Indonesia's National Team for the Acceleration of Poverty Reduction (TNP2K) provides eligible households with government assistance through cash transfer programs. To achieve its objectives both fairly and efficiently, TNP2K needs to distribute subsidies in a transparent, gender inclusive way, without fraud, leakage, or graft.
Everest’s platform provides a solution, giving each user a unique identity (EverID), as well as a platform to receive financial subsidies (EverWallet).
Individuals are then able to verify their identity and confirm that they meet the requirements necessary to receive these important benefits (LPG subsidies). Agents on-location are able to coach the individuals through this process — without the individual needing a mobile smartphone.
In collaboration with Everest, TNP2K now has the transparency and confidence necessary to distribute subsidies to verified individuals that need it most.
To ensure that the cross-border business remains profitable, financial institutions need to include customer self-service interfaces and technologies which minimize risk. Customers worldwide are demanding solutions which can be used on mobile, tablet and computer rather than requiring a physical visit to a facility, moving the method of engaging with the market. Everest mobile DApp provides a simple, familiar interface to cross border sending which is available through personal devices or agents affiliated with the financial institutions.
Risk per transaction is a focus metric for financial institutions who now realize they must modify their Customer-Due-Diligence (CDD) or Know-Your-Customer (KYC) processes to minimize that risk now. Changes like moving from in-person ID proofing to video ID proofing have the benefits of making the system more available to users, a stronger reinforcer of standard operating procedures, and less expensive to operate.
The Everest platform minimizes risk by using multiple forms of biometry, rather than user documentation, to positively identify an individual across sessions. The biometry in EverID associates a “real person” with their cross border transactions to help monitor and alert for regulatory violations, and speed up users resending to the same recipient. After scanning an individual in, the financial institution instantly has access to the user’s information, identification documents, transaction history and balance.
All cross border transactions are recorded to the EverChain immutable ledger with the identity information of the sender and receiver, information about the financial institution and agent, the amount and purpose of the transaction, what fees were assessed and the currency conversion rate used. This information is available for the financial institution to satisfy regulatory inquiries and help minimize per-transaction risk.
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Organizations need regulatory-compliant, reliable, inexpensive, easy-to-use, easy-to-scale, and self-service-capable Know Your Customer (KYC) and Anti Money Laundering (AML) tools so that they can confidently offer services to their customers in this heightened regulatory environment. Everest delivers tools for financial transaction tracking with integrated KYC utilities to ensure that each and every transaction an organization carries out is between individuals whose identities have been verified, each has been evaluated in a consistent manner, and each is properly recorded and filed for the appropriate financial regulator. Complete coverage of Anti Money Laundering (AML), Counter Funding of Terrorism (CFT), Politically Exposed Persons (PEP), and Sanctions Lists.
Access to financing empowers communities to grow in many ways including building the infrastructure they need, delivering energy sources, growing businesses, and much more.
Financial institutions are able to provide the help communities in need through micro-loans. In order for financial institutions provide such loans, they must first prove and validate the identity of their customer.
With Everest, the customer is provided with an identity, EverID, and wallet, EverWallet. This enables the user to verify their identity, then conduct value exchange with the institution - receiving the loan or paying it back.
The EverWallet also gives the user the ability to capture and share important documents with the institution to gain access to or increase the amount of a loan. Financing for the value of collateral is easier to verify, as the transaction is recoded to the EverChain, a robust system that records all transactions.
An individual requires an ID in the digital age and Everest is able to build the user an identity through a layered approach.
First by scanning their face and fingerprints, they record their biometry for future verification. The individual is identified by those physical characteristics that make them unique, as well as their associated pin. Now, the individual has his/her biometry associated with the EverID.
Next, the individual can further build upon his/her identity by adding institutional attestations. These may include: governmental, like a birth certificate, voting card or Passport; banking, like ATM card or account number; or scholastic, like a diploma or certification level, and much more.
Finally, they can add community endorsements to help corroborate information provided - letters from the village elder, midwife, or constable.
With Everest, an individual has to tools to be identified at the level required by the community they are a member of or wish to join.
Healthcare providers require a transparent way to track healthcare for all customers linked to their medical records, insurance, and other important documents.
Everest solves this problem by giving the patient with an identity, EverID, and a digital locker to store medical records, EverWallet. Now, the individual is able manage their medical documents hosted in the cloud without needing a smartphone.
A healthcare provider with an Organizational EverID will allow for more transparency, accountability and cost savings in system as their employee's actions also become tracable on the EverChain.
When an individual requires healthcare, he/she will validate his/her identity with EverID and the record will become available to the clerk or admin who has also been identified with their EverID.
An example of how Everest can be an integral solution for global healthcare is helping to track the distribution of vaccines and holding a definitve biometric record of who has received vaccine innoculations and boosters.
People need to have universal, secure, and trusted property records to settle any boundary disputes, to be resilient to natural disasters, for inheritance, and to prove ownership to the regional and national authorities.
EverWallet gives the ability to store important documents like property deeds, boundary maps, GPS coordinates and more to each person who has an EverID.
With a verifiable biometrically-based identity in EverID and the digital proof of ownership documents from EverWallet, Everest gives the ability for the person to collateralize that property - turning it into the basis for loans and credit.
Using the Everest platform, land ownership can be registered on the EverChain blockchain by surveyors or bank representatives even when there has not been a transaction, allowing for the creation of a holistic record of ownership and boundaries.
Land can be sold, titles can be transferred, and funds can be settled all within the Everest platform.
Insurance companies have a need to grow their consumer base and providing micro-insurance to families in the developing world is a focus for that growth.
In order to provide micro-insurance, companies must verify an individual's identity, collect documents, and biometrically sign contracts - all features the Everest platform provides.
Everest, through EverWallet, provides the ability to remotely verify the recipient of value transfer, at scale, combined with the fast user verification of EverID.
Through the promotion of micro-insurance, Everest will drive economic development in emerging markets by providing individuals access the global financial system that they have not previously had.