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IBM Unveils Blockchain Project For KYC Compliance
IBM's Bluemix Garage in Singapore has unveiled a new blockchain project built in collaboration with a local startup.
By Corin Faife
Updated Sep 11, 2021, 12:37 p.m. Published Nov 15, 2016, 4:55 p.m.
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IBM's Bluemix Garage in Singapore has announced a new effort aimed at helping financial institutions better comply with know-your-customer (KYC) requirements using blockchain.
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at the Singapore FinTech festival, the project (a collaboration with KYC startup KYCK!) aims to provide enhanced identity verification services, enabling KYCK!'s customers to more rapidly on-board customers in a secure environment.
The hope is the service will reduce the time and expense financial service providers encounter when on-boarding new customers and complying with KYC regulation. Using a permissioned ledger, many of the existing steps can be streamlined into a one-time process, the partners said.
Built on the open-source Hyperledger project, the service will provide KYCK! customers with video conferencing and encrypted document submission capabilities for the secure on-boarding of new customers.
When identity has been confirmed, KYCK! will enter the customer's information into current bank checks, though a blockchain-based business network (including banking and governmental entities) would also be leveraged.
For more details, read the full report here.
IBM image via Shutterstock
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