Contactable: The Latest in Digital Identity Management
This nifty application creates legal digital identity in under 30 seconds using only a mobile device. This identity is secured, authenticated and validated using the latest in Advanced Electronic Certification amongst other standards. Once created, the application allows an individual to share their legal identity into an agnostic organisational ecosystem which creates convenience for the consumer. The application stores not only static details about a client but also has a full biometric vault that stores any document types. The application is typically used to resolve compliance matters like FICA, RICA and KYC.
The market need for our Contactable technology relates to the challenges that organisation's face with compliance matters pertaining to the Financial Intelligence Centre Act (FICA), Know Your Client (KYC) principles and Regulation of Interception of Communications and Provision of Communication-Related Information Act (RICA). These matters require an organisation to identify their client by way of valid identity documents, facial identification and proof of address on an annual basis. The industries most impacted by this are the Financial Services industries, for whom the key challenge becomes tracking down their clients annually and compliance with the resubmission of the required authentication documentation. From the client perspective, there is little motivation to co-operate due to the inconvenience, frustration and repetitive nature of this process. The result is poor compliance standards of organizations, resulting in punitive consequences. Finally, as a result of the poor compliance rates, organisations often have to take drastic measures to force consumers to submit the required documents. The application stores not only updated contact details, but also a full legal digital identity for each user. Through the individuals consent, this allows organisations to have access to complete and updated documents with which they can ensure they comply with legislation.
The value proposition of our technology is that Contactable provides a customer with the ability to create a single legal identity, in under a minute, directly from their mobile device. This identity is recognised by the relevant legislative bodies and is linked to all the required documents needed for FICA, RICA, and KYC. Moreover, the technology allows an individual to share this digital identity kit into any organisational environment via a secure vault. The vault is allocated on their mobile device for security. If details are to change at any time in the future, the customer simply updates their identity kit in one central digital location and the technology in turn updates all the organisations’ databases that the client has shared their identity kit with. The resulting pragmatic convenience for the client in turn leads to higher likelihood of compliance to the organisations compliance requirements on a sustainable basis.
The uniqueness of our technology lies in our ability to issue Advanced Electronic Certificates from a Mobile Device as well as to create a legal identity in under a minute, that is FICA compliant using only a mobile device. Another unique feature is how the technology is able to interject this identity into any organisational environment without the need to integrate into their IT systems. This results in a technology ecosystem that is truly indiscriminate and which is controlled by the client thereby removing the burden from the organisation to keep track of their customer.
The idea behind the technology was simply engendered from the frustrations and inconvenience of having to FICA oneself at multiple institutions on an ongoing basis. Paired with having little control of ones personal information on organisational data bases short of having to log into multiple portals continuously. The concept of creating a central indiscriminate system which would absorb a single legal identity that is controlled by the owner of that identity using only their mobile device was the challenge that we have solved.
We are a small group of experienced and specialised professionals with a diverse set of skills ranging from investment banking expertise through to backend and mobile software development. The contactable technology programming has been written in such a way that it can be scaled exponentially without the need to proportionately scale the team.