The problem Safe Bank solves

Safe Bank blends online banking with decentrealized protocols. Leveraging Monerium, Gnosis Chain and Safe Protocol, it offers users a seamless and secure platform for initiating stablecoin payments across the SEPA network. Send fiat EURO's to your new IBAN and receive EURe stablecoin tokens which you can transfer to any domestic or international bank account from your Safe multisig.

Access special perks by proving uniqueness, credit scores, age and other identity details. Enjoy perks while retaining privacy about yourself thanks to Mina Protocol. Using zero knowledge proofs and the Mina blockchain, customers can prove aspects of their real (KYC'd) identity to merchants without revealing any private details. Additionally: Merchants feel safe knowing their customers pass inspection without ever storing any unnecessary customer information which could get hacked.

By onramping Euro onchain via Monerium people can handle everyday payments via direct bank transfers and use mastercard/visa card payments in digital and physical spaces. This type of onramp also eliminates the need to go through exchanges and saves users fees for using other onramp solutions that charge a premium.

Challenges we ran into

Current hurdle is that in order to use Monerium users have to KYC via Monerium to get access to their IBAN. Monerium currently does not support 3rd parties to onboard/KYC users. We have built a KYC onboarding flow that, once the KYC is validated, creates zkProofs via Mina in order to prove certain identity information to 3rd party participants (e.g., merchants).

Monerium could utilise/integrate this in order to make onboarding for end users easier. Otherwise, end users have to be redirected to Monerium to KYC a second time on their platform. Going through KYC twice is not the expected behaviour when using a new financial application.

We are using the sandbox environment on Monerium which allows us to not KYC, so we were able to skip this step, but in a production ready environment this would be of concern, and could potentially be solved through zkProofs and proving the users identity using Mina (if legal regulations allow).