A digital ID startup backed by BBVA has launched a mobile app that uses biometrics and private key technology to help users securely store, share and verify their identities and documents.
The Covault app uses key encryption linked to the user's biometric signature on their phone, enabling a person to digitally protect their sensitive information from being accessed without authorisation.
This means that a consumer - without passwords or security questions - can make sure that only they control the key that protects their sensitive information. They can then share documents privately, including with a time constraint.
Covault is also being pitched to companies, promising bank-level Know Your Customer standards so that they can verify customer identities securely and seamlessly.
Louie Gasparini, CEO, Covault, says: "Storing and sharing your personal data, and proving your identity on-line isn't always secure, as the recent hacks have shown.
"Based on Private Key Technology, Covault encrypts your data on your phone, accessible via your unique biometric signature, offering an easy to use and highly secure way to store, share, and control IDs, passwords, and other personal information including financial, health, tax, insurance, and legal in a secure digital safety deposit box."
Covault was incubated at BBVA's fintech-focused New Digital Business unit in Silicon Valley and the NDB's general manager, Teppo Paavola, has offered a strong endorsement of the startup, saying it is "well poised to help you manage your personal security data".