DreamzTech is excited to announce that our blockchain division, DreamzChain has successfully launched a blockchain based Know Your Customer (KYC) cutting edge Corda Solution and is now publicly available in the R3 marketplace.
The solution is available in https://marketplace.r3.com/solutions/dreamzchain-kyc
The KYC solution is one of the next game changers in the financial industry and using its transparency, security and immutable nature, it helps to reduce time, paperwork, and human workforce engagement for back-office jobs and provides cost and operational efficiencies.
According to a survey by Thomson Reuters, for physical verification, companies spend an average of 26 days to complete the time-consuming KYC process, and in fact, some corporate customers claim that they spend around 32 days on KYC compliance for a single applicant.
On the other side, the digital KYC process has significant risk and challenge in the identification and verification procedure of the documents.
The DreamzChain KYC solution enables the Banks to request access to customer KYC data, while customers can approve requests and revoke access. The Customers are also able to update their data which would then gets automatically updated for all banks with permission to access it. The application also helps in reducing duplication and costs by eliminating the need for each financial institution to individually attest and update KYC records. And, because of the permission-based data access, there are no chances of data privacy and security issues.
- The Solution Lowers the cost of KYC process, speed up the customer journey and reduces manual mistakes
- The solution also provides Transparency and Security and the immutable nature creates a much-needed trust between parties
- DreamzChain KYC is proven to work in all sectors of banking and insurance
- With the shared ledger, the process of KYC can be easily monitored by all parties.
- DreamzChain KYC also helps to improve the data governance and as a result, the organization can get early warnings about compliance failures of any parties.
- The DreamzChain Team is capable of designing custom regulators KYC which is specific to a particular region