Client Overview
The client is a Europe-based RegTech firm partnered with Financial Institution which operates a network of over 450 branches and has employed 17,000 employees across Europe. They offer shared regulatory and compliance services for consumers and businesses, transforming traditional Identity and Access methods to modern systems using digital technologies.
Business Challenge
Dynamic regulation laws globally have left most industries in the uncertain area of constantly changing compliances. Other than financial industry, majority of the industries like supply chain, healthcare, real estate and insurance are facing uncertain compliance and operational complexities.
Compliance teams in most businesses are overloaded with mundane work, while struggling to meet the constant changes in regulatory demands. Our client evaluated Blockchain and smart contract technology as the best ally for regulatory agencies due to the transparency and traceability that is built into the concept.
The client was looking for the right partner who can provide technology consulting services by researching on various Blockchain platforms and developing the right platform to satisfy this requirement. The solution needs to provide digitized identity management process of their customers.
We were chosen to research and develop a Blockchain-based Smart Contract platform for Digital Identity Solution to overcome the following challenges:
- Cumbersome, repetitive and expensive identity management operations like identity document authentication, Know Your Customer (KYC) and Anti-Money Laundering (AML) screening
- Centralized and password-based digital identity
- Single point of failure
- Delays in onboarding customers and identity verification
- Silos and predominance of manual processes
- Redoing KYC over and over
- Overheads cost
- Expensive paper-based administration and operations
- Lack of visibility and control for business owners
- Complex auditing process
- Ever changing regulatory compliance and privacy restrictions
Solution Highlights
Blockchain disrupts the end-to-end paper-based compliance requisitions and enables an environment where market players and regulators have access to a trustable and auditable regulatory dataset that allows firms to accelerate all operational aspects related to compliance duties and risks in digital flow. Thus the regulator can get full access to all data, instead of having to wait for the firms to send it.
The solution enables sharing end-to-end regulatory records of identity verification process which facilities privacy restrictions and also automates business workflow through the platform.
Gateway Digital conducted onsite workshops with the financial institution company to understand the current process flow and business workflows. Based on workshops and research of modern tools and technologies applicable in fulfilling regulatory compliance requirements, our team designed and delivered the solution that enables digitization of end-to-end identity management flow.
The following features are part of the proposed solution:
Business Workflow Management: Customer-centric business workflow management that enables businesses to create dynamic workflows based on their customers’ needs
Customer Portal: Customer portal is designed to manage all important information, content and documentation before and after onboarding of the customer
KYC Connect: Smart contract technology-based portal within customer portal that serves the identity verification like KYC/AML compliance
User Onboarding: Migrating the smart contract files to Blockchain blocks
UI/UX Design: Interfacing smart contracts for businesses and customers
Audit Reports: This module allows businesses to create audit log of parties’ historic activities to check the authenticity of each one of them and brings better visibility to the identity verification process
Cryptographic Signature: All transactions are digitally signed through cryptographic signature by customers
Digital Token: Digital Token is offered to replace the paper document method with a more transparent, secure and immutable process
Identity & Access Control: Secure groups are automatically created by Smart Contracts and ledger data can only be decrypted by the user having required permission
Consent Portal: Customers can write consent grants or denials through this module
Algorithmic Identity Verification Process: Development of smart contract module having implications of all identity management regulations
Benefits
- Eliminates intermediaries
- Automated the paper-based identity verification process
- Reduced huge operational costs while increasing their efficiency to comply with the existing regulations
- Fraud detection
- Enabling the network participants chance to trace where the money comes from, where it goes and who is the real owner of the funds
- The decentralized process eliminated risk of manipulation, nonperformance, or errors
- Delivered auditable logs to general strategic level visibility
- Reduced the cost of overheads
- Increased standards of security, integrity and availability
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