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.
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.
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