Umazi seeks to create a software-enabled market allowing corporations to create a single digital identity to share across industries automating due-diligence in real-time. These results can be shared with approved institutions and may be used by banks to onboard individual clients or corporations, enabling partnership with validated and verified third parties.
Product Demo
Interview with Umazi's founder and CEO Cindy van Niekerk
Umazi is building a software-enabled market that adds value to customers and end users, with improved customer experience, while offering reduced risk and effort. It automates and accelerates verification processes, addressing inefficiencies across industries. Marrying DLT and network effects, it offers a utility that can scale across regulatory jurisdictions, and function in different languages. This is all housed on an open-source blockchain platform that enables next-gen transparency, security and efficiency in business.
The existing due diligence systems of corporations and the relevant business transactions are antiquated. The processes require banks and corporations to collect and assess updated identity-related documentation (credentials) from all clients and partners, based on a largely manual, repetitive, inefficient, time-consuming, cumbersome, non-standardised, and expensive undertaking that lacks in security. Nearly 60% of companies view compliance as a barrier to entering new markets. There is no standardised communication between corporations and institutions, and no collaboration between industries. This leads to duplication of effort, cost increases, delays and significant customer frustration.
The initial ‘ideal clients’ are law firms and their corporate clients, as they are the most actionable segment. The business model is that of a “network facilitator” between regulated institutions, their corporate clients, and trusted third-party validators. They expect to earn revenues from regulated institutions and their clients, and corporation and their partners based on subscriptions, with pricing tiered to permissioned volume.
Umazi is building a software-enabled market that adds value to customers and end users, with improved customer experience, while offering reduced risk and effort. It automates and accelerates verification processes, addressing inefficiencies across industries. Marrying DLT and network effects, it offers a utility that can scale across regulatory jurisdictions, and function in different languages. This is all housed on an open-source blockchain platform that enables next-gen transparency, security and efficiency in business.
The existing due diligence systems of corporations and the relevant business transactions are antiquated. The processes require banks and corporations to collect and assess updated identity-related documentation (credentials) from all clients and partners, based on a largely manual, repetitive, inefficient, time-consuming, cumbersome, non-standardised, and expensive undertaking that lacks in security. Nearly 60% of companies view compliance as a barrier to entering new markets. There is no standardised communication between corporations and institutions, and no collaboration between industries. This leads to duplication of effort, cost increases, delays and significant customer frustration.
The initial ‘ideal clients’ are law firms and their corporate clients, as they are the most actionable segment. The business model is that of a “network facilitator” between regulated institutions, their corporate clients, and trusted third-party validators. They expect to earn revenues from regulated institutions and their clients, and corporation and their partners based on subscriptions, with pricing tiered to permissioned volume.