The distributed and transparent nature of blockchain increases the speed of processing time of banks to collect and verify customer data
The increased trust between financial institutions and customers reduce the labor-intensive for data verification and reduce costs by eliminating duplication through shared service
The reduntant, distributed and shared ledger acts as in immutable, assured audit trail of all the corporate KYC processes and reduce the risks for banks
Using our KYC Solution customers can use the platform for easy communication with financial institutions. The e-Wallet feature helps customers to upload all the important documents for future use and track where his/her information is already shared - as per self-sovereign identity model. The platform allows customer to assign/ revoke the information/document access as per their consent.
The Solution enables screening and verification of customer data using third party attesters. Bank will send the applicant’s data to the third party attester for verification the platform does not allow the bank to download applicant’s document or share the applicant’s KYC profile with others until it gets verified by attester.
The KYC solution allows member banks to share their customer data internally that helps in reducing KYC processing time. When a bank requests another bank to access their csutomer profile, the corporate confirms its acceptance to share the originating bank’s KYC profile.
The solution provides an immutable audit trail of all activities relating to a KYC profile, including permissions, access and verification.
Based on customer’s input, the KYC platform generates Customer’s Risk Score against the branch. The graphical presentation of branch data can be drilled down to help in monitoring the customer details and analyzing branch wise risk reports.
KYC workflow routing to achieve KYC policy standardization can be coded into smart contracts and standardized across the industry, thereby streamlining the KYC procedure. This will increase the effectiveness of the blockchain based KYC system, as it would reduce the need for manual oversight.