Identity verification specialist Veratad Technologies will be helping to shore up the KYC compliance process for a new project aimed at helping Individual Retirement Account investors, the company has announced.
The project, called “GROUPIRA 3.0”, was jointly announced by GROUPIRA, INC. and Spectrum Pension Consultants in June, at the close of the Bitcoin 2021 conference in Miami. The organizations described the project as an effort “aimed at automating the claims process for members, automating fractional share Crypto trading, and automating the electronic account opening and onboarding process for Advisors and Members.”
They went on to note at the time that they were working with technology from Veratad, Microsoft Azure, LexisNexis, DocuSign, Plaid, and RIS Relius to develop “more customized online account origination for advisors participating in the program.”
Elaborating further in its latest announcement, Veratad said that a major goal of the GROUPIRA 3.0 project is to deliver the simplicity and features of 401(k) plans to IRA investors, and that it expands on a previous project, the GROUPIRA Claims Process Portal, that was designed to let members claim access to retirement funds from their former employers.
Veratad, which launched a ‘Smart 2FA’ solution that verifies a mobile user by linking the device to phone records last November, will be in a position to ensure Know Your Customer compliance for the project’s onboarding process. (Though it isn’t yet clear whether Smart 2FA is the tool that Veratad will use to do so.)
“As we look to expand our solutions for clients in the financial sector, projects such as GROUPIRA 3.0 are ideal opportunities for us to demonstrate the value of our verification technologies,” explained Veratad Technologies CEO John E. Ahrens. “This collaborative effort will greatly reduce friction in the account onboarding process and simplify IRA digital investing.”
The news comes after Veratad officially attained ISO/IEC 27001 certification for its Information Security Management System earlier this year.