Trust Stamp partners with VIVA Finance to help increase financial inclusion. VIVA is the developer of a mobile lending platform that screens applicants based on their work history instead of a more traditional credit score.
In doing so, VIVA tries to ensure that people with poor credit histories are still able to participate in the modern financial ecosystem and have access to tools that will allow them to grow their wealth. The company noted that the criteria in the existing credit check system are both opaque and unnecessarily intrusive, and may unfairly punish people for past circumstances that do not accurately reflect their reliability or current financial situation.
The goal is to provide more people with safe and affordable credit alternatives to the predatory solutions that are often the only ones available to ‘light-case’ customers. On this front, Trust Stamp will provide secure identity verification technology to ensure that people are who they say they are, which in turn will help build a foundation of trust to facilitate loan agreements. The company’s platform confirms the authenticity of an ID document and uses facial biometrics to match that document’s image to a user’s selfie during onboarding.
“VIVA’s work highlights the need for fair service and greater choice for consumers, even in highly developed economies,” said Kinny Chan, CCO of Trust Stamp. “Integrating Trust Stamp’s secure solutions to build trust is an important factor in the multi-faceted effort to empower all individuals with financial opportunity.”
“This partnership will allow us to prevent bad actors from using our app in a way that does not affect honest people who may have thin credit records or no credit history,” added the CEO and co- VIVA founder, Jack Markwalter.
The news comes shortly after the release of Trust Stamp’s new low-code integration platform, which makes it easier to deploy the company’s identity technology. The company debuted on the Nasdaq earlier in the year and set up a new subsidiary in Rwanda in 2021.
(Originally posted on Mobile ID World)