E-KYC Blockchain Solution
E-KYC Blockchain Solution
OVERVIEW
- KNOW YOUR CUSTOMER has been mandated by most of the country regulatory authorities across the world not to carry out any financial transactions without identity verification that will help ensure transparency, auditability, prevent financing of terrorism and money laundering etc.
- High Costs and Turn Around time (TAT): Today 3rd parties, are being engaged by banks and other institutions that need to verify the customer identity, are doing manually in many cases, in few cases repositories suggested by regulatory authorities are integrated to validate this, which is resulting in high costs and turn-around times.
- Manual identity verification: Reliance on manual processes and integration with regulatory repositories result in high costs, lengthy turnaround times, and poor data quality.
- Lack of standards: Inconsistent processes and requirements across geographies pose challenges in achieving efficient identity verification.
- Repetitive processes: Frequent identity verification for customers leads to prolonged turnaround times and a need for streamlined procedures.
SOLUTION PROVIDED BY PEOPLE TECH GROUP
To address these challenges, People Tech Group developed a solution using cryptography and distributed ledger technology. The solution includes:
- User-entered identity details and document uploads.
- Integration with government-designated and additional repositories (e.g., legal, anti-money laundering) for verification.
- Privacy-focused approach with no user details stored, only verified identity hashes.
- Configurable frequency for renegotiating with regulatory databases to expedite the verification process.
- Customizability to meet different geographical requirements.
- Platforms used: AngularJS, NGINX, Django Framework 1.8, Web3.py, Ethereum Private Blockchain, MySQL 5.6, MongoDB 3.2.
BENEFITS
- Reduced Turnaround Time (TAT): Elimination of intermediaries and implementation of an efficient verification process result in reduced TAT.
- Cost Reduction and Improved Data Quality: The solution lowers costs associated with manual verification and enhances data quality through reliable repository integration.
- Enhanced Privacy Protection: User details are not stored, ensuring privacy and data protection.
- Dynamic Onboarding: Easy onboarding of new partners is facilitated.
- Improved Traceability, Transparency, and Auditability: The solution enhances traceability, transparency, and auditability of identity verification processes.
