2021. What an interesting year. With the world turned upside down by a pandemic that seemingly had its sights set on...
How OmniPayments is harnessing BLOCKCHAIN for the digital world.
Blockchain, the technology underlying Bitcoin and other crypto currencies has been the talk of the town for some years now. It seems a dull day that goes past without some mention of how Blockchain is going to change the world in one way or another. Organisations spend a lot of time and money resolving conflicting data records on their customers, accounts, and transactions and now OmniPayments is taking a novel approach to Blockchain and its underlying Distributed Ledger Technology.
Know-Your-Customer (or KYC) is one of the fundamental requirements of a business as new customers are registered within their systems. One of the biggest challenges facing the modern digital bank today is speeding up the KYC element of on-boarding. The modern benchmark for on-boarding of new customers is now minutes not days, meaning banks and other Financial Providers need modern and immediate microservices to complete the jigsaw of the service they are providing to their end-customer. The modern financial institution is really an IT company that just happens to have a banking license.
OmniPayments new KYC as a service enables governments, financial bodies, and regulators to roll-out Identity-verification as a service for the population as a whole. As clients register their identity in the Blockchain-based OmniPayments Blockchain KYC, it is immutable data that can be verified by subscribers to the service.
If you’re a government, you may need access to an immutable record of your population; as a Bank you’ll need access to information on both your new and existing customers to ensure they are who they say there are and to help reduce fraud and meet Money Laundering legislation (AML). Ditto for insurance companies are in a similar boat, as they need to be sure who they are insuring, and that they are human beings and not some spurious pet.
Retailers or Telcos needing to register their customers for loyalty, or registering for regular payment, will need to do the same. Healthcare is another area where governments have traditionally struggled to create, integrate and absorb existing healthcare records on paper and electronic into a patient-centric system for the benefit of its citizens.
OmniPayments KYC, based on R3 Corda and underlying Notary services, ensures the data is accurate and unchangeable, and raises the trust level to the point that it can be depended upon entirely as a true recognition of the truth. Organisations wishing to verify their customers can build, populate and access the Blockchain in full knowledge that the data is reliable.
If your business is Mission Critical, then you’ll need to take a closer look at our Mission Critical Distributed Ledger Technology (MCDLT). OmniPayments will be releasing further details of our KYC/AML solution over the coming months. Early Adopters will be stealing a march on others in this space.