Auctions | SILENTDATA

Auctions

Request privacy-preserving proof of funds as condition for accepting a bid to avoid risk of non-payment

Auction websites accepting bids for high value items need to know that each bidder will be able to pay for the item should they win. SILENTDATA enables an instant request to be made to the bidder for them to prove that they have funds in their account in order to complete the purchase. All of this without requiring the bidder to reveal any of their banking information.

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Proof of funds

Minimum account balance of £2,500

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Account holder

Rita Mount

Timestamp

26/07/21, 08:14:54 GMT

Check in advance that a party has the ability to pay

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Current solutions

Ask for a bank statement

People may not feel comfortable sharing a full bank statement

Contains extensive information about the person, such as balances, daily expenditure, income and spending habits

Paper documents can be forged or doctored

Our solution

Perform privacy-preserving bank account checks

Does not require an individual to reveal any sensitive banking data

Protects and respects buyer data privacy

Reduces risks associated with requesting and holding sensitive information

Increases compliance with GDPR data minimisation

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It’s free to try and only takes five minutes

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