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FV Bank invests in DIRO global instant bank account verification platform

Puerto Rico-based FV Bank announced it has invested in DIRO, an online platform that provides financial institutions, payment providers, crypto companies, and other enterprises with the ability to verify a person or document on a global scale. 

FV Bank is integrating DIRO’s solution into its account opening protocols to facilitate compliant automation of its “Know Your Customer” (KYC) and “Know Your Business” (KYB) processes, the institution confirmed.

With instant external bank account verification, identity verification, proof of address and proof of funds obtained directly from the original trusted web source, FV Bank will be able to streamline its onboarding of international clients. 

“We’re delighted to invest in DIRO — a technology company at the forefront of the identity verification sector,” said Miles Paschini, CEO of FV Bank.

“DIRO’s instant bank account verification services will help us to further improve our clients’ user experience while also strengthening our KYC and AML processes,” he said.

“Working with true pioneers like FV Bank helps us to further build the momentum around DIRO’s instant bank account verification platform serving financial institutions around the world,” said Per Jirstrand, Chief Revenue and Product Officer at DIRO. 

FV Bank’s investment follows DIRO’s recent patent grant by the US patent office for its “Decentralized Document And Entity Verification Engine.” 

DIRO’s technology — which doesn’t rely on API integrations with third-party data sources — complies with strict data privacy laws, and is applicable to numerous sectors and verticals from financial services and taxation and insurance, to licensing and healthcare, among others, it confirmed.

The patented technology reduces risk for companies and institutions resulting from impersonation and altered or fraudulent document submissions through providing blockchain-based provable, auditable, and reportable evidence of KYC and KYB due diligence and compliance.

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This story was written by our staff based on a press release.

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