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Easily and securely collect money transfer information and know that information was never tampered with.
Easily and securely collect money transfer information and know that information was never tampered with.
80% of US companies have been hacked in attempts to steal, change or publicize important data. $10B are lost annually in the United States due to cybersecurity fraud and 98% of losses are irrecoverable.
Wire fraud has grown by 30% annually and cybersecurity measures don’t provide enough protection. 52% of widespread threats began with a zero-day exploit, which means professionals have “zero days” to fix or address it (e.g. deal closings).
The collection of payment details is insecure, inefficient, and prone to mistakes.
Using tools like email, texts, and Excel, which are easily breached by cybercriminals
Transactions lack standard procedures, with organizations one breach away from disaster
Inefficient and mistake-prone processes increase firms' non-billable hours
User-friendly data collection confidently secured by private blockchain
Private blockchain, 2FA and permissioned usage provide superior security
Insured, auditable and improved cybersecurity measures lift the standard of care
Validation features provide a check on important information and reduce human error
Parties to the transaction enter their own data, improving accuracy and efficiency
Blockchain technology provides guarantees that the payment information stored on-chain was never altered, even by WireVault.
Automate collection, validation and verification of payment information.
Save time compared to traditional processes prone to human error.
Secure data collection, utilizing best-in-class 2FA, ensuring superior data integrity.
Store data on blockchain to prevent data from ever being altered. Audit all user activity.
An immutable repository for all data, documents, information & transactions
30+ contributing technologies for anti-fraud, anti-corruption, disaster recovery, and data protection
2FA account security, permissioned access, and user activity tracking
Integrate CrediVault with existing software and workflow
Verify data accuracy with transparent and immutable records
Secure communications and compliant customer notifications
We replace vulnerable and error-prone emails and text messages with an interface that is as user-friendly as it is secure.
Admin creates a transaction and enters the email and mobile number of the parties receiving payments
Wire recipient is invited to provide payment details using a secure two-factor authenticated process
Admin has the option to share payment details with a party entrusted with executing payment
WireVault is built using the most stable and current version of Hyperledger Fabric, an open-source, enterprise-level, private blockchain.
This form of blockchain is a database that's shared and protected by those who are participants on the network
Wire information is encoded and stored on a private blockchain to ensure that payment information is only accessible to WireVault network members
We require two-factor authentication in order to ensure data integrity and verify the identity of all participating parties
With Blockchain as a Single Source of Truth
An Israeli law firm represented a client who wanted to invest $5M in a development project in South Florida
At closing, the Israeli firm, through its holding bank in New Jersey, wired $5M to the developer’s bank in the U.S.
In an extra security measure, the Israeli firm used a token system to validate receipts of smaller amounts
Two weeks later, the lawyer representing the developer called the lawyer representing the Investor asking
“Where’s the money?”
A hacker was phishing on the Israeli law firm’s email, likely for months or longer
On a chaotic day of the closing, the hacker, pretending to be the developer’s lawyer, sent an email to the Israeli
firm instructing them to change the wire details to a recipient bank in Delaware (a zero-day exploit)
The Israeli firm compiled and their New Jersey bank executed the wire per the firms instructions
The investor is out $5m
The developer lost the investor
The law firm in Tel Aviv is being held accountable by their client
The NJ Bank that executed the fraudulent wire, per the instructions provided to them, is not liable
The fraudsters are onto their next victim from their new Caribbean beach houses
This actual example, even in the most process driven, cyber secure countries and environments in the world, happens daily to law firms, banks and real estate companies. Businesses suffer great loss due to the combination of using traditional web-based security measures, human error, zero day exploits, chaos at closings and legacy processes.
With Blockchain as a Single Source of Truth
Funds Flow Administrator issues wire info request to fund recipients. Collected, validated, verified, secure wire data moves to payment process. All funds flow activities are logged.
Tamper-proof wire information is permanently stored on distributed private ledger. 2FA Correspondence, Notifications, and Wire Data Entry occur between the Administrator, Fund Recipient and Executor.
Fund recipients login to secure vault. Recipients enter wire data. WireVault validates the data. Designated parties verify the data. Data submitted to Blockchain.
WireVault is permissioned, 2FA and blockchain secure, standardized, auditable, insured, easy to implement and use
WireVault is permissioned, 2FA and blockchain secure, standardized, auditable, insured, easy to implement and use
21550 Biscayne Blvd Ste 400
Aventura, FL 33180
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