3 Ways Blockchain and KYC for Banks can transform Banking operations

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KYC for banks

An automated system performing KYC for Banks is the most efficient way in which the banking industry can not only reduce the workload of verifying the identity of their users and transactions performed by these customers. Blockchain provides added advantages for KYC as it will offer secure access to centralized bank resources and client information. Modern day banking organizations have come a long way with branchless banking and online banking services but the revolution of FinTech is further pushing banks to adopt technologies that streamline banking operations. Here are 3 ways in which banking operations can benefit from KYC for Banks solutions from KYC service providers such as Shufti Pro:

Robust Verification

Gone are the days when customers have to wait hours before they can get online ID verification or KYC verification for their banking accounts. Identity verification services such as Shufti Pro can deliver online ID verification results in real-time to both their banking customers as well as end-users. It takes hardly 30-60 seconds to collect verifiable personal information from the customer of banks by Shufti Pro.

The Restful API of Shufti Pro has clearly defined data points with each server to server call working in real-time to provide real-time verification statuses to Shufti Pro customers. Apart from restful API, mobile SDKs are also developed by Shufti Pro for smooth integration of KYC for Banks solution. All KYC process steps are designed by keeping in view the fact that not a single is wasted unnecessarily during KYC process flow.

AML Compliance Solution

Most KYC service providers have integrated various other compliance related verifications into their KYC for banks solution, in order to increase the appeal of their identity verification services. As most of the KYC software are already performing ID verification for Banks, they also offer AML compliance solutions as well. How they provide AML compliance depends on individual KYC verification software. Shufti Pro offers AML compliance through multiple screening options using a large databank that has collected information from 3000+ databases and 1000+ sanction lists. It also checks for Politically Exposed Persons (PEPs). This entire databank is updated every 14 minutes so that every AML compliance check and KYC check is up to dare.

Blockchain for secure access

Blockchain can be used as part of KYC for banks solution in order to secure collected information of customers, during a KYC check. With frequent news of data breaches and financial information of bank customers being compromised on a regular basis, a blockchain based identity verification solution is the most accurate method to authenticate the identities of users without worrying about the secrecy of collected information.

KYC for banks is fastly becoming the need of the hour for banking organizations, especially after AML compliance has achieved a center stage in the overall compliance based governance. Shufti Pro offers the best value for money with real-time verification results for a large number of verification services such as facial verification, document verification, address verification, 2-factor authentication and AML background checks.

 

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