August 3, 2021 | Veratad News

Veratad Provides Identity Verification Technology to GROUPIRA® Financial Project

Veratad Technologies, a global provider of identity verification solutions, has provided its technology to the GROUPIRA® 3.0 financial development project, which focuses on automation and account aggregation for IRA investors, advisory partners and retirement providers. The GROUPIRA 3.0 project includes Veratad’s technology for identity verification and Know Your Customer (KYC) compliance.

GROUPIRA®, INC., and Spectrum Pension Consultants, Inc., recently announced the joint financial development project, which brings the features and simplicity of 401(k) plans to IRA investors by automating the claims process for members, fractional share Crypto trading, and the electronic account opening and onboarding process for advisors and members.

To further the project, GROUPIRA is developing a customized online account origination solution for program advisors using Open API technology from a group of companies that includes Veratad, Microsoft Azure, LexisNexis, DocuSign, Plaid and FIS Relius. GROUPIRA 3.0 expands on the launch of the GROUPIRA Claims Process Portal, where members can open a claim to access retirement funds from former employers.

GROUPIRA 3.0 allows inactive members to self-authenticate their identity, initiate automated ACH transfers to verify bank account details and more.

“Veratad is proud to have been selected by GROUPIRA and Spectrum Pension Consultants as their identity verification solutions provider,” says John E. Ahrens, CEO, Veratad Technologies. “As we look to expand our solutions for clients in the financial sector, projects such as GROUPIRA 3.0 are ideal opportunities for us to demonstrate the value of our verification technologies. This collaborative effort will greatly reduce friction in the account onboarding process and simplify IRA digital investing.”