Decentralized KYC
In the ever-evolving landscape of finance and technology, decentralized KYC (Know Your Customer) emerges as a transformative solution. Prioritizing flexibility and customization, decentralized KYC platforms, like the one we've developed, are built on cutting-edge technologies aiming to simplify the intricate KYC processes.
They have already benefited from CATALYST
The processes are siloed, which translates to every financial institution and often each business unit within the FI needs to do the same KYC verification for the same customer
The data has to be maintained up to date, as KYC is a never ending process that needs to happen continuously due to AML, compliance and anti-terrorism regulations.
There are no standards for KYC data fields adopted by the financial market, complicating collaboration.
Gathering, verifying and updating of data is a labor intensive process. Up to 10% of a FI’s workforce now focus on Financial Crime detection, making AML compliance the 2nd biggest FI expense.
Customers have to provide the same onboarding paperwork at every financial institution. Turnaround times for new client acceptance are long
The requirements get higher every year and 8 billion USD in AML, KYC, and sanctions regulations fines were paid in 2022 alone.
The adoption of a blockchain based decentralized KYC solution offers a transformative approach for the financial industry by making it possible to act on the previous points by offering a distributed solution across which participant organizations can query and verify the KYC information of potential customers.
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How does a decentralized KYC solution work?
Decentralized KYC enables institutions to sync data and documents, guaranteeing a single, golden copy of each client and associated natural persons, Whenever a client is onboarded or their data is updated at any institution within the network. This ensures data is kept up-to-date while eradicating duplicates. Additionally, it provides efficient management of access rights to private customer data, coupled with a transparent and unalterable log of all changes and verifications.
Customers only need to go through the verification process once, the first time they register with a bank. When they complete the primary KYC process with the first bank, their information is simultaneously stored on the shared KYC solution. This liberates customers from tedious future onboarding requirements.
Benefits of decentralized KYC
Leveraging blockchain and confidential computing for ensured compliance and business privacy.
Catalyst Blockchain Manager is an end-to-end blockchain solutions operating system that provides clear, simplified management and streamlined automation of blockchain solutions.
It is the ideal tool for enterprises struggling to overcome and reconcile the technical dimensions of blockchain technology with enterprise-grade deployment. Catalyst enables huge cost savings, greatly reduced complexity, and rapid implementation times when developing KYC blockchain solutions.
How we do it at Catalyst
Let’s give some info about our technical approach, our technical experience and background, our expertise and so on.
Technically Advanced Platform
- Failover mechanisms
- Disaster & recovery
- Simplified and supported migration between versions
- Technical and application monitoring
- Integration with existing monitoring tools
In-house DLT Expertise
- Failover mechanisms
- Disaster & recovery
- Simplified and supported migration between versions
- Technical and application monitoring
- Integration with existing monitoring tools
Build next generation KYC solutions in accelerated time
Speak to one of our specialists about deploying and managing KYC blockchain solutions with Catalyst Blockchain Manager.
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