Russian Payments Firm Trials Bitcoin Tool for Customer Verification

A Russian payments service is testing a notarization tool based on the bitcoin blockchain as a way to assist in its customer onboarding.

The tool, outlined in a blog post from startup Tierion, was developed for Pay-Me.ru, a mobile acquiring firm based in Moscow and founded in 2012. BlockNotary, which developed the app, is a customer of Tierion's, using its technology as the backend for the project.

According to the post, the tool would replace an existing process for verifying Pay-Me.ru customers, who are now required to sit for in-person interviews before being shipped the firm's point-of-sale product.

Instead, customers can take part in a video interview by way of a mobile app. A timestamp record of the data collected is then placed on the bitcoin blockchain.

BlockNotary founder Igor Brainov, who demoed the tool earlier this week at an event hosted by startup accelerator Plug 'n Play, told CoinDesk work on the tool began in November.

Pay-Me.ru CEO Vladimir Kanin said that the company is looking to deploy the tool for validating new customers.

"This kind of digital know-your-customer (KYC) procedure must improve quality of compliance and prevent potential risks," he said, adding:

"After [a] short period of time we [are] planning to expand this option to our operations on Kazakhstan, Ukraine and others markets."

Correction: This article has been updated to remove an incorrect spelling of Pay-Me.ru. 

Fingerprint image via Shutterstock

BlockNotarynotarization

Original author: Stan Higgins