Togggle provides decentralized identity verification solutions using biometric checks, document validation, and anti-money laundering algorithms to ensure secure onboarding for financial service providers. The platform addresses the risk of identity fraud and data breaches by allowing users to control their personal information without requiring separate passwords for each account.
Funding
Funding not disclosed
PAFounders
Product
Problem
Traditional KYC and AML processes often rely on centralized data storage, creating vulnerabilities to data breaches and exposing users to privacy risks. These systems can also lead to slow onboarding times and high drop-off rates due to cumbersome registration processes and the need for repeated verification across different platforms.
Solution
Togggle offers a decentralized KYC solution that leverages blockchain-like technology to provide secure and efficient identity verification while empowering users with control over their personal data. The platform uses Privileged Identity Management Systems (PIMS) based on decentralized storage to address inefficiencies associated with traditional federated identity systems. Togggle's approach allows users to manage and share their verified identity information securely across Web2 and Web3 platforms, eliminating the need for repeated KYC processes. By decentralizing data storage, Togggle reduces the risk of data breaches and ensures compliance with data protection regulations like GDPR and CCPA.
Target Audience
Togggle targets businesses in regulated industries such as financial services, FinTech, iGaming, and Web3, as well as government entities, healthcare providers, and enterprises seeking to streamline KYC/AML compliance and enhance user onboarding experiences.
Features
- Decentralized storage of personal data using blockchain-like technology for enhanced security
- One-click KYC onboarding for returning users, streamlining the verification process
- Biometric authentication, including liveness checks and face matching, to prevent fraud
- ID document verification using Machine Readable Zone (MRZ) technology and government database matching
- AML checks to prevent interactions with high-risk entities and ensure regulatory compliance
- IP address verification to detect unauthorized users and prevent bot activity
- Reusable credentials that allow users to share their verified identity across multiple platforms
- Customizable onboarding modules to tailor the KYC process to specific business needs