Verification Fees - these are charged when a verified entity (your customer) grants permission to your business/service via their VerifiMe wallet. For example, a wallet owner will grant permission for their individual identity, that will then be assessed against your rules. The verified legal entity when assessed against your rules is considered a transaction, and the appropriate “Verification Fee” is applied.

The setup process typically takes between 2-4 hours for most smaller businesses. The exact duration can vary depending on the level of organisation within the business and the number of Administrators being trained. Complex AML/CTF programs may also take a little longer to configure specific rules.

As this is software as a service, once we have agreed terms, we can deploy the client environment, set up your rules, verify Admins and perform basic training.

You can then send invites, publish on your web site or integrate into a current process if required.

Larger organisations will require scoping to deploy, and time will depend on options chosen.

The product was built with fund managers and AUSTRAC reporting entities in mind, based on our founders’ experience working with them over the last 20 years.

The pricing is very simple and transaction-based with the expected cost efficiencies that come from a network-based solution. Pricing has been built to trade off customers’ granting permission to a business, allowing them access to their verified credentials.

As VerifiMe performs the verification process, there are significant cost efficiencies in the staff of a business not having to perform this step, the time spent in seeking the documentation from the customer, checking it (and handling sensitive data) as well as the training costs on how to verify more complex legal entities.

Whilst the convenience of a sharable verified identity benefits the customer in the form of convenience, the business benefits in operational efficiencies and lower transaction cost per verification, as the verified identity can be permissioned many times.

Quite simply no - like BPAY it is a user preference to utilise this form of verifying themselves and they can access and set up a wallet without charge.

The monthly subscription fee covers the cost of retaining data within your business’s instance of VerifiMe, paying our Support and Customer Success Teams and ongoing product development.

Once a legal entity is verified and assessed through a business’s rules, a record of the assessment, any mitigations taken, tracking notes and audit logs is retained for reporting purposes.

Our Support and Success teams work together to make sure both Customers and Businesses are getting the most from VerifiMe.

Our continuous development aims to consistently bring further value to both the Customers and Businesses on the VerifiMe Network.