The Corporate KYC (Know Your Customer) solution aims to decrease the burden of the KYC process to Corporates, Banks, or any other entities, making it simpler, more efficient, faster, and inexpensive. To achieve this goal, the solution uses DAML to create the workflows needed to share corporate data privately and securely among different institutions after the Corporates provide their consent. This solution is focused on a very regulated and traditional sector, and it complies with existing processes and rules. It maintains compliance with the General Data Protection Regulation (GDPR) with respect to handling and storage of Personally Identifiable Information (PII). The solution also allows financial institutions to keep their customers’ data within the bank infrastructure. The solution accomplishes both these objectives using DAML smart contracts that facilitate granular privacy models, combined with integration with off-ledger and on-ledger information storage.
- Corporate KYC solution
- Maintains GDPR compliance
- Consent-based solution to meet regulatory norms
- Adheres to data-domicile requirements
- Reduces operational costs in KYC process
- Allows banks (or any entity doing KYC) to be more responsive