As a Berlin-based fintech startup, Bitbond falls under the regulation of the BaFin; the German financial regulatory body. Under its supervision, we have made regulatory compliance one of our top priorities. It is because of this, that we have introduced video verification for borrowers and lenders.
Borrowers have been asked to complete the video identification as part of the borrower application for a while now, and will most likely be familiar with it already. From now one, lenders will also have to go through a short 2-3 minute video identification procedure. Once this short step is completed, lenders are free to place bids and use the Auto Invest tool.
In this blog post, we will explain the identification process in detail, but let’s look at some common questions and answers first.
Q: How long does the video identification take?
A: This can vary but on average it takes 2-3 minutes
Q: Can I go through the video identification on any device?
A: Yes, you can completed the identification from your laptop, desktop, tablet or phone. Any device that has internet connected and a working camera and mic will work.
Q: Which browser works best for the identification?
A: Our service provider identityTM works best on Firefox, Safari or Internet Explorer. All browsers should work fine, but occasional problems with Chrome have been reported.
Q: What language is the video identification in?
A: As of now (08.09.2016), it can be done in English and German, with the aim of adding Spanish in the coming months.
Q: What if my session breaks down or is interrupted?
A: In the eventuality that your session is stopped short, please return to your dashboard and try again.
Q: Will I need to verify my identity every time I place a bid?
A: No. Once you have successfully completed your identification, you will be able to use all features on the platform. Including placing bids and exchanging bitcoins.
Q: I already verified my identity to buy bitcoins, do I need to verify it again?
A: No. Once you have gone through the video identification session once, you’re all set.
Q: I see a blue screen instead of the live video session. What should I do?
A: When a large number of users are waiting to be verified, a blue screen may appear instead of the video session. In such a case: please return to your dashboard and try again. Should the problem persist, please try using a different browser or the phone application.
Head over to your Bitbond dashboard and go to settings. Now enter your basic personal details like name and phone number. Once this is completed, you will be able to click on “identity verification”.
Choose your preferred device. Video identification is possible via mobile and desktop devices. Pick the one that best suits you and read through the terms and conditions. Now mark them as read and start the identification.
After a few seconds, you will be asked to allow access to your microphone and webcam. Consent to both of these requests to be connected with a security officer from our partner identityTm.
Now that you are connected, show your passport (or driver’s license if your from the US) to the webcam for the security officer to see. First showing your identification page, and then the front and back.
The next step is simply verifying your personal details with the security officer. You will then receive a verification email which includes your personal security code. Input the code into the screen in front of you.
And you’re done!
Congratulations, you can now use all features on Bitbond!