A Blockchain Enabled KYC Solution: New Horizon or False Dawn?
Financial institutions are under pressure to evaluate their operating models and look at innovation and emerging technologies like industry utilities, artificial intelligence (AI) and blockchain to drive efficiency whilst ensuring compliance with global regulation and improving the client experience.
Many banks and consortia are dedicating time to exploring the features and associated benefits of blockchain, particularly as they pertain to data privacy, immutability and transparency. Conceptually, it is possible that a blockchain enabled KYC solution could rely on a network of primary sources and trusted third parties to build complete KYC records in an automated way.
Read our new whitepaper to get further insights:
- Market opportunity in KYC to leverage blockchain technology
- Current benefits and barriers to a blockchain enabled KYC solution
- Industry readiness for blockchain enabled KYC solution
- Path to a blockchain enabled KYC solution
“Conceptually, a blockchain enabled solution could rely on a network of third parties to build KYC record, without the requirement for clients to provide documentation.”
Gareth Walker, Head of Proposition, Thomson Reuters KYC as a Service
Thomson Reuters KYC as a Service
KYC as a service offers an innovative platform which integrates regulatory technology, market leading entity data and accredited operational capabilities. It delivers and maintains a set of collected information based on public and private data, unwrapped, screened and validated KYC profiles. Our clients across the industry can rely on us as a critical component of their customer due diligence process.
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