KYC Block

KYC Block by AlphaFortress is a GDPR, EU and US compliant blockchain-based digital identity management solution for reducing KYC time manual efforts to improve the customer onboarding experience and overall customer acquisition rate for the FinTech industry. 

Why do you need KYC Block?

FinTech industry has been an endless battle between the customer acquisition cost and different data security laws. The financial industry is yet to find a solution that will bring a balance between high verification cost, time period and levels of identity proofing required to assess the risk of an individual’s identity. 

The Numbers don’t lie…

The many report and survey have pointed out the failure of the current management process. The FIs have been suffering immensely by losing the customers and burning cash.

Increasing Customer acquisition cost

As per the industry report, the FIs’ customer onboarding time has been increasing from 22% in 2016, followed by 18% in 2017.  The customer onboarding cost saw a 19% increase in 2017 in comparison to 2016 and succeeded by another 16% increase in 2018.

Different AML compliance regulations

Major FIs have invested more than $3.4 billion in improving their KYC process and compliance activities. From 51% of global respondents, 17% FIs reported a significant increase in engagement with regulators.

Increasing KYC process operational cost

10% of the world’s top FIs have already spent more than $100 million annually to improve their customer verification process. Yet, increasing customer friction has shown that the industry needs a solution to address them. 

What’s so special about KYC Block?

We have designed KYC Block as per the need of the industry with many features.

Automated OCR and Transcription

No say to manual data entry! When you can easily upload the documents and our software will automatically convert these documents into an error-free format. 

Timely and automatic documents and data update

Having access to the updated and correct information is the key to a faster KYC process. Whenever a customer updates any new information, you get real-time instant document and data updates.

Duplicacy Elimination

Duplicacy of the document can lead to clutter across databases and prove harmful for your business. Be carefree from the unintentional error of duplication and automatic elimination of duplicate is the way ahead!

Digital Identity Management

KYC Block is a comprehensive system to maintain the documents and certificates consisting of individual information. It is a framework of identity management for your online transactions.

Distributed Data Repository 

A centralised database is a costly liability for the businesses, as being more prone to cyber-attacks and data duplication problems. Blockchain-based shared database provides enhanced security with a unique cryptographic key. Individuals connected to the shared database get 

Slashed Operational Cost 

Save high operational costs such as staffing, third-party verification vendor and compliance activities. 

Enhanced Customer Friction 

Increased customer friction has led to customers switching their business. Get access to all the documents in a single place with every minute details about your customers and full transaction analysis.

Decentralised Document Repository

Blockchain databases provide enhanced security and protection for FIs to customers.   

Do You Know Your Customer (KYC).....

Receive a full assurance report of your customer identity through KYC DNA, an AI-powered deep search engine. KYC documents will be analysed across AML and CTF databases for any error. 

The documents checked (included but not limited to)…..

Company Documents

World-Check, Bank Reference, Tax Certificate, Client Profile, Utility Bill, Registration Document, Application Form Account Legal Entity, Declaration Origin And Destination Of Funds, Shareholder’s Agreement

Individual Documents

Passport, Client Profile, Tax Certificate (RIF), Utility Bill, Bank Reference, Driving Licence Front Side, Driving Licence Back Side

How does KYC Block Works?

As a super admin to a decentralized blockchain-based database, you can manage your customers’ data and set roles for your teams such as Creator, Transcriber, Viewer, and Report Collator. Be part of an encrypted network, and every KYC document will analysed by KYC DNA  across different databases for easier compliance laws adherence. Real-time updates about every documents update and transactional activity will be shared across network to connected individual. 

Reduce customer friction for business growth and happier customer with KYC Block!