Globally, KYC suffers from lack of digitization and data silos. Customers have several business relationships requiring KYC, and institutions perform KYC on customers that have already been validated by their peers. As a result, there is duplication of efforts both on the customer and institution side, leading to higher costs, increased frustration, and regulatory lapses.
Norbloc’s platforms cover the whole KYC lifecycle from data collection, management, and validation via our digital onboarding platform Sancus, to data sharing and monetization via the blockchain-based Atlas and Fides platforms.
Sancus removes the challenge of required physical presence at customer onboarding by digitizing the journey, giving the customer control of their data to manage it themselves without having to physically go to a branch. The platform is tailored to your specific needs, offering a choice of third-party service integrations, and integrating a configurable and flexible workflow system into existing infrastructures.
norbloc is the first and only company globally to have successfully implemented a blockchain-based data sharing platform at scale with large international financial institutions. As such, norbloc is a pioneer in the field of KYC data sharing and uniquely positioned.
By capitalizing on untapped trust-based service, and using norbloc’s blockchain-based platforms, Atlas or Fides, banks can alleviate the pain of compliance. Norbloc can help banks turn the KYC burden into profit by connecting silos and allowing customers to provide their data only once, irrespective of multiple banking relations, by leveraging attestation stamps provided for by peer institutions.
Atlas is a data sharing platform which empowers institutions to break down internal data silos and eliminate inefficiencies caused by duplication of efforts. Clients use Atlas in cases where an organization operates globally, or where different departments require confidentiality regarding customer data.
The decentralized platform, Fides, facilitates secure KYC data sharing across a network of institutions, where institutions validate and provide attestations to KYC documents. The customer retains control of their data via a customer portal, from which they manage access and exercise their “right to be forgotten” in line with data privacy regulations.
Read the whole article: KYC Edition 2022 – Icon Outlook
Norbloc can help banks turn the KYC burden into profit.