Caltrix Consultancy partners with V-ID to offer a tailored KYC – Know Your Customer – solution that reduces costs, improves user experience and increases data authenticity while maintaining regulatory compliance. The solution, which can verify identity document in mere seconds, is already being used by clients like Airbus and Amspec & Krohne, and it represents a leap forward towards financial client onboarding. The text you find below was written by Caltrix Consultancy, and can be found on their solution KYC Services site.
V-ID is a document validation and verification service that uses blockchain technology in order to make personal data ‘self-verifiable’, thereby removing the need for third-party verification services (e.g. examining digital copies for authenticity). Conceptually, it would work like this:
- Initial Validation
- File protection through a digital fingerprint
- Automation and re-use of validation
Re-use of validations make verifying documents faster, cheaper and automated through the use of APIs. An organisation can be both a validator (i.e. seller, when a client’s data has not been validated yet by another trusted organisation) and/or a verifier (i.e. buyer, when a client has already been validated by another trusted organisation).