Introduction
Introducing Verivend Vault. Verivend Vault is the evolution of Verivend Wallet now with full FDIC Insurance supported by our proprietary ‘sweep network’ structure. Our newest product reflects:
1 | Trust in Verivend: Verivend has processed over $1 Billion of transactions for our customers. We are transforming how private capital moves and this important milestone underscores the trust that our customers have in Verivend. |
2 | FDIC Protection: Funds in your Verivend Vault are now fully FDIC-insured*. Thanks to our trusted partner banks and their sweep networks** we are able to protect you and your funds***. |
3 | Security: Verivend Vault offers uncompromising security for your high-volume, high-value investment transactions. |
Below are more details on the features of Verivend Vault, FDIC protection and our behind the scenes sweep network structure.
Verivend Vault
Maximum Security
The Verivend Vault is engineered to provide the highest level of security for our customers and their LPs/Investors, enabling them to raise and deploy capital with absolute confidence. The Verivend Vault operates on Verivend’s proprietary multi-partner bank network, offering a modern, cloud-hosted, and SSL-secured financial transaction application.
Encryption & Multi-Factor Authentication
Every transaction within each Verivend Vault is fortified with encryption on an immutable ledger, ensuring data integrity and confidentiality. Combined with additional multiple levels of encryption and multi-factor authentication, the Verivend Vault is the most secure way to raise and deploy capital.
Reduced Risks of Fraud
The Verivend Vault significantly reduces the risk of fraud, particularly Business Email Compromise (BEC). By eliminating the need to exchange sensitive banking information, we mitigate the primary avenue through which cyber criminals intercept wiring instructions. In traditional setups, such interceptions can lead to substantial financial losses, averaging $809,000 per capital call scam. With Verivend Vault, each entity’s banking information remains encrypted and known only to them, enhancing security and reducing the risk of unauthorized access.
Furthermore, the platform’s advanced security measures ensure that sensitive information is never exposed, even during transactions. This closed-loop system provides a robust defence against cyber threats, ensuring that capital raising and deployment activities are conducted securely.
Capacity Built for Capital
Large-Volume Capacity
The Verivend Vault is specifically designed to receive, store, and deploy large amounts of money.
High-Value Transactions
There are no transaction caps, limits, or friction with Verivend Vault. High-value transactions are processed effortlessly, and large sums of capital are stored securely, all powered by the Verivend Vault.
Trust & Transparency
Customers can track their capital in real-time, knowing exactly where their funds are at all times. This level of transparency is achieved through Verivend’s advanced digital ledger and reporting capabilities, which provide detailed records of every transaction.
The platform offers full visibility into the flow of capital, allowing customers to monitor and audit their funds with ease. This transparency builds trust, ensuring that customers have confidence in the security and integrity of their transactions.
Advanced Access Controls
Controlled Access
The Verivend Vault features multiple layers of access controls, including security roles and approval rules, ensuring that funds are always protected. This granular control over access permissions ensures that only authorized individuals can interact with the funds, reducing the risk of unauthorized access.
Auditable Reporting
The Verivend Vault is a fully digital, automated, and tokenized ledger providing a comprehensive and auditable record of all transactions into, out of, and between Verivend Vaults on the platform. This level of detail supports compliance and auditing processes, ensuring that all transactions are transparent and traceable.
FDIC Insurance and Protection
Full Coverage
Verivend’s partner banks* provide robust FDIC insurance coverage, ensuring that all funds in the Verivend Vault are protected and FDIC-insured**. The Federal Deposit Insurance Corporation (FDIC) insurance guarantees that deposits are secure up to the maximum allowable limit, safeguarding funds against bank failures.
Sweep Network
The Verivend Vault’s proprietary sweep network is a sophisticated system that spreads customer deposits across a network of established FDIC-insured banks. This structure ensures that customers benefit from a uniform, easy-to-use banking experience, while their funds are distributed across multiple banks to maximize FDIC protection and account diversification.
Maximize FDIC Insurance
The standard FDIC offering covers up to $250K in deposits for each client at a bank, regardless of the amount of money held in that account. However, Verivend’s sweep network overcomes this limitation by automatically distributing funds across different banking partners. This approach ensures that the total deposited amount in the Verivend Vault benefits from FDIC coverage.
By leveraging multiple banking relationships, the sweep network maximizes the available FDIC insurance, providing customers with peace of mind that their investments are fully insured, regardless of the amount.
Account Diversification
The sweep network also bakes redundancy into your business through account diversification. By spreading funds across a network of trusted, FDIC-insured banks, Verivend mitigates the risk of a single point of failure. This ensures that even if an issue arises with one bank, the overall integrity and security of the funds remain intact.
The Solution: Verivend Vault
The Verivend Vault offers a secure environment for high-value transactions, with advanced encryption, multi-factor authentication, and robust fraud prevention mechanisms. Our sweep network ensures maximum FDIC coverage and account diversification, enhancing the security and resilience of your investments.
With Verivend, you can manage your funds with confidence, knowing that your transactions are secure, your capital is protected, and your investment management process is transparent and reliable.
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*Funds in the Verivend Vault are held by our partner bank, M&T Bank; Member FDIC.
**FDIC coverage is provided by Verivend’s partner bank, M&T Bank; Member FDIC, through their sweep programs.
***Verivend is a financial technology company, not a bank. Banking services provided by M&T Bank; Member FDIC.