Kyc Block

‘Know with Confidence’ in ‘Real Time’

KYC Block is a GDPR-compliant blockchain-based hyper-ledger that stores and manages KYC documents of individuals and companies involved in any financial transaction.

Why KYC Block started ?

Numbers Don’t Lie

  • 22% was the increase in Bank customers’ on-boarding time in 2016, followed by another 18% in 2017.
  • 19% increase in customer onboarding cost in 2017 as compared to 2016, followed by a 16% increase in 2018
  • 10% of the world’s top financial institutions spent $100+ million annually on KYC processes
  • 51% of global respondents (as per reported an increase in engagement with regulators. 17% reported a “significant increase”.
  • Citibank spent $3.4 billion worth savings for additional investments in regulatory and compliance activities.

Features of KYC Block

What do You Get?

  1. Automated OCR and transcription
    Instead of Manual Data Entry
  2. Timely and automatic documents and data update
    Instead of Periodic Reviews that could result in data disparity
  3. Duplicacy Elimination
    Instead of Manual Data Deduplication
  4. Digital Identity Management
    Instead of Physical Documentation
  5. Distributed Data Repository
    Instead of a less secure Central Storage of Data
  6. Slashed Operational Cost
    Instead of high human resource employment
  7. Enhanced Customer Friction
    Instead of a long and tedious verification process

Document Repository

How Well Do You Know Your Customers?

Company Documents

  • World-Check
  • Bank Reference
  • Tax Certificate
  • Client Profile
  • Utility Bill
  • Registration Document
  • Application Form Account Legal Entity
  • Declaration Origin And Destination Of Funds
  • Shareholder’s Agreement
  • Others

Individual Documents

  • Passport
  • Client Profile
  • Tax Certificate (RIF)
  • Utility Bill
  • Bank Reference
  • Driving Licence Front Side
  • Driving Licence Back Side
  • Others

How Does This Work?

As a Super-admin, assign specific roles to your team such as Creator, Transcriber, Viewer, and Report Collator to manage your customers’ data. All the documents stored in KYC Block are passed through our KYC deep search system. The documents are then encrypted and stored in the KYC blockchain.

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