Caribbean technology provider ShareRing is aiming to make it easier for financial institutions across the region to process ‘Know Your Customer’ (KYC) information using its blockchain technology.
On June 1 this year the company initiated a pilot programme that will digitise KYC information through a blockchain-based identity and verification credentials ecosystem. Included in the pilot are companies.
According to ShareRing, “This digital ‘eKYC’ pilot will enable credit unions, insurance companies and other financial institutions to receive their customers ID and supporting documents in an encrypted digital format through their mobile device. The solution will eliminate much of the time-consuming aspects of account sign-up processes while still ensuring the institutions operate within the regulatory framework.”
“We are able to provide blockchain based eKYC solutions which facilitate heightened levels of security and trust between financial institutions and their customers”— Tim Bos, CEO and founder, ShareRing
Moreover, ShareRing’s capabilities also includes exploring the potential for credit approvals and identity verification checks from one financial institution to be made available to other similar institutions or third parties.
Commenting on the impact of the technology on her organisation’s operations, President of the Barbados Teacher’s Co-operative Credit Union Limited, Sherry-Ann Scott-King stated: “We are metamorphosing our structure to embrace technological advances, and the use of blockchain technology is the solution to our KYC needs.
She added that she is eager to see the results of the project and its impact on both “our members and the credit union, while ensuring we remain compliant with regulatory requirements”.
In addition to improving the compliance capabilities of credit unions, and other financial institutions, ShareRing also ensures a streamlined digital process that reduces the risk of compromising customers’ data security, using its encrypted ID technology.
“We’re very proud to deploy some of ShareRing’s core functionality to financial organisations in the Caribbean region. We are able to provide blockchain based eKYC solutions which facilitate heightened levels of security and trust between financial institutions and their customers,” said Tim Bos, CEO and Founder of ShareRing.