A new shareholder for Trustlink
Vix Verify recently became a shareholder of Trustlink. We asked Werner van Kets of IMS Solutions which represents Vix Verify’s interests in South Africa.
Why the partnership with Trustlink?
South Africa is one of a limited number of countries in which Vix Verify has chosen to pursue the electronic verification market using their global greenID technology. VIX, as a Group, is already active in Sth Africa through it’s Data Telecommunication VixNet company; Contactless Ticketing for Bus Rapid Transit solutions in Cape Town and Pretoria. Trustlink is a new addition to the Corporate Group and, given the existing Group activities in South Africa and the excellent profile of Trustlink in the financial services sector, they become a logical distribution channel for greenID.
How did the partnership come about?
VIX Verify and Trustlink have common large shareholders. This shared investor structure created a climate for a business dialogue. These discussions confirmed that Trustlink and VIX Verify both offer mission critical products and integrations for financial institutions. The demand from financial institutions for smooth processes for consumer on-boarding, AML compliance and KYC , forged a conversation between Trustlink and Vix Verify for bringing the greenID solution to Africa.
How does VIX Verify and its products complement Trustlink’s existing business?
Numerous financial institutions in Africa rely on Trustlink for mission-critical solutions and look to Trustlink to bring them best of breed products . Customer compliance has become a major issue for these financial institutions and the VIX Verify offering was quickly recognised as being of high interest. Virtually all of Trustlink’s core customers are candidates for world class compliance solutions and greenID is a perfect offering addressing such need.
What potential do you see for VIX Verify in the SA market and that of sub-Saharan Africa?
Huge; just today there was an article of the risk of money laundering through M-Pesa in Kenya and Tanzania. As Africa rolls-out new consumer solutions for bank account openings, remittances, utility payments, etc – they all need some level of consumer due diligence. greenID from VIX Verify is the ideal product in that it is mobile, reliable and flexible with regards to forms of verification and that it meets the regulatory conditions for compliance monitoring in virtually all sub Saharan markets.
Key trends that you see shaping Vix Verify’s business in the next five years and how are you preparing for them?
The ever increasing demands of compliance and KYC by financial institutions presents a large, fast growing market for VIX Verify and Trustlink to pursue. These compliance checks are continually growing in breadth and complexity (eg biometrics; digital identities). New technologies such as blockchain and electronic payments/currencies are underpinned by customer verification. We can anticipate that the next five years will see significant continued growth both in geography and technology demand for identification and compliance services.