SAN FRANCISCO, Dec. 5, 2017 /PRNewswire/ -- Covault, a
digital identity and security leader, announced today its official
product launch for a new mobile app aimed at simplifying the
process of storing, sharing and verifying online identities.
Covault's ground-breaking solution uses key encryption linked to
the user's biometric signature on their device, enabling the user
to digitally protect their sensitive information from being
accessed without their authorization. The Covault app can be
found via www.covault.com.
The service is targeted to both consumers and
businesses. For consumers it means that only they control
the key that digitally protects their sensitive information with
their biometric. With this, consumers can now privately share
their personal documents and even include a time constraint. For
businesses it means being able to leverage Covault for bank
level Know Your Customer service, enabling them to
verify customer identities while offering a cost effective, more
secure and seamless on-boarding experience.
Louie Gasparini, CEO of Covault
commented, "Storing and sharing your personal data, and proving
your identity on-line isn't always secure, as the recent hacks have
shown. Based on Private Key Technology, Covault encrypts your data
on your phone, accessible via your unique biometric signature,
offering an easy to use and highly secure way to store, share, and
control IDs, passwords, and other personal information including
financial, health, tax, insurance, and legal in a secure digital
safety deposit box."
Gasparini collaborated with BBVA's fintech-focused and Silicon
Valley-based New Digital Business (NDB) unit, where Covault was
incubated.
Every Covault user gets a free verified identity
account, offering an efficient and safe way to access and
register for services that require higher assurance levels of
identity verification.
Teppo Paavola, Chief Development
Officer and General Manager of NDB at BBVA, said, "Our goal at BBVA
is to support banking disruptors that are identifying new solutions
to unforeseen problems and challenges. Covault embodies just that,
offering a service to safeguard your identity and personal
electronic property. Led by one of the pioneers of online banking
and featuring strong authentication, Covault is well poised to
help you manage your personal security data in a secure and
efficient digital identity account," he added.
The features, level of security, and identity verification
offered by Covault are like no other in the market
today. Phone biometric access allows you to share documents
safely, and control how long the recipient can access them. With
Covault your device and your biometric signature are your
credentials, so there are no passwords or security questions that
easily can be stolen to allow access. In addition, you can use your
Covault Verified Identity to access services such as notarizing
your documents online with Notarycam.com.
Covault is built on Private Key and AES 256 Encryption and
offers automatic document ingestion via camera or web upload,
instant document and identity verification, multifactor
authentication & password-less login. Enterprise partners will
be able to leverage Covault for bank-level Know Your Customer
service, enabling them to verify customer identities while offering
a more secure and seamless onboarding experience. Customers will be
able to install the app onto their smartphone and then load up
their personal data ensuring faster and more secure verification
when needed.
About Covault
Covault is a secure identity management innovator
providing a secure way to store, share and verify identities
and documents online for consumers and businesses. Headquartered in
the heart of Silicon Valley, the company offers the world's first
digital account for your identity and a mobile app that can
electronically store and share sensitive, personal documents and
data, behind industry-leading encryption. Covault issues identity
account holders with a verified unique ID tied to a biometric –
thumb or face, to securely access and share documents. Covault is
an independent fintech leader incubated in BBVA's New Digital
Businesses group in San Francisco,
California, the innovation arm and global business unit of
multinational bank BBVA bbva.com. For more information on
Covault visit, www.covault.com.
About BBVA
BBVA [NYSE: BBVA] is a customer-centric global financial
services group founded in 1857. The Group has a solid position in
Spain, it is the largest financial
institution in Mexico and has a
leading franchise in South America. BBVA Compass Bancshares,
Inc. is a Sunbelt -based bank holding company and its primary
subsidiary, BBVA Compass, ranks
among the top 25 commercial banks in the
United States. Its diversified business is focused on
high-growth markets and it relies on technology as a key
sustainable competitive advantage. Corporate responsibility is at
the core of its business model. BBVA fosters financial education
and inclusion, and supports scientific research and culture. It
operates with the highest integrity, a long-term vision and applies
the best practices. The Group is present in the main sustainability
indexes.
BBVA's NDB unit, including its U.S.
operations, invests in, partners with, incubates and acquires
disruptive financial technology firms as part of BBVA's focus on
delivering innovation in the banking sector. From its offices in
Madrid, San Francisco, Hong
Kong and London, NDB is
actively searching for leading, innovative businesses to shape the
future of the sector. Through NDB, BBVA has acquired Simple (U.S.),
Holvi (Finland) and Openpay
(Mexico) and owns a substantial
stake in Atom (UK). It has incubated a number of fintech start-ups
including, Azlo, Covault, Denizen, Muno, and Trust-u. BBVA also
invests in fintech through its venture capital arm, Propel Venture
Partners.
Editor's Note: BBVA Compass is a trade name of Compass
Bank
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SOURCE BBVA