UKII Supports SME Innovator VETT

VETT: An innovation in remote transaction security

One small company has already benefited from directional assistance from UK Innovation Initiative It is VETT, a Nottinghamshire based innovative small company which provides remote transaction security for financial institutions that does not require the exchange or use of personal data by individuals making transactions between each other. 

Managing Director Garry Gibson says:   ‘There are occasions when you meet someone and you just know they have followed a similar path to yours. Fellow director Faye Wright and I felt a kinship with Martin Rice an entrepreneur who has experienced the long journey and who is reaching back to lend a helping hand to fellow travellers.

We also think he's a nice bloke who, without asking, took time to look at our story and with a few intelligent questions helped us to focus on developing a clear sales message for our target audience.

VETT technology creates a secure environment for e-commerce enabling people and business to conduct commercial transactions without the necessity to exchange private account data. VETT can be used for retail and B2B payments, for procurement and identity verification. After listening to our pitch Martin said tell me: why I should buy a license for your technology when I could just build my own system?

Good question, most Inventors and Designers would answer: “because it’s protected by patent”. Well the sad truth is if you don’t have at least £1 million to burn in court costs that’s not a very convincing answer. Further conversation helped to reveal not our USP, but our unique commercial advantage. The ‘thing’ which gives us a real edge over the competition.

VETT is just starting the journey with UK Innovation Initiative but we already sense the potential of the route ahead.”

For more on VETT see www.vettuk.com