After a proof-of-concept period in 2022, three companies – Verida, cheqd, and FinClusive – are nearing the launch of their new know-your-customer (KYC) and know-your-business (KYB) digital solution, according to the latest information shared with Finbold.
Their new app is intended to provide a simplified and streamlined onboarding process by enabling firms and governments to use a ready-made system for customer verification.
The solution is made to ensure both up-to-date compliance and a high degree of data security while helping users avoid going through a lengthy KYC process whenever they attempt to access a new platform.
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The goals of the partnership
The KYC solution is explicitly designed to solve a string of issues emerging from modern best practices in the field – high costs, the difficulty of ensuring compliance, and time inefficiencies in the process itself.
In their effort to achieve simplicity and security, the three technology companies leveraged their respective areas of expertise – FinClusive’s financial compliance experience, cheqd’s purpose-built network for decentralized identity, and Verida’s multi-purpose mobile wallet.
As a result, the companies were able to launch a solution that can help boost data protection, simplicity, compliance, and interoperability while reducing costs and providing interoperability.
The partnership also aimed at solving both the existing issues and meeting novel challenges by building a solution that can tackle KYC on Web2 and on Web3.
Giving power to the user
While designed to help companies and governments, the solution also aims to help users have greater control over their personal information. The customers will ultimately be in charge of their information, largely due to the fact that it will be stored with them on the Verida wallet and its secure decentralized network.
Commenting on the matter, the founder and CEO of FinClusive, Amit Sharma, stated:
“KYC/KYB and verification process is both crippling for service providers and detrimental to customers’ experience and privacy. Integrating the cheqd network into the Verida Wallet to allow users to store and share their FinClusive credentials sets an industry benchmark for a regulatory-compliant digital credential application and introduces a more efficient model for the traditional finance sector.”
He continued by highlighting his hopes that the solution will revolutionize KYC by providing a global, secure, and highly compliant system by utilizing a decentralized finance network.