Etihad Credit Bureau is set to introduce sector-specific versions of its peer-to-peer verification tool, designed to streamline trust in various transactions. The bureau’s managing director, Lutfi Al Darmaki, announced plans to tailor the tool for real-world use cases across different industries.
The development comes after the successful launch of the tool, which has been tested and is now being refined for specific applications. According to Al Darmaki, the technology is available, and the focus has shifted to identifying the sectors that will benefit most from the tool.
Designed for Real-World Use Cases
The peer-to-peer verification tool is part of Etihad Credit Bureau’s efforts to make data and tools accessible to residents and businesses, enabling them to make informed decisions. The bureau has already launched a consent management platform with UAE Pass, a joint project aimed at enhancing trust in day-to-day transactions.
Al Darmaki highlighted the importance of providing the right data and tools to support risk management practices. The verification tool is designed to prevent disputes and reduce reliance on cheques in various transactions, including short-term rentals and gig-economy arrangements.
Enhancing Risk Management Practices
The introduction of sector-specific versions of the verification tool is expected to enhance risk management practices across various industries. By providing a secure and reliable means of verification, the tool can help reduce the risk of disputes and improve trust between parties.
According to Al Darmaki, the tool is designed to be privacy-friendly, allowing individuals to control the information they share. The bureau’s efforts to promote the adoption of the tool are expected to contribute to a more secure and transparent transaction environment.
Streamlining Transactions
The peer-to-peer verification tool can be particularly useful in transactions where trust is a key factor. For instance, in short-term rentals, the tool can help verify the identities of parties involved, reducing the risk of disputes and enhancing the overall transaction experience.
As Etihad Credit Bureau moves forward with its plans to introduce sector-specific versions of the tool, the focus will be on identifying the industries that will benefit most from this technology. The development is expected to have a positive impact on the transaction landscape, promoting trust and reducing risk.
Etihad Credit Bureau’s efforts to enhance risk management practices and promote the adoption of its peer-to-peer verification tool are expected to continue in the coming year. The next steps in the development and implementation of the tool will be closely watched, particularly in terms of its potential impact on various industries and the overall transaction environment.
