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The Future of KYC

Discussion in 'General Discussion' started by KYCbench, Oct 11, 2018.

  1. KYCbench

    KYCbench Contributor

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    Today, in many organisations, know your customer (KYC) is still a manual and time-consuming process.

    Things are expected to change over the next few years, as more and more organisations started to implement automatic tools to streamline the KYC process.

    A good example of how organisations can utilize technology to enhance their KYC process is outlined below:

    1. Client is prompted to take a picture of a government-issued identification on their mobile device and submit it through the internet to the organisation.
    • The organisation can then automatically authenticate that identification.

    2. Client is prompted to take a selfie on their mobile device and submit it through the internet to the organisation.
    • The organisation can then automatically validate that the selfie matches the picture on the government-issued identification initially provided.
    • Furthermore, when a client takes a picture from their mobile device, the organisation will also receive the client’s location, device identification number and type of device operating system.

    3. Automatic screening against sanctions lists
    • The organisation can then screen the data against sanctions lists, PEP lists, law enforcement lists etc.

    4. Client connects social media account(s)
    • The organisation will then be able to understand clients’ interests, needs and anticipated behaviour during the business relationship.

    There is no doubt that the whole world of KYC is changing. From now on KYC will be conducted in a seamless manner and what remains to be seen is how machine learning technology can take KYC to the next level. With this new data incorporated in a machine-learning model fraud can be prevented and reduced.

    KYCBench is here.

    KYCBench is already using this technology on its online KYC/AML platform, where individuals can be whitelisted and have their KYC performed online and made available for ICOs they wish to participate in.
  2. MAGA

    MAGA Master of Crypto Staff Member Super Admin Premium Member

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    Hmm theres already some big names when it comes to KYC like Jumio, what makes this stand out?
  3. JosefinaCrane

    JosefinaCrane Beginner

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    The term KYC refers to Know Your Customer. This terminology is more prominently used in the finance industry or the finance business. It is an activity to gather information from the clients and to authenticate on various parameters to make sure that the client holds a clean record. Most of the cryptocurrency exchanges heavily rely on a strict KYC policy of their own to deal with frauds and protect their funds. Even if you are planning to start your exchange, then you too have to focus on this aspect, but what if you do not have proper knowledge and expertise to tackle such issues. Under such circumstances, you can opt for a white label solution provider like Ibinex who can tackle this problem with ease and will create a full proof crypto exchange for you in a months time. The white label crypto exchange solution from Ibinex provides much-needed stability to the cryptocurrency market by standardizing onboarding, KYC with the latest security hardened technologies.

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