Vertical: Enterprise Software; RegTech
Gataca is an MIT-born company that delivers advanced technology to help companies subject to KYC regulation deliver a frictionless, cost-effective and secure onboarding experience. For businesses, the company’s software cuts the time and manpower currently needed to verify customer identification. All new users have to do is to take a selfie and a photo of an ID document. The technology can detect that the person is real, compare face patterns with the photo ID, and extract text from the ID document automatically. The easy-to-integrate technology bridges the gap between the physical and the digital world to reduce fraud and keep peace of mind for data privacy and KYC regulations.n And while Gataca wants to be a one-stop-shop for identification, it doesn’t want to become another intermediary. Its ambition is to provide control back to the user. For this reason, GATACA is building a Digital Identity Platform that leverages blockchain technologies to provide a neutral, auditable and trusted identity platform across the globe.
The technology includes a mobile ID wallet for consumers and single sign-on authentication tools for businesses. The ID Wallet allows users to store identity credentials and personal information, validate their authenticity and share them securely to access instantly to digital services without the need of username and passwords or filling lenghty forms. For businesses, Gataca offers a single sign-on button to enable access to pre-verified users (ID wallet holders), so that they don’t have to ever worry about verifying identities. In the long term, the company aims to build a user-centric digital identity layer for the internet, available across all industries, worldwide. The new architecture will enable the digitalization of services unthinkable today and a myriad of new business models.”