Read an article in the Wall Street Journal about how US ex-pats are being shut out of the global banking system due to bank concerns with compliance requirements.
When we had the original idea for our company, one of our advisors told us the story of how he had been a long time employee of IBM in Australia. Then he got the opportunity to move to the US with IBM Americas. He moved his family to Boston and then had the most puzzling experience when trying to purchase a car. It seems that the bank could not give him a loan because he had no credit history in the US. Further he couldn’t get anything but a prepaid credit card despite the fact that he was a Visa and Mastercard holder in Australia. For all intent and purpose he did not exist in the eyes of the US financial system. He ended up having to get a letter vouching for him and his employment from IBM just to be able to open a simple bank account.
Why couldn’t the bank run an Australian ID verification or Credit Check on him? Why couldn’t the US citizens living in Germany and Dubai get credit in their new home countries and retain credit in the US despite living abroad? The answer is simple..They don’t have the systems in place that provide them with the access to validate and verify on a global basis.
This same problem exists in the US academic universe. Students accepted into university programs must submit realms of forms and copies to try and prove they are who they say they are to the university admissions department. After they are accepted they are unable to procure simple local credit due to the inability of banks and financial providers to perform a standard identity check on them.
International Identity Verification is not difficult. There are solution providers such as our company that will provide a per click verification of information at a cost of no more than $2.00 per click. Providers are able to access networks of providers that manage ID verification on a country or regional basis. All of this information is available via a web service and is browser based for ease of use.
At GDC we provide this information using a unique network of specialty providers. With just one click banks and other financial institutions can reduce fraud, manage identity verifications and better determine whether an applicant is a good potential customer. With one click you can expand your Worldview. Why not?