PII directly, while ensuring they are able to meet their regulatory requirements. Businesses currently utilizing Ahrvo’s Portable ID and Document solutions have seen onboarding times reduced by as much as 90%.
“We interact with many leading payment and banking companies, and one complaint that is consistent among them is an inefficiency in the way KYC and KYB are conducted. Approximately 80-90% of the information required for onboarding is the same, yet it is not reused across these organizations. As such, individuals and businesses must provide information to each entity they interact with. This creates a certain waste and categorically increases the risk of PII being compromised, as a lion’s share of data is still stored via centralized databases. There are countless stories of PII being compromised as a result of these inefficiencies.” said Appo Agbamu, CFA, Founder and CEO at Ahrvo Labs. “In essence, Ahrvo’s solutions serve as a PII recycling mechanism for regulated institutions, allowing them to efficiently and securely reuse PII during the onboarding and client lifecycle process whilst remaining fully compliant with all KYC, KYB, and AML regulations.”
Ahrvo Comply pulls and verifies data from over 40,000 banks, 10,000 utility companies, and 1,000 government databases. Enabling any regulated organizations, globally, to verify bank account details, addresses, and business registration information in real time. Each statement comes with a certificate of authentication, and data can also be provided in machine-readable formats.
Data shared across the Ahrvo Network is geofenced and routed by region. Stored across 20,000+ nodes in partnership with leading distributed cloud providers. Allowing organizations to effortlessly comply with global data privacy regulations, including GDPR, and CCPA, and adhere to the highest standards in data security.
“We believe this innovation will not only elevate data security and compliance but streamline the onboarding processes for all financial regulated institutions. This technology directly enhances any business earning potential, as it directly accelerates the pace at which businesses can move from client onboarding to monetization.” “Businesses that adopt our Portable ID and Document solutions gain streamlined access to over 200 payment and banking financial institutions, globally, through one onboarding process via our Portable Identity Gateway™. “This enables banks, credit unions, ISO, PSPs, and any other type of banking or payment companies to reuse their KYB to streamline access when launching products in 20+ compliance, and 10+ payment and banking categories.”
Ahrvo Labs’ Portable Identity and Document technology is redefining how regulated organizations onboard individuals and businesses. Setting new standards for onboarding speed, security, and compliance efficiency. If you are looking to gain access to the Portable Identity Gateway or join over 200 payment and banking organizations as a service provider, please use this link.
For further information about Ahrvo Labs and its revolutionary Portable Identity and Document technology, please visit https://ahrvo.com.
About Ahrvo Labs:
Ahrvo Labs is the company behind the leading portable identity, payment, and banking network. Delivering cutting-edge solutions to regulated businesses around the globe. With a keen focus on user experience, Ahrvo Labs continues to drive compliant innovation, globally, through its wide range of identity, document, and transaction solutions.
Ahrvo Labs PR
Ahrvo Labs Inc
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