🏦Apply for a New Bank Account

Imagine you're applying for a new Bank Account and need proof of your identity.

Apply for a New Bank Account - didPass Use Case

Identity Verification When Applying for a New Bank Account

1. Issuer: The Government

   • Issues the passport to the clients.

2. Verifier: The Bank

   • Trusts the Government as the issuer of the passport without the need to contact the issuer again.

3. Holder: The Client

   • Receive the passport and use it as proof of your identity when applying for a new bank account.

4. Credential Document: Passport

Situations

Today, when clients apply for a new account, they are typically required to submit copies of their passport and other identification documents to the bank. The bank then has to manually review these documents to verify the client's identity. This process can be time-consuming and inefficient, and it is also vulnerable to fraud.

Problems

The current system for verifying identity in the bank account application process has the following problem:

• It is time-consuming and inefficient. Banks have to manually review passports and other identification documents, which can be time-consuming, especially for large banks that receive many bank account applications.

• It is vulnerable to fraud. Counterfeit passports and other identification documents are becoming increasingly sophisticated, making it difficult for banks to detect fraud.

• It does not give bank account applicants much control over their personal data. Clients have to hand over copies of their passports and other identification documents to banks, who then have access to all of the personal information contained in those documents.

Solutions

didPass offers a solution to all of these problems. didPass is a digital identity that is owned and controlled by the individual. They are based on cryptography, which makes them very secure. DIDs can be used to store and share any type of data, including personal information and identification documents.

To verify a bank account applicant's identity using DIDs, the bank would simply need to scan the applicant's DID QR code. This would give the bank access to the client's verified identity information, without the need to see the applicant's passport or other identification documents.

Outcomes

Using didPass to verify identity in the bank account application process has the following positive outcomes:

• It would reduce the amount of time that banks spend reviewing identification documents. Banks would be able to verify identity instantly, without having to manually review each document.

• It would make it more difficult for fraudsters to use counterfeit identification documents to open bank accounts. Banks would be able to verify the authenticity of identification documents before making a decision on whether or not to open a bank account for an applicant.

• It would give bank account applicants more control over their personal data. Bank account applicants would only need to share their DID QR code with banks, without having to hand over copies of their passports or other identification documents.

didPass - Apply for a new bank account use case

didPass has the potential to revolutionize the bank account application process by making it easier, faster, and more secure to verify identity. This would benefit both bank account applicants and banks.