Customer Centricity and Control
Your customers are front and center with full control over whom they share their data with on the ecosystem, and always with the ability to revoke data access.
Integration with Integrity
Quality with Quantity
As participants onboard new customers with existing relationships to other participants, the validations update more frequently ensuring compliance and improving data quality.
Fides is an API based solution that seamlessly integrates into existing CRM systems helping reduce implementation costs. The ecosystem is built on a decentralised architecture which enables data sharing to occur without the need for the platform itself to store any sensitive information. With Fides, your customer data remains where your organization stores it today, so no time is needed to transform and migrate data.
Rather than sharing sensitive and personally identifiable information, the Fides platform enables participants to share validation stamps ensuring that customer data is safely stored in the participant’s own infrastructure. Over time, the sharing of data validations increases the quality of KYC data. The platform also allows for the monetization of KYC data verification, incentivizing participants to collaborate to build better KYC processes.
While the ecosystem participants benefit from increased data quality, their customers enjoy from a smoother and more frictionless KYC process. Customers can quickly and proactively share their previously submitted KYC file with other participants on the ecosystem via the Unified Customer Portal (UCP). Furthermore, data submitted by customers to the ecosystem is fully owned and controlled by them, in line with the most rigorous data privacy regulations such as the GDPR.
The Fides platform truly acts as the backbone for data sharing between a network of institutions that collaborate to share information in an ecosystem. Fides is data agnostic, but works particularly well to solve the problems related to the KYC process: inefficiencies caused by duplication of efforts, existence of data siloes, compliance challenges, and cumbersome and painful customer experiences.
The benefits of the Fides platform are already evident in the live ecosystems that is it currently powering. Via this technology, financial institutions and their customers save time, reduce costs and have the opportunity to monetize on their data. To understand how a Fides ecosystem can benefit the markets that you operate in, get in touch with us,