Transform Your KYC Processes with Secure Blockchain Technology
The foundation of every financial institution’s anti-money laundering program is its KYC processes. Banks and financial institutions currently rely on repetitive onboarding and KYC validation, which puts customers at significant risk for identity theft and privacy violations while also being costly and time-consuming. According to Forbes, KYC procedures cost some institutions nearly $500 million annually.
It is estimated that most often 80% of the efforts are spent on information gathering and processing, while only 20% goes towards assessing and monitoring – this is primarily due to labor-intensive time-consuming tasks – and the risk of error. While the current KYC process doesn’t accomplish what it should for banks and financial institutions, it gives customers a tedious experience.
Our simple and effective solution enables banks and other financial organizations to rely on a more secure organized unified model of data handling.
A more secure, well-organized, and unified model of data handling
Our blockchain-based KYC platform automates many of the manual processes involved in KYC and offers a decentralized universal platform that is resistant to tampering. It eliminates the chances of unauthorized access and gives individuals greater control over their data.
Benefits of Blockchain in the KYC Process
Any industry that relies on identity verification will benefit from blockchain-based KYC solutions. Let us take a closer look at its benefits:
Avoid identity theft – A single but cross-business ID store eliminating duplication of information.
Prevent a single point of failure – impossible for anyone without authorization to modify information.
Boost operational efficiency – intra-organizational access after single customer authentication.
Enable a unified version of the truth across domains.
E-KYC – Tamper Resistant Identity Management
The traditional identity systems are fragmented, insecure, and exclusive. Vara has enabled Digital Identity Management through blockchain promising more secure management and storage of digital identities by providing unified, interoperable, and tamper-proof infrastructure.