For every financial institution that the customer desires to buy a product or service from, the KYC process needs to be performed each time.
With the approval of the customer, inquire for customer’s KYC verification from each financial institution. Save this identity confirmation information on the blockchain and introduce a system where identity confirmation information is registered only at the time of the first specific transaction. The ability to refer to the accumulated identity confirmation information on the blockchain will improve the efficiency of the administrative processing for financial institutions.
The evolving regulations related to KYC compliance have made KYC-based systems more complex and have increased the time for customer on-boarding. This is where Belrium is different. It offers customers a secure, private and decentralised ecosystem that aims to minimise the repetition related to KYC compliance, saving everybody involved considerable time and cost.
Businesses and enterprises across the globe unanimously agree that growing complexity and cost of KYC compliance are major challenges from the organisational perspective as well as that of the customer. Recent surveys state that more than 70% of businesses have complained about the ever changing, non-uniform nature of KYC.
Belrium reduces the customer on-boarding time for businesses and enterprises in addition to simplifying the compliance process by eliminating the need for repetition of KYC input.
There will be a deployment of a KYC verification system (CKVS), which will be the formal KYC verification mechanism for Belrium which is designed through Delegated Proof of Stake (DPOS) algorithm. DPOS algorithm features smart contracts which means it empowers the distributed computer programs to arrange on-line contractual agreements in a cryptographically secure fashion. These smart contracts, which are nothing but programs based on distributed public ledger, ensure that the Belrium blockchain remains transparent, decentralised and protected from any kind of external efforts to manipulate the results.
Reusable KYC lowers the total cost of ownership, as a user only ever gets verified once. This dramatically reduces the overhead costs related to compliance and fraud prevention controls.
With Belrium, organisations easily obtain proof that identity information has been authenticated by a trusted institution. The company in need of KYC receives only the necessary data to fulfil the request. By eliminating the sharing of unnecessary amount of data, Belrium works to ensure user privacy.
Building a proprietary KYC capability is a costly, risky and time-consuming proposition. Companies of any size can simplify their user Onboarding experience by using Belrium – KYC compliant blockchain. Users only need to submit their data once to get verified. There’s no need to input data multiple times with Belrium.
Belrium stores a user’s personal information using high level encryption. The user reviews all requests for their information and chooses whether to approve or deny each request. The data remains under the user’s full control and Belrium makes it virtually impossible for malicious groups or hackers to gain access to the user’s information.