Dealflow introduces a one time identity verification checkBy Jamie Toyne
The confidentiality of our clients and the information they provide us is our top concern, which is why today I am excited to announce our new platform partnership with Sum&Substance, a GDPR compliant UK software and technology company specialized in remote KYC / AML identity verification systems.
Beginning July 3, 2018 all new and existing members of the Dealflow Buyer Network will need to satisfy a one-time identity verification requirement. The preferred screening option, and the quickest mode of identity verification, is a Sum&Substance automated ID verification check, which can be done directly through the Dealflow website and typically takes just five to ten minutes to complete.
Those using this solution will be able to verify their identity quickly by taking a “selfie” while holding a government issued photo ID, as illustrated in the image below.
The Sum&Substance technology performs authenticity analysis on the ID document, while facial recognition technology compares the face in the image of the ID with the face of the individual holding the ID to determine if they are a match. Finally, personal data is checked against databases of known scammers, and the identity is ether verified or rejected.
The biggest risk associated with listing an online business for sale is that of proprietary information being leaked or accessed by existing competitors and new entrants. The result can not only hurt the chances of a successful exit, but have a damaging impact on the business’ ongoing performance. Whilst NDA’s are still a valid means of protection, they are effectively mute and unenforceable if any Tom, Dick and Harry can sign one and gain access. By having solid, verifiable information on every person within our network, we have have a lot more control over confidentiality and compliance. More needs to be done to protect business owners and we feel that working with Sum&Substance is a step in the right direction.
By the way, if you were wondering about an alternative method to automated verification, we have one. The alternative option is to schedule a video interview with a Dealflow representative, who will perform a manual ID verification via Skype. Manual verification can take up to two business days depending on the availability of the team, so Sum&Substance verification is certainly the most efficient method.
Moving forward, anyone looking to join the Dealflow Buyer Network will need to be ID-verified. This requirement allows us to continue offering registered members instant prospectus downloads, as well as access to our deal sourcing platform, which helps pair buyers with companies matching their acquisition criteria.
Protecting client data is a top priority for us and we are proud to be the first M&A firm in our space to use this technology. The new platform will create more visibility and accountability, making Dealflow’s powerful network of investors and entrepreneurs even more secure.
Internet Business M&A has a long way to go in the way of security and compliance. The launch of our new platform is one of several proactive initiatives Dealflow is undertaking to raise the bar.
If you have further questions about Dealflow’s new verification requirements, please see our Identity Verification FAQ Page.